SAVE TIME, SAVE MONEY.
The trial balance is the third component of the three-way reconciliation process for an escrow trust account. It's vital for ensuring account accuracy and integrity.
Summer is (almost) here!
You know what that means, right? Warmer weather. Longer days. Greener grass. Sweatier backs…
Yet, while many of us hope for some time to rest and relax, the work never stops for title and settlement agents. While none of us really know what the market is going to do this year, the early months of summer are typically one of the busier seasons for home sales and refinancing. More home sales mean more title searches, more closings, and of course, more paperwork to process. With all that comes tighter deadlines, quicker turnaround times and dreaded backlogs. (Is this all making you sweat yet?)
If you are like many of the settlement agents for whom we at G&A provide services, you are earning revenue that you never receive and, in most cases, do not even know about. Let’s talk about the hidden income derived from your escrow accounts.
Ensure compliance and peace of mind with First Trust Accounting. We can perform your monthly as well as your daily 3-way reconciliation remotely. Save time and focus on growing your business while we ensure you meet ALTA Best Practices and avoid penalties.
TESTIMONIALS
We have used Generes & Associates for e-filing our annual 1099-S returns for the last few years. Generes works diligently to ensure that our sellers’ names and tax identification numbers match according to IRS records, thus avoiding potentially massive penalties. Generes even worked with us to correct a prior year’s returns, resulting in a refund from IRS for already paid penalties. If you want to comply with IRS regulations regarding 1099-S returns, call Generes immediately. You will not regret it.
Erica Wolfe, Esq., Wolfe & Associates, Delaware, a Quala user
“We have used First Trust Accounting Service for our trust account reconciliations for many years. They have been an invaluable asset to our firm in keeping our reconciliations current and helping spot potential problems as soon as they occur. I cannot recommend them highly enough.”
- From Jeff Parmer, Parmer Law Firm, AL
“Generes & Associates was a great match for us. I could not be happier with their Closer’s Relief service. Low price, no run-around, all help. We are just two months in on our partnership and I find myself wanting to use words like stellar. They expertly handle our surplus, further freeing us up to perform. They do title search orders, closing doc prep, closing disclosure statements, third-party communications, commitments, their list is practically a professional settlement menu. It’s not enough to call them back-office settlement support when they operate with such exceptional, front-office proficiency.”
- Tara L. Dutton, Professional Title, TN
“I have used First Trust Accounting since the inception of my company in March of 2004. For over 17 years, I have been 100% satisfied with their service. Any time I have a question, they respond quickly, and have the experience and expertise to answer it. They have a wealth of knowledge about escrow accounting, and have passed on guidance over the years that have helped us run our escrow more efficiently. I cannot think of any way they could improve their service.”
- From A Landtech User
OUR CORE VALUES
1. We Help First
2. We Listen, Understand, and Solve
3. We are Adaptable & Flexible
4. We are Disciplined & Focused
5. We are Self Improving
WHAT’S NEW?
The trial balance is the third component of the three-way reconciliation process for an escrow trust account. It's vital for ensuring account accuracy and integrity.
If you are a real estate transaction settlement agent who files the required 1099-S returns for sellers in reportable transactions via IRS’ FIRE system, please read on.
Filing Forms 1099-S with the IRS is a routine part of a settlement agent's responsibilities. However, it seems that many settlement agents wait until January, February and even March of the following year to start working on their filing details. The purpose of this white paper is to prescribe a process to be followed throughout the year so that, come March of the following year, the filing of Forms 1099 will have been completed with minimal stress and errors.
Ahoy, fellow adventurers in the world of title! As hurricane season rolls in, it’s time to batten down the hatches and prepare for potential storms that can leave us scrambling for cover. It’s not just about securing your homes and stockpiling your pantries. Your title business needs its own version of hurricane preparedness, metaphorically speaking. Just as a relentless storm can wreak havoc on your property, an influx of closings and staffing shortages can send your business spiraling. But fear not! Generes & Associates’ Closer’s Relief is here to guide you toward sunny skies.
Summer is (almost) here!
You know what that means, right? Warmer weather. Longer days. Greener grass. Sweatier backs…
Yet, while many of us hope for some time to rest and relax, the work never stops for title and settlement agents. While none of us really know what the market is going to do this year, the early months of summer are typically one of the busier seasons for home sales and refinancing. More home sales mean more title searches, more closings, and of course, more paperwork to process. With all that comes tighter deadlines, quicker turnaround times and dreaded backlogs. (Is this all making you sweat yet?)
