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Claims - Part
2
Claims
- Part 2
Defalcation, Defined by Webster as “to steal or misuse funds
entrusted to ones care; embezzle”. I don’t mean to bring up bad
memories, however as a point of information, I feel you need to know how
this happens and what we as an industry do to protect you and your clients
funds. If you recall there were a few cases of this kind of activity in Missouri in the
recent past.
Obviously
the fees paid for the title insurance product belong to the title company
for work done and risk assumed, however there is that little issue of
“ESCROW FUNDS”, the funds we receive and disburse relating to real estate
closings, or that we may be holding for a 1031 exchange transaction or some
other matter where we may be the one funds have been entrusted to hold.
There
have been cases where an individual Attorney, Title Company, or a Realtor
has in fact transferred those funds to their personal or business account
and used for other purposes with the intent of replacing it before anyone
in the deal had any knowledge of the act. However, the replacement of the
funds in some cases does not occur before that money is needed to finalize
a closing or disbursement. That is the simple definition or example of a
defalcation.
Now,
what does Benchmark Title do as a Title Insurance Company Agent do to
protect your money? Our operating system has some very strong built in
programs that can prevent a large amount of these functions from occurring,
but someone with adequate computer knowledge of the system and the
authority levels necessary can override some of those protections.
Along
with that, our accounts are reconciled on a regular basis by an internal
accounting person that has no signatory authority on any of the accounts,
plus, each of those reconciliations is reviewed by an outside accountant
and ownership on a monthly basis. All of those accounts are also reviewed
and audited by each of our underwriters on an annual basis, date and time
unannounced. That translates to a reconciliation process almost daily, an
audit by underwriters a minimum of three times a year.
We,
at Benchmark, have put in place multiple methods and procedures to give
you, our valued customer, and your client the comfort that your funds are
safe when entrusted to Benchmark Title.
As
always, “OUR GOAL IS TO EXCEED OUR CUSTOMERS EXPECTATIONS."
Any
questions can be directed to Benchmark Title at 618-239-3750. Please feel
free to call or email:
Serving you from three convenient locations:
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Main Office:
1124
Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North
Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon,
IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Benchmark Title is celebrating our 10 Year
Anniversary!!!
With 10 years of the highest quality of service, &
the most accurate product in the industry, we would like to say
Thank You for making us
successful!!!!
Dates to Remember
September 12 - Please wish our employee, Lisa Masterson, a
HAPPY BIRTHDAY!!
September
22 - Bring us a new order on these days
and receive 10% off your title premium.
September 25 - NAHBR Golf Classic at Arlington Golf Club. Registration
at 11:00 am with Tee Time at 12:00 Noon. Contact HBA at 343-6331 for
more information.
October 7 - GGAR Board of Directors Installation Luncheon and
Ceremony in honor of incoming Chairman of the Board, Doug Hartmann Jr. at Gateway Center,
Collinsville.
Reception and Check-in at 11 am, Buffet Luncheon 12 pm, ceremony after
lunch. $20 per person. Please RSVP to the Association office by
September 30.
Did you say FREE?
Be
the first in your office to try out SureClose.com, Benchmark Title's new
FREE online transaction management system. Why waste time making status
phone calls or standing by the fax waiting for your title commitment when
you can get what you need instantly from your own computer. Visit SureClose.com
for more information or call April
Tolan, our SureClose Specialist, at
618-239-3750 for your sign-on so you can start saving yourself time and
money today. We'll even give you and your clients a free CD at closing
containing copies of their closing documents.
Why wait?
You
can place your next title order now by clicking here.
Give me my policy!
Did
you know that lenders and home buyers now receive their title policies at
the closing table? Contact Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program.
Ready
to refi?
Lenders
and homeowners will want to hear about our fantastically low new refinance
rates. Contact us today for a quote!
Customer
Feedback Line
After your closing please call our customer feedback line at (618)310-1307
ext. 26 and leave your comments. We will send you a token of our
appreciation for your time.
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