Escrow Account Reconciliation
Reconciliations are provided via remote access to your computer system and accounting software. Your solution will be based upon your particular needs and business situation and include:
- Follow-up and assistance in resolving unidentified items
- Reconciliations on a monthly, weekly or daily basis
- Fast communication of concerns to reduce potential losses from your account
Escrow Account Reconciliation Training
We train your office staff to reconcile your escrow account in your accounting software. We take your associates through each step of the reconciliation process. Once the account is reconciled, we instruct your associates to recognize which reports need to be printed and how to read the reports so they can identify any red flags.
Escrow Reconciliation Review
If you want an independent evaluation of your reconciliation, we can review your company's completed reconciliation to check for possible errors, and analyze the account for risk and liability. We will then provide a detailed report of our findings and communicate any unidentified items to your office for timely resolution.
Contact us for more information on this or any other service we offer.
Our team is committed to reducing your risk, protecting your investment, and allowing you time to promote the growth of your company. When you use our services, you have more time to focus on specific accounting issues. Our procedures are to inform you of any risk in your escrow account by using our monthly risk report and our semi-annual review, and work with your office to resolve any issues in a timely manner. We give you the most up-to-date information on your accounts so you will never have to enter into an escrow account audit blindly.
Our goal is to protect your investment in your business by performing timely bank account reconciliations and informing you of any "red flag" items we identify in your escrow account(s).
Upon completion of each reconciliation, our experts analyze your escrow account for any risk or liability. You will receive a risk report listing any items we found that we advise you to research further with your reconciliation. Examples of items we look for are:
- Items clearing the bank statement that have not been posted into your accounting software
- Files with shortages
- Outstanding payoff, tax and insurance checks that are over 10 days old
- Outstanding deposits that are over three days old
- Outstanding incoming wires and outgoing wires that are over three days old
- Any unusual activity in your account
Our professional and experienced account representatives work with you and your staff to take care of these items in a timely manner – ultimately resulting in decreased losses for your company.
In addition to providing you a monthly risk report, our financial services team also performs a semi-annual review on each of your escrow accounts. The semi-annual review is a valuable management tool for your office to determine if you are taking appropriate measures to maintain a low risk escrow account.
At the time of your review, you will receive the most current risk report for each of your accounts and guidance on the steps needed to “clean them up”. This value added service can potentially help you save money by preventing losses, helping to prevent unacceptable audit scores, and saving you the time of conducting extensive research to resolve numerous risk items. These combined benefits reduce your risk, protect your investment, and give you the time to focus on growing your business.
To get the most accurate information and fully utilize your closing/accounting software, we reconcile your account live in your software via remote access to your PC. We can perform reconciliations on any software that is three-way capable including:
|Resware™||SMS Title Express®|
If you are using software that is not on this list please contact us for further information.