June 25, 2021
TrustFunds hit a major milestone earlier this month, surpassing one billion dollars of earnest money transacted through their electronic earnest money solution.
“Our mission at TrustFunds is to give customers ‘more time for more life,’ and this milestone is a reflection of that,” says Lynn Leegard, Founder and President at TrustFunds. “One billion dollars of electronic earnest money means over a quarter million transactions where agents didn’t have to drive across town to pick up a check, trust account holders didn’t have to match checks up to the correct property, buyers didn’t have to download a new app to pay their earnest money and agents didn’t even have to leave their MLS platform to request earnest money. Everyone from the buyer to the agent and the trust account holder gets more time for more life when they use TrustFunds.”
TrustFunds partners with the MLS and integrates right into the MLS platform for a truly unique and secure earnest money solution.
“While serving on the Forms Committee for the Minnesota REALTORS, I saw a trend on needing to extend the time to deposit earnest money because of all of the pain points associated with a paper check. In addition, I kept seeing new technology that helped close the digital gap in real estate. There were solutions for document signing, scheduling showings and others, but earnest money remained a very antiquated process that took unnecessary time and added liability for agents and trust account holders,” said Leegard. “We set out to create a solution for the real estate industry where everyone can’t even remember using paper checks.”
Because TrustFunds partners with the MLS, the electronic earnest money solution is market-wide and automatically available for every agent that is a member of the MLS. It’s an incredible value that MLS’s can offer their members.
“We partnered with TrustFunds in their infancy,” says John Mosey, President of Northstar MLS in Minneapolis, Minnesota. “Now, over 65 percent of our listings use TrustFunds for electronic earnest money, and our agents and brokers can’t imagine going back to the old way of doing earnest money.”
TrustFunds partners with MLSs around the country, with over 150,000 agents having access to TrustFunds through their MLS. In addition to transacting over one billion of earnest money, TrustFunds has done over 250,000 earnest money transactions and has underwritten nearly 700 brokers, title companies and law firms to receive earnest money to ensure data integrity and the utmost security.
“We’re the most secure, convenient, and effective earnest money solution out there,” says Leegard. “And, we are having a blast transforming the real estate industry with market-leading MLS partners.”
ABOUT TRUSTFUNDS
TrustFunds provides a comprehensive electronic earnest money solution directly integrated with the MLS platform. Agents don’t have to log into a different system or vet the security of a solution themselves – TrustFunds is market-wide in their partnership with the MLS. TrustFunds’ mission is to provide customers more time for more life by simplifying and securing the earnest money process. For more information, visit www.trustfunds.us.com.