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Ohio Good Funds Law

For Ohio real estate transactions, effective April 6, 2017, the following are the only form of funds a settlement agent may collect and disburse on in connection with a residential real estate transaction:

1. Wire Transfers
2. Checks: Personal, Business, Certified, Cashier’s, Official Check or Money Order. The combined dollar amount of these items cannot exceed $1,000.00
3. Automated Clearing House (ACH) Transfers and checks from the United States, the State of Ohio, or Ohio municipalities
4. Checks from a real estate broker’s escrow/trust account

The practical effect of this new requirement means that if any Ohio borrower is required to bring more than $1,000.00 to the closing table then those funds must be a wire transfer.

Certified or cashier’s checks for more than $1,000.00 will not be accepted.

Please refer to the OhioGoodFundsLawFAQ about this new requirement.

Western Regional NRMLA Meeting & Expo

Allegiant Reverse Services Sales, Management, and Operations staff will be attending the upcoming industry meeting and expo in Huntington Beach.  Click below for more information and to register for the event. See you there!

ARS is Approved with Secure Insight

The security of you and your borrowers is our top priority.   Allegiant Reverse Services, a division of FNC Title Services, LLC  has been Trusted and Verified by Secure Insight. We are also ALTA Best Practices certified. These approvals are proof of our commitment to protect the privacy and security of our lenders and borrowers. Secure Insight is the first company to offer a standardized risk management process.  This process delivers the most advanced closing fraud analysis in the industry, meeting all federal risk management  requirements for third-party vetting of vendor relationships as outlined by CFPB, OCC, HUD, FDIC, Fannie Mae, Freddie Mac and the National Credit Union Administration.

Secure Insight’s Mission is to be the leading provider of vetting, monitoring and nationwide reporting of closing professional identity, background and credentials to the mortgage banking industry.

All closing agents completing the Secure Insight vetting process, including ARS, agree to adopt the Best Practices outlined on our website. Click HERE to read about the Secure Insight and ALTA Best Practices process and requirements. 

You will find our Secure Insight approval under FNC Title Services, LLC. Please don’t hesitate to reach out if you have any questions or concerns regarding this or anything else.

 

 FNC Certificate

  Standards and Best Practices for Closing Agents v6

Eastern Regional NRMLA Meeting & Expo

Allegiant Reverse Services Sales, Management, and Operations staff will be attending the upcoming industry meeting and expo in New York City.  Swing by our booth for a refreshing approach to the conference. Click below for more information and to register for the event.