Title & Escrow Frequently Asked Questions (FAQ)
How is JetClosing unique? Aren't all title and escrow companies about the same?
Let’s start with how we’re the same. We provide everything you would expect from a superior title company: decades of experience, responsive underwriting, and problem-solving escrow personnel, all coupled with a sense of urgency, and an unwavering ambition to say, “Yes we can!” We all have a common goal: get the transaction closed on time, with minimal headaches.
However, JetClosing is also very different from other title and escrow companies. We started with the knowledge and insight of a veteran title and escrow team, paired them with tech industry leaders, and gave them a clean slate – to build what title and escrow should be. We invented sophisticated back-office technology to streamline our closing process, and ensure every customer receives the same high level of service, every time. Then we created real-time views into that system with our mobile apps and desktop portal, so there’s no guesswork or uncertainty.
Our approach is simple. Title and escrow has transaction data, documents, and contacts. We know the transaction status. Why not share them, in real time, so we’re all on the same page? The results speak for themselves – our customers are our biggest fans.
Why is JetClosing better for buyers and sellers?
We make sure buyers and sellers receive a seamless, high-touch, professional closing experience. We do that by providing:
- Several easy options to deliver earnest money.
- Electronic data collection for all required buyer and seller information.
- Consistent, proactive, timely, and friendly communication. A dedicated closing coordinator is ready to assist from start to finish, and is available anytime by phone and email.
- Peace of mind with real-time status updates through our mobile app.
- All documents sent electronically 1-3 days ahead of closing for early review and questions, guaranteeing signings without surprises.
- In-person signings conducted by our JetClosing experts (not contract notaries!), in convenient local offices. Documents are signed digitally whenever possible, making signings shorter, easier, and faster to record.
- Flat, bundled escrow rate of $500 per side. Save money, and no more junk fees!
A great buyer and seller experience leads to more referrals. Everybody wins.
How do I order services with you?
However you prefer! There are lots options, both traditional and high-tech:
- Use our mobile app on iOS and Android. We’ve made it very simple to look up a property and order the services you need.
- Use our agent website. It’s as easy to use as the app, and convenient if you’re already sitting at a computer.
- Call, text, or email your Relationship Manager. They can help you place the order.
- Call our main line at 1-866-JET-1000, or email firstname.lastname@example.org. We’ll make sure your order gets in.
Is my transaction more secure if placed directly with an underwriter?
Nope! Your security is identical, and always a priority.
Our policies and closings are underwritten by Stewart Title Insurance Company, who we chose for their financial strength and stability. Demotech affirmed a financial stability rating of A Prime for Stewart Title Insurance Company, which means it would have a positive surplus regardless of the severity of an economic downturn. Our customers are in good hands.
How long has JetClosing been in business?
We are a new company, established in 2016. Despite our newness to the scene, however, we are staffed with industry veterans, and went through an extensive audit to obtain our escrow license from the Arizona Department of Financial Institutions. We carry zero debt, and are backed by prominent venture capital firms. We’re in this for the long haul.
Because we are a new entrant to the market, we are built on cutting-edge technology that allows us to be far nimbler than our competitors, who are burdened with legacy systems. To put this in perspective, compare a traditional taxi company to Uber. It’s easy to see how the newer technology is succeeding.
Where are your offices located?
We have traditional offices in all of our service areas, but our innovative use of technology (digital pre-docs, remote check-capture, eChecks, mobile-signings, etc.) allows us to be wherever you need us to be. We also have national access to Regus Office Suites, within a 5-10 minute drive of most locations.
What is your service area?
We are licensed to perform escrow for the entire states of Arizona, Colorado and Washington. We provide title insurance in the Greater Denver and Phoenix Metropolitan Areas, as well as Thurston County, Washington.
What is a JetScore™?
Think of it like a FICO credit score, but for your property’s title. The JetScore™ valuation is JetClosing’s estimate of the curative effort required to provide clear title, computed using a proprietary formula. The JetScore™ is calculated based on public and user-submitted data, taking into account the type, nature, and severity of title curative issues. Therefore, the JetScore™ for a specific property may improve as title curative issues are resolved during the closing process. This JetScore™ is provided as a courtesy overview of the condition of title, and should not be considered a substitute for reviewing the title commitment. If there are discrepancies or conflicts between this JetScore™ and the commitment, matters contained in the commitment shall prevail. The JetScore™ shall remain a “C” score, or lower, if Authority Documents or Title Affidavits/Indemnities are outstanding.
The possible JetScores™ are:
- A – No monetary encumbrances secured to the property, or all curative documentation has been received. No curative action . required. Clear to close.
- B – Property subject only to permanent exceptions and voluntary liens. Limited curative action required.
- C – Property subject to permanent exceptions, and non-voluntary liens. Moderate curative action required.
