Escrow Reconciliation Services...


ESCROW RECONCILIATION REVIEW

Title Insurance Rule 4-186.009: Every licensed title insurance agency shall maintain a monthly reconciliation of every escrow account required to be maintained, Florida Statutes s. 626.8473, and shall report such reconciliation together with appropriate supporting documentation to each title insurer which licensed the agent during the reporting period on a monthly basis. Also, every licensed title insurance agent shall maintain a separate ledger card for each real estate closing transaction for which funds are received in escrow.

IDS is on the front line in title insurance underwriter support by providing a compliance program that is designed to not only to comply with the Florida Administrative Code, but will also provide the underwriter with immediate, 24 hour, seven day a week access to their agent's monthly bank reconciliations and supportive documentation. In addition, upon receipt of the reconciliation, a trained escrow analyst will review each reconciliation for compliance issues and red flags of potential escrow problems. IDS has developed its own proprietary software to identify and highlight red flags or other problems that would concern any auditor, financial officer or operations manager.

ESCROW ACCOUNT RECONCILIATIONS

IDS is there for the title agent as well. Our experience has taught us that many escrow accounting problems are a result of poor accounting practices or simply a lack of education or knowledge in the area of basic escrow accounting procedures. Our sister company, Electronic Document Solutions, Inc. has experienced accounting personnel who can help identify, correct and maintain escrow accounts for title agencies of all sizes and description regardless of the software being used including Quicken, QuickBooks and Landtech. Just click on the EDSI name and you will directed to the proper website for additional information or service.



If you would like to receive additional information please feel free to contact us for a free professional and confidential consultation.