Whether you're a SoftPro reconciliation service customer or you prepare your own reconciliation reports, it's important to understand what the reports are telling you. It's not enough to receive a report that is balanced three ways and assume all is well. Understanding your reports will provide you the ability to better understand the condition of your escrow account.
In the first video of our Understanding Your Reconciliation Reports series, SoftPro's Reconciliation Manger Mike McCloskey provides you an in-depth look at the Escrow Reconciliation Summary, or EARS report. He covers:
- The four sections of the EARS report
- What to look for on this report
- And an overview of a successfully reconciled account
Watch the video below!
A third-party reconciliation service can provide you with an extra layer of protection against fraud, with the ability to alert you of any irregularities on your trust account. SoftPro offers daily and monthly reconciliation services that can help you protect your account against fraudulent transactions.
With SoftPro's reconciliation service, you get:
- Reconciliation of your escrow trust account each month, including a three-way reconciliation, reconciling bank statement, book balance, and trial balance
- A trial balance report for your escrow trust account, listing all open escrow balances each month
- Daily reconciliation of receipts and disbursements reporting on any exception items
- & more!