What is the purpose of the Master Escrow Account Log?

The purpose of the Master Escrow Account Log is to include all escrow bank account numbers used for handling transactions. This log serves as a centralized record for the various accounts associated with escrow services, ensuring that all financial activities involving client funds are accurately documented and easily accessible. By maintaining a detailed account of every escrow bank account, the log assists in managing the funds effectively, facilitates audits, and helps ensure compliance with regulatory requirements.

Other options may touch upon aspects related to escrow accounts but do not directly reflect the primary purpose of the Master Escrow Account Log. For example, tracking property transactions or verifying seller identities involves separate processes and documentation that are not the primary focus of this log. Similarly, auditing interest rates pertains to financial analysis rather than the specific function of maintaining a record of bank account numbers associated with escrow activities.