Monthly escrow account reconciliation records must be maintained for what duration?

Monthly escrow account reconciliation records must be maintained for a duration of five years to comply with regulatory requirements. This retention period allows for sufficient time for audits and reviews, ensuring that all transactions can be verified and any discrepancies can be addressed. Maintaining these records for five years supports accountability and transparency in managing client funds, which is crucial in the real estate and title insurance industries. Furthermore, this duration aligns with the guidelines set by regulatory bodies, as it provides a reasonable framework for tracking financial information while also being manageable for businesses to uphold.