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#455370 - 11/10/05 04:24 PM Segragation of Duties
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
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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#455371 - 11/11/05 08:41 AM Re: Segragation of Duties
flaire Offline
100 Club
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.
Hello, triple a? I got locked out of my mind...

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