Tracking Escrows Efficiently
How do you track Escrow efficiently is one of the main questions asked, even as the lawyers and officers start to age with experience, there’s more than one way to do it.
Escrow tracking comes with strict rules which contradict themselves depending on what state and municipal you’re in. For example, some states do not require a landlord to hold a tenant’s deposit in an escrow account, however, some municipalities within these states do require Landlords to hold deposits in Escrow. Staying on top of the legislation is one chore, staying on top of the money is a whole other.
When all is said and done you expect the money from your Escrow to be fully accounted for at the end of the contract, after all, this is why you sort an Escrow officer or a lawyer. But the ability to track Escrow efficiently isn’t a skill that everyone who works in Escrow has actually obtained, and some have been known to be fraudulent.
Working in Escrow
There have been many cases of fraud in Escrow, so now there are strict rules and regulations that monitor these accounts, if these are not followed lawyers can be fined, disbarred, or jailed depending on the severity. Working in Escrow comes with high stress, and tends to be an office-based role, which will see you mainly working from a computer with a lot of data entry to handle.
Standard methods of tracking Escrow are complex, jarring, and outdated. The main method used is Microsoft Excel, which as we all know loves to spit out formulas and wipe itself at least once a week. So, you have to stay on top of it, otherwise, you can lose months of data entry which is bad enough when this is just for one client, but what about keeping an eye on 5, 10, 50 … you need to be an Excel wizard to accomplish this. Escrow officers aren’t exactly highly paid (approx. $60,000.00) they normally receive benefits such as 401k, health insurance, dental, etc.
Escrow Trakker for lawyers
Being held accountable and managing to track Escrow efficiently is stressful for a lot of companies, in between the software going wrong, and human error, there is plenty of room for mistakes to happen. In most situations it’s not a big deal for a mistake to happen, but not with Escrow tracking.
Escrow Trakker for lawyers starts at $24.99 and can keep track of 20 bank accounts, and for £64.99 for up to 200 bank accounts. This app keeps things simple to use, track, enter, and of course report. Although you’ll still need someone to put the data in, it’s definitely not as time-consuming as Excel. Escrow Trakker also triggers you when something is wrong, for example, if you try to remove too much money from an account – meaning less room for human error.
Paying someone to do data entry on a programme designed for data entry is very different to asking them to do it on Excel. Using the right tool for the job is key, especially when your freedom is at stake.
When you combine the knowledge of an Escrow officer, with the technology of Escrow Trakker, you will finally be able to say that your company can track Escrow efficiently, with no risks, and from any device.
Work smarter, not harder.