Generes & Associates, Inc.

08/29/2024

First Trust Accounting has been managing the escrow and reconciliation needs of businesses like yours for years, and in that time, we've seen it all. In our experience, most escrow mistakes aren't due to a lack of expertise—they're often the result of minor, seemingly insignificant oversights that slip through when your team is juggling multiple responsibilities.

For small businesses, where everyone is wearing multiple hats, these tiny errors can easily go unnoticed. But even the smallest typo can have significant consequences.

One of the many advantages of having FTA Prime is our ability to act as an extra set of eyes, catching those easy-to-miss mistakes and, just as importantly, preventing genuine fraud. With FTA Prime, you can navigate the reconciliation process with confidence and ease, every single time.

08/21/2024

August is escrow month at FTA! But then, so is July, October, and every other month... First Trust Accounting, we're here when you need us, all year round.

08/12/2024

This is why you got passionate about title... Not reconciling escrow. Sign up for FTA Prime today, and let us help you get back to doing what you love.

08/08/2024

Is last month's reconciliation done? Have you even started working on that?! Why are you still reading this post? You don't have time for this! Or, wait, maybe we can help you.

With FTA Prime, we can handle your daily and monthly 3-way reconciliation remotely. We'll get you caught up, and help you avoid ever falling behind again. Then maybe you'll have more time to scroll through your social feeds. Get help at the link:
https://www.generes.biz/escrow

07/23/2024

This Day in Generes & Associates History: On this day in 2090, Generes & Associates became Generes & Artificial Intelligence. The machines don't take vacation!

07/17/2024

Need help with your escrow accounts, but dreading the new hire training process? We get it—it's time-consuming and stressful. That's where FTA Prime comes in. Our team handles your monthly and daily reconciliations remotely, freeing you up to focus on what really matters. No more extensive training periods, no more stressing over bank statements and reports—just accurate, reliable service. Reach out to us today and see how we can simplify your workload and give you back your summer with FTA Prime.

07/03/2024

The 4th of July is almost here!

You can picture it now: You’re perfecting that char on your burgers when suddenly your phone buzzes with an email notification. You're being audited. Sounds stressful, right?

With FTAPrime, you can declare your independence from worry! We'll handle your escrow and reconciliation needs so you can enjoy the backyard BBQ, stress-free.

06/24/2024

Sometimes, managing your summer calendar can be a nightmare. Between several summer holidays, employee vacations, and summer camp logistics, you might start to wonder when these closing's will get taken care. Don't let Greg's "Big Adventure" (he is staying with his mother-in-law in Alabama for the week) get in the way of a productive summer! Instead, pencil in a phone call with Generes & Associates to talk about Closer's Relief.

06/20/2024

When it comes to title fraud, there is no substitute for experience and diligence.

ALTA recently put out a new study examining 127,000 title insurance claims issued between 2013 and 2022. The analysis, performed by Miliman, provides a critical insight: fraud and forgery account for 21% of all claim expenses and losses, with the average claim costing over $143,000.

As industry veterans, we've encountered our fair share of fraud over the years. The common culprit? Someone taking their eye off the ball. This aligns with the study's findings and underscores the critical role of settlement and title agents in preventing fraud, and avoiding claims.

It's not a great surprise to us that these numbers are so high. Our experiences with fraud over the years shape the services we offer, ensuring we can be most helpful to our customers.

This principal certainly applies to one of our leading services: First Trust Accounting. Like many of our services, it is designed to help title and settlement professionals operate smoothly and with confidence. Put simply: more eyes on the ball, less chance for fraud.

Read the full study from ALTA at the link. If these numbers have you feeling uneasy, give us a call and ask us about FTAPrime.

Fraud and forgery claims represent 21% of the total dollars spent by title insurers on claims expense and losses, with an average claim cost of over $143,000, according to a new independent analysis conducted by global consulting and actuarial firm Milliman. The analysis also found nearly 30% of tit...

06/13/2024

We've FINALLY found something we're bad at!

The good news is, we don't think axe throwing is necessary for our day-to-day operations. Happy International Axe Throwing Day! Hope you and your team are staying on target for 2024.

06/11/2024

Your Trial Balance is trying to tell you something...

We've just posted a blog on understanding your trial balance. The topic is worth a deep-dive, but here's a summary for those of you who happen to be on your afternoon lunch scroll:

Your trial balance is the third component of the three-way reconciliation process for an escrow trust account. It's vital for ensuring account accuracy. Funds deposited for a closing should result in a zero balance for each file, but various factors can cause imbalances (more on that in the blog).

You should review your trial balance monthly and address discrepancies by disbursing or depositing funds to cover shortages. Daily reconciliations can alert you to charges that clear the account, reminding you to make necessary deposits.

Aaaand here is the plug: When you choose FTAPrime, we'll perform your daily and monthly 3-way reconciliation remotely, saving you time and money. More at the link.

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.

06/07/2024

This Day in Generes & Associates History: On this day in 2090, G&AI began reconciling your escrow accounts telepathically, after social media comments suggested every-day reconciliations were somehow too slow. Long live the robot overlords!