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North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.


Best Practices

Education: ALTA Escrow Accounting Procedures

April 10, 2012

With millions of dollars flowing through escrow accounts, it is vital title companies educate employees regarding proper escrow accounting procedures. ALTA’s self-study Escrow Accounting Procedures Online Course presents a model system of good managerial practices designed to minimize risk in handling escrow funds. The course is comprised of four Educational Modules, each ending with a set of questions to reinforce the course content, and a valuable Resource Guide.

Module 1: Escrow Agent – Define fiduciary and how it applies to escrow holders; understand the benefits of handling escrow transactions; and become familiar with basic stewardship issues surrounding escrow transactions.

Module 2: Escrow Accounting – Identify the basic elements of internal control; learn steps to limit risks from fraud, forgery and unauthorized or improper wire transfers; and understand and appreciate the need for sound escrow accounting procedures.

Module 3: Good Managerial Practices – Learn the basic elements of general control procedures, including handling incoming and outgoing funds and wire transfers; become familiar with essential records and documents; understand the need for reconciling accounts and see examples of two-way and three-way reconciliations; and identify key duties to be segregated among staff.

Module 4: Specific Escrow Control Procedures – Learn procedures for controlling receipts, disbursements and escrow investment accounts; understand the need for legal assistance when dealing with construction disbursements; and become familiar with escheat - what to look for and what is required.

Click here to enroll.



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How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
www.alta.org
service@alta.org
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