SaaS platform paymints.io integrated with First American Title Insurance Co.’s PRISM digital platform for title agents.
The platform allows First American title agents to offer products and services to their customers via any computer or mobile device. The integration enables both title and real estate agents to request and receive earnest money and cash-to-close funds from homebuyers once a buyer estimate is prepared.
“With the continuous adoption of technology in our world, the natural progression of real estate transactions has also evolved to become more digital and secure. This progression includes the elimination of paper checks,” paymints.io Vice President of Strategic Partnerships Perla Aparicio said in a release. “In addition to helping to prevent wire fraud, the use of electronic disbursement shaves time and cost from the settlement process, which benefits borrowers, mortgage lenders, real estate agents and title and settlement professionals.”
Paymints.io’s application is designed to eliminate the need for paper checks and defend against wire fraud. The system not only collects earnest money deposits and cash for closing, but also provides a vendor marketplace, featuring real estate agents, mortgage brokers, real estate attorneys and other service providers who may be due funds or payment at closing. A disbursement to all clients and vendors can be initiated within 60 seconds.
“The integration of our innovative PRISM platform with paymints.io reflects our commitment to provide a more convenient real estate transaction experience for our title agents and the lenders, real estate agents, buyers and sellers they serve,” First American Title Agent and Lender Group President Kevin Wall said.