RECONCILIATION SERVICES / TITLEDESKTOP



Cutting edge escrow account management is now available directly through TitleDesktop! Reduce reconciliation time - and get alerted about potential fraud within minutes.
Complying with ALTA Best Practices #2 can sometimes be difficult and overly expensive. Most closing and settlement software’s do not provide the necessary features to assist with compliance, and in most cases rely on a 3rd party software companies to provide such features. TitleDesktop understands the importance of such features and has now made it easy and cost effective for its users to be compliant with ALTA Best Practice #2 with their escrow account.
This is a service I will never tire of!
 
 - Rosemary Fedak
 Owner, e-Title Solutions
 
 

TitleDesktop understands the importance of necessary features to assist with compliance and has now made it easy and cost effective for its users to be compliant with ALTA Best Practice #2 with their escrow account.


 

Easy ALTA Best Practices #2 Compliance
Automated Positive Pay
Daily three-way reconciliation
Management and tracking of critical disbursements
Daily monitoring and reporting


 
The AccuTitle Difference 
Daily three-way reconciliation
Daily matching of all debit and credit transactions between your bank and transactions entered in TitleDesktop escrow module.
 
Automated Positive Pay
Automatic submission of Positive-Pay report to your bank each day as required.
 
Daily monitoring and reporting to key management personnel
Daily Escrow Alert reporting keeping you up-to-date on any potential bank errors and input errors by your staff.
 
Customized daily alerts
Ability to create your own daily alerts based on the way you conduct business.
 
Underwriter reporting feature
Easy storage and submission of required monthly reconciliation reports to your underwriter(s). Ability to allow your underwriter’s auditor access to review your account as required (controlled by the user).




 
How It Works 
The user will provide access to their on-line banking website (via secure login credentials with read only accessibility) allowing TitleDesktop to download daily transactions for each enrolled escrow account.
 
TitleDesktop obtains the required downloads each day and auto-matches transactions with the posted transactions in TitleDesktop.
 
In addition, every effort is made to assure that matches are verified and correctly cleared in the appropriate file ledgers.
 
If the user is enrolled in positive-pay with their bank, a positive-pay exception report is created and submitted to the bank as required (each bank is different and we work directly with the bank to setup this feature at no extra cost).
 
Each day the designated person(s) for each user account will receive an email with access to the "Daily Reconciliation Escrow Alerts Report" providing the following information:
 
  1. All Unmatched Transactions
  This is a list of transactions that has cleared the bank but are not posted in the TitleDesktop file ledgers.
 
  2. Unsent Wire Transactions
  A list of any wire transactions that have been posted within a file ledger in TitleDesktop but have not cleared the bank.
 
  3. Outstanding Deposit / Credits
  Deposits / credit transactions posted to file ledgers with no matching bank transactions.
 
  4. Available Funds Summary
  A list of file ledgers with current summary balances in TitleDesktop.
 
  5. Undisbursed Funds
  A list of file ledgers in TitleDesktop with current balance, last activity date and duration of days in which the balance of funds have been retained.
 
  6. Selected Alert Criteria Results
  This is where the list of results are posted for the user defined alerts created by the user(s).
 


AccuTitle Software: A Total Solution. A Simple Process.
Your clients, lenders, underwriters, buyers and service providers are expecting more – we can make it easy for you to deliver.


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