Effective today, July 1st, new title orders taken will be disbursed out of our new M&T Bank account for Maryland properties only (VA and DC files not affected). After an exhaustive search and interview process, we chose M&T based on their ability to handle trust accounts, their history of delivering top-notch customer service, their geographic spread across Maryland, and their commitment to the Maryland and Greater Baltimore communities.
Existing files already opened will be processed and disbursed from the Bank of America account we are currently utilizing. Nothing will change for those files. This change will only effect files opened today or later.
This move should be seamless for our customers through the transition. Should a wire mistakenly be sent to the wrong account during this transition period, we have internal mechanisms in place to get the funds into the proper account. Our customers need not do anything differently, except that lenders will need to pay close attention to the wiring instructions that accompany each commitment.
Should any questions arise, please feel free to call your TSR or send an email to info[at]MASettlement[dot]com.