Pursuant to Ohio Department of Insurance Rule 3901-7-01
Stepan CPA Firm understands the nature of your escrow accounting through our work with title agency engagements, since we opened in 1985. Your first review with us will be as pleasant an experience as possible, because we put your comfort and convenience first.
Our simple approach streamlines the steps, and puts the follow-up work into our hands, so you can look forward to the finished report, and the completion of another year.
The annual review covers the twelve month period ending August 31st.
Reports are due by January 15th for the previous twelve month period ending.
What does the title agency need to do?
To start, everyone must complete the simple five page form, called Annual Title Agent/Agency Review form, INS 3283. We will provide print versions as needed.
Initial discussion Preliminaries- to prepare for the actual review. You will receive a brief checklist at this time.
Actual Review for "onsite reviews" that are single account situations, you can expect about a half day or more for us to work at your office, analyze and trace through your 3-way escrow account reconciliations, bank statements, and escrow subledgers. We will need someone there to pull some escrow files and cancelled checks, in the process. "Offsite Reviews" can be accomplished via email, fax, telephone, or mail.
Onsite reviews with multipleaccounts may take more time, but we will try to complete our work within one day, if possible.
Follow-up upon returning to our office, we will take all of the information from your review day, and perform research, analysis, and summarizing procedures. The results will then be incorporated into a prescribed report format. If this is an offsite review, we will forward a draft of the report to you in advance.
Day of closing we will present and explain to you the features and content of your individualized report.
There may be peripheral procedures, based on each agency's particular situation. Rely on us to go over all of that with you, to ensure that all points have been covered in the process.
What happens with our completed report?
File our report electronically, or mail it to the Department of Insurance, and send a copy to each title insurance underwriter that you represented during the reporting period by January 15th, 2013. We provide you with filing and mailing information.
What do we do now?
Call Joe or Kathy Stepan right away, to get started (216-226-0300); let's try to finish things up before the holidays.
If you would like to start this process right away you may do so by completing the annual title agent/agency review form, INS 3283, sign page 5, and email it to our office.