Pillar 2 - Escrow Accounting 

 

Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts.

 

Purpose:  Appropriate and effective escrow controls and staff training help title and settlement agents 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 Agents may engage outside contractors to conduct segregation of trust accounting duties.

 

Plunkett & Graver, P.C. maintains separate operating and escrow accounts with local institutions in the markets in which it operates. The escrow accounts are prepared with trial balances and reconciled monthly. The duties of the personnel in the closing and escrow deptartments are segregated so that employees involved in reconciliation duties have no signing authorities on those accounts. 

 

Plunkett & Graver, P.C. takes security seriously. As such, only authorized employees can conduct closings/settlements and only those employees who have satisfactory credit reports and background checks are authorized signatories on escrow accounts. Former employees are immediately removed as signatories from bank accounts. Escrow accounts are established only at Federally Insured Financial Institutions with Positive Pay, ACH blocks and international wire transfers in place on escrow accounts where available.

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