GRAND RAPIDS — Rising incidents of fraud and cybercrime led CertifID LLC to introduce a new service designed to protect loan payoffs in real estate transactions.
The Grand Rapids- and Austin, Texas-based CertifID brought PayoffProtect to market at the urging of clients who were asking for more protection when executing loan payoffs electronically. The service verifies the identity of mortgage lenders and other parties, authenticates payoff instructions, and ensures the information that parties in a transaction share is accurate.
Tyler Adams, CertifID co-founder and CEO.
COURTESY PHOTO
PayoffProtect builds on the service that CertifID launched four years ago to provide real-time protection and prevent fraud in wire transfers in real estate transactions.
“The first part of our journey we really targeted trying to protect the buyers and the sellers,” said CertifID co-founder and CEO Tyler Adams. “CertifID as a platform was focused on making sure that the movement of money from a buyer into a title company (and) from a title company out to a seller was absolutely secure and that we validated each one of the parties involved in that transaction and we made sure their money moved appropriately. What we learned in the early years of launching that product was that there was a movement of money that we needed to spend time and focus on, and that was the lender…
