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Earnnest begins rollout of escrow-as-a-service
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Earnnest begins rollout of escrow-as-a-service

Currently available only in Massachusetts, where Earnnest has a brokerage license, the service is designed to alleviate costs, management demands and legal risks of holding deposits in escrow

Russell Smith
President & Chief Operating Officer
February 14, 2024

Earnnest, the leading digital earnest money service in the US, is proud to announce the launch of Earnnest Escrow Services. This innovative offering marks a significant milestone in the world of real estate, as Earnnest extends its commitment to simplifying and streamlining transactions for homebuyers and industry professionals alike.

Since its launch in 2017, Earnnest has been at the forefront of enabling homebuyers to securely and electronically deposit funds directly into escrow holder's accounts. With an impressive track record of over 350,000 digital earnest money deposits, totaling over $2 billion, Earnnest has achieved this without a single instance of payment fraud.

Earnnest Escrow Services now takes this commitment to a new level by providing brokerages with a groundbreaking escrow-as-a-service offering. Real estate brokerages can bid farewell to the operational, legal, and reputational challenges traditionally associated with holding escrow money, as Earnnest Escrow Services offers a seamless and secure alternative.

The service made its initial debut in partnership with brokerage-as-a-service platform Side in September of 2023. Side empowers top-producing agents to create and grow their own companies without the cost, time or risk of operating a brokerage. In 2023, an impressive 62% of Side partner companies were named America's Best by RealTrends.

“Working with Earnnest to provide escrow services to our Massachusetts partners has been a wonderful experience,” said Jeff Boos, director of brokerage operations and services at Side.

Earnnest Escrow Services is currently available in Massachusetts, with ambitious plans to expand its footprint into five additional states by the end of this year, ensuring a growing number of real estate professionals can benefit from this game-changing solution.

Notably, Earnnest Escrow Services isn't limited to real estate brokerages alone. It is also available for real estate attorneys and title companies, further extending its reach and impact across the industry.

Russell Smith, President & COO of Earnnest, shared his excitement about the launch, saying, "Earnnest has always been committed to making real estate transactions smoother, safer, and more efficient for all parties involved. With Earnnest Escrow Services, we are taking this commitment to a whole new level, revolutionizing the way real estate companies handle escrow funds and provide an even better client experience."

Rick Altizer, CEO of Earnnest, added, "The launch of Earnnest Escrow Services is a game-changer for the real estate industry. Our mission is to empower professionals and streamline the transaction process, and this offering reaffirms that commitment. We are excited about the positive impact it will have on brokerages, attorneys, title companies, and, most importantly, homebuyers."

Earnnest Escrow Services represents a pivotal moment in the real estate industry, where innovation meets security, efficiency, and peace of mind for all involved parties.

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Russell Smith

Russell Smith is President & Chief Operating Officer at Earnnest - How Money Moves in Real Estate. Russell and his team at Earnnest are on a mission to remove payment fraud from the real estate equation by replacing checks and wires with fast, secure digital payments. Prior to joining Earnnest, Russell held multiple roles leading teams and scaling new ventures at HouseCanary, RealScout, and Trulia. He was named as a HousingWire “Rising Star” in 2020 and a “Newsmaker” by Real Estate Magazine in 2023.