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 firstname.lastname@example.org.
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