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Escrow Account Controls


escrow account controls

2. ESCROW ACCOUNT CONTROLS

Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation. 

Purpose: Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safeguarding of client funds.  These procedures help ensure accuracy and minimize the exposure to loss of client funds.  Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

What This Means From a Customer's Viewpoint

"Your bank account should be with a solid financial institution and my money is safe."


Our Resources For Compliance

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BancServ

Protect your closings by using qualified notary signers if your closers are not available.

Bankserv is a nationwide mobile notary service that can facilitate all your document signing needs. Through a network of thousands of qualified signing agents, we coordinate and simplify the process of closing real estate transactions by sending a notary (or attorney where required) directly to an individual’s home or workplace to get documents signed, notarized and promptly returned. Whether its purchase documents, seller packages, refinance loans or any other type of documents, we have agents experienced in every type of signing appointment you may need.

Our agents are pre-screened, tested, approved, monitored and rated based on their performance on an ongoing basis. We keep them informed on changes that occur in our industry, offer specialized training programs to help further their knowledge and provide educational materials to aid in the prevention of fraud and forgery.

First Banking Services

For 30 years, FBS has provided Three-way Reconciliation and Banking Services to title agents and real estate companies nationwide.

FBS connects online with your closing software and reconciles your accounts.

Or, On-Trac technology monitors/manages your accounts daily.

  • Discrepancies and irregularities are discovered more quickly.
  • Alerts are categorized as Time Critical, Suspicious, Operational or File Based

HireRight

Employee background checks trusted by more than one-third of the Fortune 500.

Employers need more than just data to successfully operate an employment screening program. As one of the world’s largest screening providers, we’re specialists at helping organizations implement, manage and control employment screening programs. We understand the complex screening needs of today’s global employers and strive to provide easy-to-use, streamlined solutions that help organizations work smarter.


PRS - Precision Reconciliation Services

PRS provides escrow account reconciliation and consulting services for title and settlement companies and law firms nationwide.

We produce the three-way reconciliation reports insurance underwriters and regulators require.

A monthly red flag summary report identifies issues requiring immediate attention.

Consulting/clean-up services correct problems and assess internal controls.


RynohLive

For ensuring accuracy and minimizing escrow loss exposure.

RynohLive® is a secure (128 bit SSL) web based, automated, financial management tool that provides near real-time funds tracking, verification and validation. RynohLive consists of five functional modules: RynohPay, RynohTrax, RynohRecon, RynohReport and RynohSecure.

RynohLive® connects seamlessly to your banking data and your settlement software in a cyber-secure, cloud-based environment.

Register online, and in as little as one day, RynohLive® can integrate with your existing settlement software and online banking service. All this is accomplished in a state-of-the-art, secure, cloud-based environment.

From day-one of installation, you and your team can take full advantage of RynohLive®'s reconciliation analysis, fraud prevention, and reporting tools. Imagine saving your agency time and money, not to mention restoring peace of mind, all before your lunch break!

SoftPro

For ensuring accuracy and minimizing escrow loss exposure.

SoftPro is the complete application package for the title and closing profession. An impactful tool that not only improves your business operation, but impacts your bottomline - you can purchase the applications that best meet your business needs - from just one, to all of them. These key products that will ensure escrow account controls include:

  • ProTrust
    The SoftPro product for managing and reconciling one or multiple trust accounts.
  • Pro1099
    Automates the preparation of 1099-S forms for submission to the IRS.
  • ProIndx
    Allows you to create and maintain a comprehensive database of title index records.
  • ProMort
    The most powerful mortgage loan calculation and amortization schedule program on the market today.
  • ProDesign
    SoftPro's powerful Custom Forms Designer - It can be used to create your own documents for use with ProForm, SoftPro's Closing and Title Insurance Forms program.

 

Want to create your own policies and procedures?

 Please login, if you are an FNF Agent, for the Tools and Resources to complete this pillar on your own.