- D – Property subject to access issues, boundary line dispute, court proceedings, or forclosure action. Significant curative action required.
See JetScores™ in action on our app or our website, here.
Who will be my escrow officer?
Executive leadership at JetClosing includes former escrow closers and title officers. We recognized the flaws in how closings are usually completed today (single points of failure, reactive vs. proactive communication, poor data quality) and created a better organizational structure. Our clients enjoy the benefits of decades of title and escrow expertise, but in a system that allows for a consistent, replicable process for success.
We developed a centralized, task-based workflow which emphasizes timeline tracking; upon completion of each action item, the data is pushed to our mobile app and website interface. Think of it as an open kitchen – we have absolute accountability, because you can watch the cooks in action.
Your Relationship Manager is your face-to-face contact for any questions or issues which might arise. In addition, each transaction has a dedicated Closing Coordinator who communicates with the buyer, seller, lender, and others through the life of the transaction to get it over the finish line. Our closing coordinators are escrow officers, and here at JetClosing, they are never overburdened by tasks which can get in the way of their ability to communicate with our customers. One of the many perks to our proprietary process is that it allows the closing coordinator the space to spend their time guiding buyers and sellers through the journey of closing – fielding questions, talking through worries, calming stresses, and generally holding the infamous closing chaos at bay. While your title and escrow officers are always available by phone or email, we’ve found that eliminating the need for the “Where do we stand?” call, email, or text – achieved through our meticulously-designed, proactive communication processes – reduces a lot of unnecessary chatter. In the end, this helps to create a clean-cut, drama-free closing experience.
Who is the best point of contact if I have a problem?
Your local Relationship Manager can address the majority of your questions. We understand this is a people business and therefore there’s a huge trust factor, so your Relationship Manager is local and can help you in person. It’s always good to have a person on speed-dial, committed to keeping your transaction on track. If you are dealing with a more complex title or escrow issue, your Relationship Manager can seamlessly escalate it to our underwriters or counsel.
In addition, each transaction has it’s full list of contacts right in the app, complete with phone numbers and email addresses. Getting a hold of a specific person in a tricky situation is just a couple of taps away.
How do you address local differences in transaction flow?
All of our markets are located in “escrow states.” While there are slight local deviations, the state-to-state processes are more similar than you might think: parties reach a purchase agreement, which includes escrow instructions that include the stipulations for transferring the property; JetClosing follows those written instructions; closing is finalized with the signing of the documents; documents are recorded; then all funds are disbursed.
An orderly, replicable process allows us to be proactive in addressing more complicated issues, from mechanic’s lien rights to laws of descent.
We also have local underwriting counsel to ensure all practices remain consistent with state statutes.
How do your fees compare to your competitors?
Title Premiums are filed with the state by the underwriter. Because this is a commoditized product, you will find little price deviation between competitors in the market – generally no more than 10-20 dollars per transaction.
Escrow Fees are filed by JetClosing, and are competitive. We offer a simplified bundled rate which should assist lenders in meeting and complying with Consumer Financial Protection Bureau disclosure requirements, and reduce the probability that a bank will need to provide additional pre-closing disclosures or re-disclose prior to closing, which can result in delayed closings, expiration of interest rate locks, or failure to meet contract terms. This fee includes:
- Two Mobile Signings
- Overnight Delivery Fees
- Courier Fees
- Wire Processing Fees
- Reconveyance Tracking Fees
These fees can amount to $300 or more. When you are making price comparisons, be sure to compare equally, and take all of the same required fees into account. Use the Fee Calculator in our mobile app or at agents.jetclosing.com to get an immediate breakdown of our fees for any property transaction.
What does a JetClosing Relationship Manager do?
Your JetClosing Relationship Manager is your local expert and point of contact. They can meet with you in person, pick up earnest money checks, answer questions, and escalate issues. They are also licensed notaries, and expertly handle in-person signings for the best possible customer experience – no contract notaries!
What does a JetClosing Closing Coordinator do?
A JetClosing Closing Coordinator guides a single transaction to successful closing from start to finish as quickly and cleanly as possible. They anticipate roadblocks and proactively communicate with the buyer, seller, lender, and agents to make the transaction fly through the process smoothly. Closing Coordinators are centrally located and supported by teams of closing specialists and cutting-edge back-office technology, so nothing is missed and there are minimal roadblocks along the way.
I use many different title and settlement companies. Is it worth using your app?
We know choice of the title and settlement company is up to the buyer, and we designed our app with this in mind. We engineered it to be simple and intuitive, easy to navigate and not reliant on a learning curve, so whether you have one transaction with us or one hundred, you will see immediate benefits. So go on – give us a try.
How quickly can you fulfill a listing package order?
In most cases, about 30 seconds! Simply use our mobile app or agent website to look up the property address and our automated systems take care of the rest. We’ll send you a notification as soon as the documents are assembled, and you can download or email them immediately – 24 hours a day, 7 days a week.
