TSS Software Upgrades Its Escrow Account Reconciliation Service
February 6, 2007
TSS Software Corporation, an independent provider of settlement services software, reports its Escrow Account Reconciliation Service (EARS) has been expanded and improved to meet the needs of a growing number of TitleExpress users requesting the service.
The EARS program is one among a full complement of auxiliary services designed to help users of TitleExpress, TSS’s nationally adopted title and settlement platform, maximize the performance of their TSS software. To better serve TitleExpress customers, the company has augmented its specialized EARS staff with additional trained consultants. In addition to TitleExpress expertise, all EARS professionals have background experience in underwriting, auditing, or quality control disciplines.
EARS is designed to reconcile the title agent’s TitleExpress escrow accounts thoroughly and accurately. EARS consultants are able to detect inaccuracies and highlight for the title agent the actions needed to bring bank statements and escrow accounts into agreement.
Illegal practices such as mortgage fraud have led to increased legislative and regulatory scrutiny of the title and mortgage industry. Title companies that fail an underwriter audit of their escrow accounting have a limited timeframe in which to correct the errors or risk being fined or closed down. EARS serves as a quality assurance measure to identify and then to correct errors in a pre-audit timeframe, substantially reducing costs and alleviating uncertainty and anxiety.
The service can be performed onsite at the customer’s place of business or remotely using Internet-based access methods. Scheduling depends on the availability of the agency’s bank statements.
Source: TSS Software Corporation