What can we help you with?
With PayPal and Venmo, although payments through a variety of payment applications are electronic, it still requires the buyer in the transaction to ‘connect’ to the trust account holder’s bank account. It is highly unlikely that a Recommend Designated Trust Account Holder (DTAH) would connect its trust account to these applications.
With the bank transfer, most payments made via a bank’s bill pay service are paper checks that are issued by a third-party vendor. Often the amount of time it takes for the payment to be processed and mailed will result in an untimely payment. In addition, the buyer would have to input detailed information regarding the trust account holder’s account. With TrustFunds, all of the work is done for you!
TrustFunds is a fairly simple integration and, depending on the schedule of the MLS vendor, the process is typically 2-4 weeks.
Yes. Currently TrustFunds has integrated with all the major MLS vendors and would certainly work with any MLS that may have a different platform. For the technology to function, MLS data is received via API or RETS feed.
Yes, any MLS service in the United States can sign up. We have worked with all major MLS platforms, as well as custom platforms. The heavy lifting is on our side, not yours!
TrustFunds provides a market-wide solution for your members by integrating into your MLS system as a core service. This greatly benefits your members by having the MLS research and integrate the product, resulting in a single tool in the market and greater market adoption. In addition, most of the transaction details are auto-populated from the MLS listing data for convenience as well as complete and accurate reporting.
We have worked with all major MLS platforms, as well as custom platforms. The heavy lifting is on our side, not yours!
A Designated Trust Account Holder (DTAH) is what TrustFunds calls the entity that holds earnest money in its trust account(s). These entities may include real estate brokers, title companies, escrow companies, and law firms. When using TrustFunds, the buyer’s agent designates the appropriate party to hold the funds, as identified in the signed purchase agreement between buyer and seller.
No. Registration is for the entire company (per MLS market) and individual office registration is not needed.
No. An earnest money payment is sent from the buyer’s bank account to the designated trust account (typically a broker or title company). The transfer occurs via ACH to the DTAH's existing trust account. The DTAH does not need to change its trust account(s), nor manage them any differently.
The Designated Trust Account Holder (DTAH) registration is a simple on-line process. You can fill out an application right on our website, by clicking "Get Started." Underwriting to activation takes about 3-5 business days.
Yes. TrustFunds is a full-service payment technology. TrustFunds not only allows buyers to make earnest money deposits, we also allow a DTAH to refund the money electronically with all of the same reporting and notification benefits. The DTAH does not need the buyer's account information to issue a refund. TrustFunds will return the funds to the account from which it was paid.
The MLS will integrate with TrustFunds first, and only the company that holds the earnest money (e.g. broker or title company) will need to be a member.
TrustFunds is faster than a paper check! Both process through the Automated Clearing House (ACH) but with TrustFunds you can skip the delivery and deposit timeframes, the buyer’s payment is submitted directly into the ACH processing network. Plus, the transaction status is immediately available to all parties involved in the real estate transaction.
TrustFunds, through its ACH vendor partner, underwrites each and every company that registers as a Designated Trust Account Holder (DTAH) to receive earnest money payments. Payments are made to the DTAH noted in your purchase agreement, as selected by your real estate agent.
We take security seriously. TrustFunds maintains physical, electronic, and procedural safeguards that comply with or exceed industry standards to protect non-public, confidential information. Your bank information is encrypted at rest and in transit, and deleted as soon as the transaction has begun processing. If a paper check were used, anybody who sees the check (or a photocopy, photograph) has access to your account information. With TrustFunds, your account information is kept private and automatically discarded as soon as the transaction is processing.