An Auditor (there are many reviewing loan files for different agencies, lenders, title companies) is looking to see that the 1) CD funds mirror the disclosure and costs, 2) that the funds on the CD and/or disclosure match the invoices, and 3) that the checks issued match or mirror #1 and #2.
If you're listed separately on the CD or ALTA settlement statement for $200 then an auditor will look for your $200 invoice and a $200 check payable to you. In many cases will look at the title company's cleared check copy to see that the signature/deposit on the back of your check matches both invoice and who the check was payable to; this is one possible way to pick up an employee who is fudging the books or stealing funds.
Not uncommon if you are listed separately and paid by lender or title company check through the closing process, rather than the title or signing company paying you "out of their pocket". |
