New service keeps title companies audit-ready and best-practice compliant
SAN FRANCISCO, Calif. (February 28, 2019) – Qualia, a real estate technology company that streamlines the home buying and selling experience, today announced a new full stack Reconciliation Service that combines Qualia’s award winning reconciliation and accounting features with a live, dedicated Reconciliation Specialist. The Reconciliation Specialist is available to guide and advise title companies on their reconciliations so they remain audit-ready and best practice-compliant at all times.
Qualia is providing title and escrow companies the industry’s first one-stop title and escrow reconciliation platform, pairing Qualia’s full suite of reconciliation and accounting software features with a professional Reconciliation Specialist – all within the same platform. The service ensures that agents don’t spend unnecessary time on bookkeeping and banking operations. Instead, they can focus on their core competencies to support business growth.
Qualia is launching the Reconciliation Service together with select banks in order to offer free and discounted reconciliation services. This service is available in select states for a limited time period and will be expanding over the coming months.
The banking audit and reconciliation process has been one of the most daunting and stressful challenges faced by title companies. While title and escrow companies spend tremendous time, expense and effort to provide their clients with excellent closing experiences and accurate reconciliations, escrow errors do happen and despite best efforts, fraud historically does occur.
Qualia’s accounting and reconciliation software features already provide companies the ability to monitor their escrow accounts and automatically clear charges in real-time. The services provided by the new team of Reconciliation Specialists offer additional peace of mind and reduces risk even further by providing additional expert support to title and escrow companies.
“Workloads have exploded in recent years leaving agents more susceptible to mistakes as well as escrow scams and fraud, underscoring the need for more efficient and secure reconciliation and accounting practices in the title industry,” said Qualia CEO Nate Baker. “Qualia’s Reconciliation Specialists will help minimize potential risks while offering peace of mind that reconciliations are executed properly, timely, consistently and with the highest accuracy.”
Qualia’s Reconciliation Specialists serve as ongoing accounting consultants to those companies seeking additional support to manage and clear a title company’s daily exceptions, help clean up and catch-up their accounts, send out digests with accounting updates, assist with creating and analyzing monthly reports required by underwriters, and be on the alert for any audit red flags.
All reconciliations performed by the Qualia Reconciliation Specialists are conducted on the Qualia SOC 2 and ISO 27001-certified secure platform, ensuring the security of reconciliations performed through Qualia. This minimizes the risk of escrow loss from fraud or theft. The additional assistance of an experienced Reconciliation Specialist also enables title companies to be more efficient in how they handle their accounting and reconciliations to reduce errors.
Qualia is completely redefining how homes are bought and sold by streamlining the home closing experience end-to-end in all 50 states and removing the stress from home buying. Qualia is a one-stop shop for every aspect of a real estate closing, bringing the entire real estate closing team (buyer, seller, title agent, lender, real estate agent) together on to one digital platform to increase understanding, visibility, and efficiency. Qualia was founded in 2015 by Forbes 30 Under 30 Award recipients Nate Baker, Joel Gottsegen, and Lucas Hansen. Since launching, the company has been named as an ALTA Elite Provider and grown to over 100 employees. Qualia is headquartered in San Francisco, CA and has offices in Austin, TX. For more information on Qualia’s title, escrow, and closing platform visit: www.qualia.com.