In a few cases, it may take some human detective work on our end to match up the right property information in the archives with the information you have. This is particularly possible for vacant land or some condominiums. If this is the case, we’ll let you know and try to resolve it within an hour, during normal business hours.
How do you pick up and deliver checks and documents?
Your relationship manager is local to your neighborhood and ready to help you with whatever you need. If that means picking up earnest money, then we’re on it. If you prefer your commission check be hand delivered, we can do that too. We have a variety of courier and delivery solutions to fit the need, and our closing coordinators and relationship managers work together via our custom-developed, integrated mobile technologies (and sometimes even the phone, when that’s what’s required) to stay on top of every detail and every deadline.
Since all of our signings are electronically signed, there is no need to spend extraneous time running around town delivering originals to everyone involved when that is not what is strictly necessary. However, we know we are still not to the full eSign promised land yet, and so original loan documents often do need to be shuttled about. As such, we have planned accordingly. We lean on our relationship managers and our trusted network of couriers to get documents where they need to go – fast.
How are disbursements handled?
The short answer? However you prefer. At JetClosing, we invented technology to automate and disburse funds at a speed unmatched by traditional title and escrow companies.
- Customer Funds paid within 60 minutes of recording
- Broker Commissions paid within 60 minutes of recording
- Instant notification to your phone with recording data
When all the conditions of closing have been satisfied, deeds are recorded digitally, recording numbers are obtained, parties are notified instantly through our mobile app, and funds disbursement begins immediately.
We can send you money the traditional way – paper check via courier or overnight delivery – but why wait? By using eChecks, we deliver your money without delay. It’s just as safe, secure, and compliant as traditional delivery. Never worry about couriers battling traffic or racing against the federal wire cut-off times again.
I work with a real estate team; does your technology support this?
Yes, quite easily! Give us their contact information and job roles on your first transaction, and we’ll automatically include them in any future deals. You can also add or remove team members from individual transactions. Our system was built with team roles in mind, so each person has access to the transactions and documents that they are included on. Members of your team can use our mobile app or website and get a personal view of every transaction they may be involved with.
Transaction coordinators can see all of the transactions they are included on in a single dashboard, even when different agents are involved. Our Alerts system can be used as a task-list of items to take action on, optimal for keeping all of an agent’s deals moving forward smoothly.
I don’t want to be bothered with alerts and notifications. Can’t you just do your job?
You’re in control – notification settings are at your disposal, and the title and escrow process can be as visible or invisible as you’d like. There are agents who would prefer to never hear from escrow unless there is a critical issue, and there are agents who want to be informed at every step along the way – and we understand both, which is why our system is ready to accommodate everyone.
Our Alerts cover only those events wherein an action is required by the agent, i.e., missing contract addendum, buyer contact information, commission demand, etc. Notifications, on the other hand, cover all the transactional milestones, from setting up of the contract and ordering title, to the issuance of the final policy. Both Notifications and Alerts can be turned on and off at the agent’s discretion, independently of one another for total control. If there’s ever an issue that truly demands attention, our closing coordinators will also reach out to the right people via phone and email to get things resolved.
Do you integrate with the transaction manager I already use? (Dotloop, SkySlope, BrokerMint, etc.)
Talk to us about what you’re using. Seamless integration with your operational workflow is important to us. Our data is centralized and available through secure APIs.
Compliance and Data Security
How do you keep my customer and transaction information safe?
Our systems and processes were engineered from the ground up for security, confidentiality, and reliability. We are proud to meet and exceed the “Title Insurance and Settlement Company Best Practices” provided by the American Land Title Association (ALTA). ALTA created these Best Practices to help its members highlight the policies and procedures the title insurance industry exercises to protect lenders and consumers, all while ensuring a positive and compliant real estate settlement experience.
Marketing Support and Marketing Service Agreements
Do you provide marketing support for agents?
Title companies have superior access to real property data, so anything you need in that realm – homebooks, farm reports, comps, property profiles, etc. – we can provide, with near immediate turn-time.
When it comes to marketing support, we understand the challenges that agents face (particularly new agents) in establishing themselves in a competitive market. If we believed that the title company was the best source for cutting-edge marketing and we could provide that in a compliant manner, we’d be all in. But seeing as that’s not the case, so we’d prefer to refer you to trusted, vetted professionals who can truly elevate your business. After all – your success is our success.
Marketing services, provided by settlement providers, are receiving increased regulatory scrutiny. Real estate brokers and agents are subject to the Real Estate Settlement Procedures Act (RESPA) when engaging in transactions involving federally related mortgage loans. RESPA generally prohibits any person from giving or receiving any “thing of value” in exchange for the referral of settlement service business. This is a sticky area. The National Association of Realtors recently published Co-Marketing Do’s and Don’ts which provides helpful guidance in this area.