Best Practice #2:  Trust Account Controls

Adopt and maintain appropriate written procedures and controls for Escrow Trust* Accounts allowing for electronic verification of reconciliation. 
(*”Trust” and “Escrow” used interchangeably.)


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 ensure accuracy and minimize the exposure to loss of client funds. Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

INFORMATION:

Positive Pay
Reverse Positive Pay




RESOURCES (See Resources page):

NC State Bar - Trust Accounting

ALTA Best Practices information   

RynohLive - Six Steps to Total Escrow Security (white paper)

Best Practices Boot Camp - Escrow Security 1-14-2015 (recording)
Best Practices Boot Camp - Escrow Security 1-14-2015 (Powerpoint pdf)

Trust Account Management & Reconciliation Services:

SoftPro      
Rynoh      
iTracs