RC_LA_FM_301.1 Bank Reconciliation Concepts

Bank reconciliation is an essential step in confirming the accuracy of financial data among the various parties. A successful reconciliation ensures that the servicer's financial records correspond with the investor's records and the bank's records.

Bank Reconciliation Concepts begins with a look at the role of bank reconciliation in mortgage servicing. It then examines the types of accounts that are reconciled including custodial, clearing, general ledger, escrow advance, and P&I advance accounts. It then explores three reporting methods that affect the reconciling of custodial accounts. Finally, the course reviews the process for reconciling standard accounts and identifies special considerations for reconciling tax and insurance accounts.

This is a single-family/residential course.

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