This workshop is for Managers, Owners AND individuals who are high potential and may soon be managing others. In this class, participants will gain a solid understanding in the following areas:

In this workshop you will explore paths to follow in creating a “true” service culture in your company. A strong service culture and a team mentality focused on service as their primary job will greatly differentiate one escrow company from another. This workshop will enhance customer service, employee retention and company long term profitability – the three cornerstones of any business! You will learn how to successfully implement many of the concepts from this workshop, back at the office. Plus, we will be there to answer your questions after the workshop at no additional charge.

Learn the following:

Many escrow companies have been victimized by fraud in the past few years, paying a heavy price because of their lack of education and preparedness. Some real life examples in escrow offices:

1) An independent escrow has $465,000 stolen and almost closes it’s doors due to wire fraud
2) An independent escrow has over $350,000 stolen, when stolen refund checks are discovered missing.
3) A broker-owned escrow has over $325,000 stolen, due to an employee cashing escrow related checks
4) A broker-owned property mgmt group found short $25,000; broker spent $50K in court to retain license

Is this something your Company can afford? Probably not!

Common denominator? In part, lack of proper internal controls and procedures in place, and
the misguided belief “it can’t happen to me!” How can you implement controls to reduce your risk?

In this class you will learn how fraud with the public’s funds occurs:
- Inside the escrow file
- Throughout the escrow office
- Outside the escrow office

We will discuss the most common types of public trust fund fraud involving:

• Altered RESPA and closing statements
• Funds held during escrow
• Falsified checks, receipts, and fee transfers
• Outstanding checks and closed files with balances
• Manual entries
• Falsifying trust account bank reconciliations
• Forged checks
• Replacement checks to the same payee
• Outgoing wires (software virus infections to your computer)
   

Ever wonder about the intricacies of Trust Accounting?  Daily accounting procedures are needed in order to create good monthly reconciliations and pass annual audits.  Even if your company uses an outside vendor, this is information you need to know if you are an Escrow company owner, Manager, or in any other position where you are involved in banking and Trust Accounting activities.    

You will learn about:

• Meeting the Accounting Requirements of the Department of Corporations and Department of Real Estate, as they relate to Trust Accounting and Bank Reconciliation.
• Daily procedures to follow to accurately account for the public’s funds!
• Working with computer adjustments, fees, savings, and deposit tickets!
• Which computer reports are the most important and helpful!
• How to understand/read your Trust Accounting Reconciliation Report!
• How to identify potential “red flags”!
• How to correct errors and out of balance conditions!
• How to use the Outstanding Checklist as a reconciliation tool!
• Preventing paying someone twice in error!
• Process to follow to escheat funds to the State Controller’s Office
• Process to follow to prevent funds from having to be escheated!
• How to find obvious and not so obvious bank errors that cost you money!
• Required forms, time lines and other essential information!
• Procedures to follow to accurately account for the public’s funds
• Proven ways to maintain and store Trust Accounting Records for future use!