First off, you should ask them for a “Frame and focus” chart – this will be a single frame at the full scanned (or debayered) resolution, that shows where exactly the frame edge should be.
A frame/focus chart is very important in a film workflow, but also very useful in a digital workflow, to make sure everyone is on the same page.
THAT SAID:
The 2048×1556 preset in AE is based on a full aperture 35mm film scan. This is not the preset you’d usually be using for just RED material.
If they are shooting RED for the purpose of making a 1.85 final product, then they are most likely shooting at 2048 x 1152. Red’s other 2K format is 2048 x 1024 for a 2.0 aspect ratio. This is more normally used for a 2.2 or 2.39 final format (though I did work on a shot that was largely shot at 2.0 and later they decided to crop for 1.85).
As for 1.85, yes, 2048 x 1107 is 1.85.
Note that for DCI, 1.85 is defined as 1998 x 1080 (or 3996 x 2160 for “4k”)
NOW, you said “So when I rendered a 1080p version of my title (cropping off the top and bottom) and cut it in with their rough cut, my letterboxing didn’t match”
So, did you take your 2048 x 1107 and CROP down, or did you SCALE down to the Avid’s working resolution of 1920 x 1080?
If you CROPPED, and you were using a hard matte, then your resultant aspect ratio will not be what you intended.
On the other hand, scaling is generally not desirable for graphics for the final product (at least the number of times there is a scaling should be minimized), so do be certain that your delivery format is 2048 x 1107 and not 1998 x 1080 or some other variant.
HARD MATTE:
Also, in most cases it is not desirable to put in a hard matte for VFX and titles – instead allow the DI facility to add a matte if desired so that the matte is perfectly consistent throughout. If you deliver with a matte, then you tie the hands of those working down the line and prevent repositions, etc.
That said, find out the actual delivery specification for the DI for the project, and work with that. If you need to deliver a 1920×1080 for the Avid, then *scale* if you want to maintain the same aspect and look/feel (I generally inform the clients that the scaled Avid version is a proxy and not final resolution).
Also, ask if they want a hard matte from you before burning one in – in most cases they won’t as they’ll want to matte it with all the other elements for consistency.