| |
Independent
Escrow
Companies
|
Real Estate
Broker-Owned
Escrow
Departments |
Title Company
Escrow
Departments |
Bank
Escrow
Departments |
Savings &
Loan Escrow
Departments |
| Assumed
Impartial as a Third Party |
YES |
No
(Escrow Officer is an employee of Broker, who has influence
over the transaction) |
No
(Title Dept. has access/control of escrow money and procedures) |
Yes
(Unless financing is provided by the bank) |
Yes
(Unless financing is provided by the S&L) |
| Escrow
License Required |
Yes |
No |
No |
No |
No |
| Trust
Funds Insured |
Yes
($5,000,000 Escrow Agents Fidelity Corp. (E.A.F.C) covers
all Licensed Escrow Corporations) |
Yes
(D.R.W. Recovery Funds: max $20,000 per individual) |
No |
No |
No |
| Bonding
Required |
Yes |
No |
No |
No |
No |
|
Manager Escrow Experience Requirements
|
5
yrs E.O. Experience or 4 yrs E.O + Escrow Schooling |
No |
No |
No |
No |
| Dept
of Justice Investigation of all employees, including photos
and fingerprints |
Yes |
No |
No |
No |
No |
| Escrow
Officer Certification |
Available
to any individual who is a member of the California Escrow
Association |
| Financial
Liquidity Requirements |
Yes |
No |
No |
No |
No |
| Regulatory
Audits |
Yes
(Every 12-24 Months by the D.O.C. without any prior notice) |
NO
(D.R.E Auditors go out by appointment only) |
Internal
audits at employer's discretion. |
| Annual
CPA Audit Required |
Yes |
No |
No |
No |
No |
| State
Regulators |
Department
of Corporations (DOC) |
Department
of Real Estate (DRE) |
Department
of Insurance (DOI) |
Federal
Deposit Insurance Corporation (FDIC) |