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#455370 - 11/10/05 04:24 PM Segragation of Duties
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
Midwest
Can anyone tell me what would be the proper segregation of duties to have in place for the loan payoff process in a mortgage loan department. This process would involve providing the correct payoff amount, posting the payment when received, and preparing the release deed for recording.

Thank you.

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Audit
#455371 - 11/11/05 08:41 AM Re: Segragation of Duties
flaire Offline
100 Club
flaire
Joined: Sep 2005
Posts: 228
sw us
There is no "right way," as far as I know. Tne question is do the people involved know what they are doing? Do they know how to quote a payoff? Do they know escrows? Do they know how to process a payoff? Do they know how to release a mortgage?

Best practices, IMHO, would be that the person processing the payoff not be the one preparing the release of mortgage. Beyond that is totally up to management's option.
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