How reQuire™ Works
- Settlement companies use reQuire's™ patent pending Payoff
Disbursement Package Generator system to automatically validate,
encrypt and store a property's lien information in reQuire's™
release tracking database. The system also automatically generates
specific payoff transmittal notices and letters unique to the
property's jurisdiction.
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- reQuire™ then tracks the release or reconveyance by periodic
searches on the property at the courthouse of record. If a release
is not found within the required statutory period, reQuire™ works
directly with the lender to obtain a timely release.
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- Settlement agents have complete online access to their files
and release records 24/7 through our web-based Disbursement History
Report.
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- reQuire™ charges $35 per transaction, which settlement
companies can recoup by including it on their HUD-1. The fee is
charged to the seller in a sale or to the borrower in a
refinance.
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Our Goal
Our goal is to facilitate payoff and release communication
between the payoff lender and the settlement agent, attorney or
escrow company.