| Name: |
| 1. |
Approximately
how many closings have occurred over the last six months? |
| 2. |
Is a
separate bank account maintained for the escrow business of
title underwriter:
Yes
No
|
| 3. |
List all escrow
checking accounts: |
|
|
| 4. |
How often
are the escrow bank accounts reconciled? |
| 5. |
Who prepares the
reconciliations? |
| 6. |
Who reviews the
reconciliations? |
| 7. |
Are escrow
assets balanced to escrow liabilities monthly? |
| 8. |
For each
account listed, please supply copies of the following for the most recent
three months that are available: |
|
a. Bank reconciliation.
b. Bank
statement for the month following reconciliation.
c.
Outstanding check list.
d. Listing
of deposits in transit.
|
|
|
| 9. |
Is there an
escrow account trial balance of all open file balances (both debt an
credit) prepared whenever bank accounts are reconciled?
Yes
No |
|
Is there
management review? |
|
|
| 10. |
Are
procedures in place to properly segregate cash receipts, cash
disbursements and bank reconciliation functions, or as an alternative,
are reviews in place to cross-check transactions where proper
segregation of duties is not possible?
Yes
No
|
| 11. |
Are
procedures in place to follow-up the recording of satisfactions of
mortgages in escrow?
Yes
No
|
| Notes: |
|
| 1. |
The escrow
information obtained will be sent to Home Office to the internal Audit
Department for review and evaluation before the Applicant can
receive final approval. |
| 2. |
Internal Audit
will communicate its questions, concerns and any requests for
additional information to the State Manager |
| 3. |
If necessary,
because of size or complexity, an internal auditor will visit the
agency location for an on-site review. |
| 4. |
Upon completion
of the escrow review, Internal Audit will issue the results of its
review and its opinion as to whether: |
|
a. the
escrows appear to be adequately funded, and
b. the
escrow records maintained appear to be adequate.
|