"The only way to make sense out of change is to plunge into it, move with it, and join the dance." - Alan Watts, old, dead British-American philosopher (1915-1973)
Earlier this year, the American Land Title Association (ALTA) published the ALTA Best Practices Framework, version 4.0. If you’re new to the title and settlement industry or just need a refresher, click to read more!
If you are like many of the settlement agents for whom we at G&A provide services, you are earning revenue that you never receive and, in most cases, do not even know about. Let’s talk about the hidden income derived from your escrow accounts.
It’s time to use this space to brag a little. Recently, the Generes & Associates team has been working with a large law firm preparing closing disclosures and HUDs for a significant, high-dollar condo development. During the preparation, we discovered that some of the purchasers may be foreign nationals – not really a problem or issue in the short term.
Parades and parties. Beads and doubloons. Eating yourself sick.
It’s Carnival season here in New Orleans, and we couldn’t be more excited. Since early January, we’ve been awash in great food, celebrations, costumes and a never-ending helping of King Cakes.
While Mardi Gras is quintessential to our way of life, it throws a wrench into normal operations, doesn’t it? Don’t worry, you can admit it. We won’t tell.
1099 season is upon us, and title and settlement professionals are feeling the pressure. Despite your 2022 New Year’s Resolution, you and your team have again waited until now to start the 1099-S filing process. You’re also once again three months behind on your 3-way reconciliations, and you know all too well the flurry of activity needed to complete your filings while somehow still balancing day-to-day operations.
Here we are. The end of the year. A time to look back, reflect and remind you about all the events that transpired, and a time to gently put Father Time out to pasture and welcome that sweet, cuddly and fat newborn Baby New Year.
While a plate that’s too full is perfectly reasonable for a Thanksgiving meal, it’s a recipe for disaster for your title and settlement company. That’s why Generes & Associates provides third-party support for the services that you use every day.
Virtual meetings are super easy and a great addition to the modern workplace. Nonetheless, the in-person conference will never fall totally out of fashion. In fact, if you have attended one of these in-person events lately, you know there’s a special buzz in the air. Everyone is excited to interact, catch up and meet new friends. Here are four reasons why meeting in person has a leg-up on virtual.
We know the ins and outs of all your industry-standard software in the title, settlement and escrow biz. What’s more, we can solve your problem – whatever it is – and get you back rocking and rolling right away. What gives us the edge over the existing support systems for these software solutions? Glad you asked!
Most people think title insurance is boring. As far as we know, there are no title company reality TV shows, and no one grew up with a poster of legendary abstractor, Jimmy “No Liens” Lombardi, on their wall. Luckily for homeowners across the country, you don’t think it's boring, which is why you spend so much time and effort to protect your client’s property rights. But let’s face it, some parts of the job are boring (or just a pain in the neck.) That’s where we come in.
Generes & Associates had a great time last week at LTAMS Annual Conference in Biloxi, Mississippi. The key takeaway from our CEO Ed Generes' speech was that Generes & Associates truly is a one-stop-shop for all your industry needs.
It's simple to see how one might view the eClosing as the next logical step for the industry. While we're not here to outright refute that, we are here to touch on an issue that has been overshadowed amidst all the excitement-- the issue of digital security.
Our affiliate, First Trust Accounting Services (FTA) will perform your daily as well as your monthly 3-way reconciliation remotely and never requires a visit to your office!
With almost 17,000 TAX IDs processed, at an 8% error rate, that’s a potential fine of $2,200 per company
A highly competitive market, stemming from high demand and a short supply of houses for sale is the continued cause of a flurry of activity for anyone working in the real estate sector. We'll break down the latest information, and give you our take on it.
OUR SOLUTIONS
Generes & Associates has all of the modern technology, expertise and industry experience to assist any size title, settlement and escrow operation to be more efficient and profitable.
For the established firm, we offer cutting edge technology, transaction and workflow management, escrow accounting and a wide range of beginner to advanced training opportunities to keep you on top and ahead of the game.
For the company just starting out in the business, our years of experience working with startups will give you comfort that we will provide you with the proper technology, best practices, escrow accounting assistance and near continuous training to get you started on your way to setting up a successful operation.
