Title Agents and the OR EscrowPro® Solution

New and existing laws and regulations, and pressure from the Consumer Financial Protection Bureau and the financial industry, have placed many demands on title agents.  ALTA Best Practices was introduced to assist title agents in adopting policies and procedures that meet industry-developed standards of care designed to match the compliance needs of title agents supporting lenders and servicers.  But for many agents, especially those with smaller offices, it has become progressively more difficult to implement the proper technologies and workflows to accommodate changes in the regulatory environment.

Routine standards agents are responsible for include:

• Escrow funds being separately maintained from operating accounts
• Documentation of outstanding trust account balances and bank reconciliation
• Separation of duties and defined authorization standards
• Utilization of positive pay
• Mitigation of defalcation risk

OR EscrowPro® provides agents with these solutions along with the peace of mind that comes from partnering with a title insurance group that has unsurpassed financial strength ratings in the industry.

By choosing OR EscrowPro®, you can start reaping the many benefits that are incorporated into the OR EscrowPro system:

• Advance compliance with ALTA Best Practices for Escrow Trust Accounting
• No additional technology, equipment or upfront costs
• Maintain local execution and management of the process without having to control the funds
• Check printing at the closing table
• Lower wire and banking fees and potential savings on E&O/bond premiums and employee expenses
• Funds are received and disbursed by Old Republic Title, eliminating substantial liability
• Independent review by a second party for quality assurance
• Improved office productivity, resulting in more time to promote your services, develop business relationships and expand your business

It’s all here and more! Download an OR EscrowPro® Information sheet here.

Click below to contact us today and find out all the ways your business thrives with OR EscrowPro.