three-way account reconciliation BOOKKEPER
We specialized in the preparation of Escrow Three-Way Reconciliation for Real Estate Title Agents, Attorneys, Developers, and Project Management among other professions that have a fiduciary responsibility to properly safeguard and accurately account for all funds entrusted by their clients.
three-way escrow reconciliation
avoid liabilities by reconciling client's ledgers
Three-Way Escrow Reconciliation
We have assisted title insurance underwriters with audits and ensuring title agents' compliance. We provide the monthly 3-way escrow bank account reconciliation comprehensive reports which accurately identify each of your client's balances, shortages, and stale outstanding transactions, and fraud prevention while complying with regulations and the Best Practices code.
Our bookkeepers are proficient with popular closing software including Quickbooks, Qualia, SoftPro Trust, LandTech, Double Time, Closer's Choice, eClosing, Title Express, RamQuest, Rynoh, ResWare.
SEPARATION OF DUTIES Escrow compliance
ALTAS best practices
A separation of duties, also known as "segregation of duties," ensures the reliability of the reconciliation is prepared independently by someone not associated with the receipt and disbursement function of the account. It is designed to deter mishandling of accounts and to allow to promptly detect errors or concerns in the reconciliation process.
Escrow Account Dormant
Comply with State Regulations
Stale transactions over a period of time become dormant file ledgers within your escrow account. To remain in compliance with underwriters, Attorney Bars Associations, and State rules and regulations, all money must go out to the respective party. We can provide you with a thorough report detailing a resolution for each of these stale files in order to efficiently clear your escrow account, so you can continue to focus on your revenue-producing activities.
If after efforts have been made to clear stale transactions are unsuccessful, escrow funds are to be transferred to the state after a certain period of dormancy. We can help you in the reporting and filing of the state's requirement.