Earnest Money Deposit Records

We are in need of better tracking of earnest money deposits for pending transactions. In Illinois state law mandates that earnest money be deposited within 1 business day of the effective date of the contract. Within the Master Data Report there is a section that shows the amount of the deposit, deposit date and the date the check was written. This same information would make sense to be included in the Pending Transaction Report. My recommendation is as follows:

1.Within the Skyslope pending transaction data entry page include a new date box to record the "Earnest Money Due Date".

2. This would then become the 4th column that is currently seen in the Master Data Report under the Deposit Section.

3. Add Deposit Information as seen in the Master Data Report to the Pending Transaction Report.

The addition of this information will significantly help my compliance staff with more accurate and timely reporting and notifications to those that are late in submitting funds as well as having tighter documentation regarding dates funds were supposed to be in place if the question should every be called on a file in question.

I am available for questions and conversation at 217-898-5092 or Mailto:[email protected].

Thank you for your consideration,

Bill Craig

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