Understanding Your Trial Balance In A Three-Way Reconciliation
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.
NOTICE TO SETTLEMENT AGENTS WHO FILE 1099-S RETURNS VIA IRS’ FIRE SYSTEM
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.
Form 1099 Reporting Best Practices So You Are Ready For 2023 Reporting
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.
Generes & Associates Survival Guide: Prepare for the Storm with Closer’s Relief
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.
Grill and Chill: Enjoy Your Summer with Help from Generes & Associates
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?)
What You Need to Know for ALTA Best Practices, 4.0
"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!
The Escrow Sweep Stakes
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.
Our Core Values: The Driving Force Behind Our Commitment to You
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.
Enjoy the Revelry Without Disrupting Your Operations
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.
New Year, New You, But Your 1099s Will Soon Be Overdue
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.
2022: The Year in Review
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.
When it Comes to Title and Escrow Support, We're a Team of Cooks
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.
Sure, Virtual Conferences are Convenient. But Are They “Better?”
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.
Your Support System for Systems Support
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!
3 Ways Outsourcing Can Benefit Your Title Agency
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.
A Great Time at the LTAMS 2022 Conference
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.
A Quick RONdown on Remote Online Notarization
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.
Product Spotlight: Escrow Accounting & Reconciliation
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!
We Saved Our Clients Almost $400,000 in Potential Fines
With almost 17,000 TAX IDs processed, at an 8% error rate, that’s a potential fine of $2,200 per company
Market Trends: Rent & Mortgages Continue to Skyrocket Amidst Increasing Migration
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.