Qualia Launches Audit Tool to Help Title Companies Mitigate Fraud
April 20, 2023
Qualia released a new tool that enables title and escrow companies to view all exceptions, uncleared items and non-zero orders for each of their bank accounts.
The Audit Readiness Dashboard, which is embedded in Qualia Core, allows users to quickly examine audit red flags that require their attention, including file shortages, stale overages, outstanding credits and outstanding lienable items.
The Qualia Reconciliation Service pairs title and escrow companies with reconciliation specialists who perform daily reconciliations, clear exceptions and complete month-end three-way reconciliations up to three times faster than those without the service.
"Title and escrow operators are doing everything they can with technology and operational best practices to mitigate the substantial risk of fraud that's afflicted real estate,” said Brian Thome, Qualia's vice president of customer success. “Agents might be accustomed to navigating between systems or reviewing a static daily morning report in their email with legacy systems. The Audit Readiness Dashboard removes that friction for customers because exceptions, uncleared items, and non-zero orders are all centralized in their system of record."
The Audit Readiness Dashboard gives agents uninterrupted visibility into the health of their escrow accounts and reduces time to issue resolution in a number of ways. Additionally, when an action is taken in the accounting section of Qualia, updates are reflected in the Audit Readiness Dashboard in real time. For example, users can identify a file with an outstanding item and jump to that file with one click to research and resolve the issue.
“I love that the Audit Readiness Dashboard gives me updates on potential audit concerns in real time instead of only once daily,” said Jessica Waicker, attorney and co-founder at Lawyers Express Title LLC. “It’s my morning ritual to get a cup of coffee and sit down to review the dashboard before things get crazy during the workday.”
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