With the new year beginning, what a great time for title producers to make the commitment to clean up those escrow accounts. Those producers in Maryland may be aware according to the new Code of Maryland Regulations (“COMAR”) 31.04.22.06, underwriters are now required to provide a yearly report to the Maryland Insurance Administration (“MIA”) pertaining to their review of each of the title companies for which they provide title insurance. One of the items being reported is the number of escrow accounts, both active and dormant, the producer holds. The MIA is paying particular attention to this item and has begun addressing the stale funds being held in these accounts with each individual title company. Escrow Resolution Services, LLC was created specifically to assist title companies with cleaning up their escrow accounts. Efforts are made to locate the owner of the money through due diligence and if that cannot be accomplished, then Escrow Resolution Services, LLC will handle the escheatment process for you. Do not risk the chance of being the object of regulatory action. If this is something we can assist you with, please contact Carol Frye at [email protected]
Maryland Title Producers - It's the time of year when your Maryland Affordable Housing Trust ("MAHT") report is due to the State of Maryland and for many it is a daunting process. The Code of Maryland Regulations ("COMAR") requires that title insurance producers in the State of Maryland (or in other states if you do Maryland settlements) have a MAHT account if they make deposits in connection with real estate escrows, settlements, or closings. (see COMAR 31.16.03.03) The report is due by March 31 for the immediately preceding year ending December 31. If you are having difficulty, or simply want someone to complete your report, please contact Escrow Resolution Services, LLC at [email protected] I have previous experience as an Enforcement Officer with the Maryland Insurance Administration in regulating the MAHT reports, so there is nothing I do not know about how they should be prepared!