Dotloop's new partnership with Earnnest makes the digital transfer of earnest money deposits simple - saving you and your clients time and effort. The Earnnest platform was built for agents, by agents and is protected by banking-level security and encryption. Learn more about Earnnest on their website.
This feature works by entering a request for earnest money through Earnnest that is then sent to the client (usually the buyer) to complete. Once your client follows the email prompts and submits the earnest money on their end, you will receive an email confirmation of the transfer.
Follow these steps to learn how to use the new feature. Be sure to click on each step to read more.
Open any loop from the My Loops page. Generally, you will use the Earnnest integration for loops in which you are the buying agent, but you can access this feature in a loop at any time.
The Send Earnest Request link is located at the top right of the page, between Activity Log and Submit for Review.
Click the Continue button on the 'Digitally transfer funds with Earnnest" window to begin the process.
Enter your email address in the text field. A one-time security access code will be sent to this email address. This code expires in 5 minutes, so be sure to complete Steps 5 and 6 in a timely manner.
Look for an email with the subject line: "###### - one-time code you requested" sent from support@earnnest.com. Copy and paste the six digit code.
Tip: hover your mouse over the code and right click. Choose "Copy" from the list that appears.
Navigate back to your dotloop window and paste the code into the text field. Then, click the Continue button.
Tip: hover your mouse over the text field and right click again. This time choose "Paste" from the list.
If this is your first time using the feature, you must create an account with Earnnest. Don't worry, you'll only need to complete this step once. After you've filled out the form, click the Create button.
Next, review the Welcome to Earnnest window and click Start a payment request.
Any relevant buyer or property address information that you have entered into the View Details page of the loop will autofill in the form. Review these fields and type in any missing information. You may also edit any information that has been autofilled.
Scroll down to the "Who's receiving the payment?" section and type the escrow holder name in the search bar. Any matches will appear below. Find the correct company and click on the name to select it.
If you make a selection mistake, simply click the X to remove the escrow holder and try again.
If no matches are found, it could mean that the escrow holder has not yet registered with Earnnest. You may request that they join by clicking the button and following the prompts. You will need to submit earnest money using traditional methods, outside of dotloop, until they are registered.
Check the box beneath the escrow holder to indicate that the holder is the same one listed on the purchase contract. The escrow holder you choose in Earnnest must match the purchase contract.
Once everything is completed, click the Request $ button at the bottom of the window to submit the request to your client. Your client will receive an email and text message from Earnnest. Instruct them to follow the prompts in the email to complete the earnest money transfer. They will need their bank account and routing numbers. If you or your client need further assistance, check out the Earnnest help center.
Note: money transfers with Earnnest are secure and use banking level encryption. Check out their help center for more information on how Earnnest protects agents, escrow holders, and homebuyers.
Click on the link to see an example of the payment receipt you will receive once the client submits the payment. You can also find a link to the Earnnest help center that was listed in step 11. Click the X in the upper right corner to exit the window.