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What are they looking for when they do an auditory to a title company?


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2007-10-16 20:57:27
2007-10-16 20:57:27

* Trust accounting must be in order with all checks reconciled * Files organized showing the life of the transaction - typically the last items in the folder should be for the closing (HUD, Affidavits, Transmittal letters) and the policy(ies) (Marked up binder from closing, copy of final Owner/Mortgage Policy with transmittal letters * Copies of disbursements checks specific to each transaction * Policies issued in a timely manner based on your state, county, local recording clerk's office turnaround time * Remittance reports and timely remittance to Underwriter(s) * Ops and Trust accounting funds kept separate at all times (no co-mingling of funds) Many Underwriters also like to see a Remittance Trust account separate from the Ops acct. * ORGANIZATION * Good underwriting practices eliminating all risk "at the table" * Good, honest business practices and procedures If you have questions about your specific Underwriter's expectations, you should consult with them directly. Title insurance is INSURANCE, so you must eliminate all risks and be a very good record keeper as well as an organized, knowlegable business person. Audits are a good learning tool. Make sure when you are scheduled for an audit, you block out the time away from your daily duties so you can spend the time with your auditor. The reason for an audit is simply to make sure you are adhering to your Underwriter's standards, processes and procedures.

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