| |
Independent
Escrow
Companies |
Real Estate
Broker-Owned
Escrow Dept. |
Title Company
Escrow Dept. |
Savings & Loan Escrow
Departments |
State
Regulator |
Dept. of
Corporations |
Will not license
Escrow Dept. |
Will not license
Escrow Dept. |
Will not license
Escrow Dept. |
Bonding
Required |
YES |
NO |
NO |
NO |
Manager Escrow
Experience Req. |
5 Years E.O.
Experience or
4 years E.O. +
Escrow School |
NO |
NO |
NO |
| Regulator Audits |
YES (Every 12
Months by the
D.O.C. without
prior notice) |
NO
D.R.E. Auditors
go out by appt.
only |
Internal audits
at employer's
discretion. |
Internal audits
at employer's
discretion. |
Annual CPA
Audit Required |
YES |
NO |
NO |
NO |
Trust Funds
Insured |
YES
$5,000,000.00!
Escrow Agents
Fidelity Corp. |
YES
D.R.E.
Recovery Fund:
Max $20,000 |
NO |
NO |
Escrow Officer
Certification |
Available to
any member of
California
Escrow Assoc. |
Available to
any member of
California
Escrow Assoc. |
Available to
any member of
California
Escrow Assoc. |
Available to
any member of
California
Escrow Assoc. |
Financial Liquidity
Requirements |
YES |
NO |
NO |
NO |
Escrow License
Required |
YES |
NO |
NO |
NO |
Assumed Impartial
as a Third Party |
YES |
Escrow Officer
is an employee
of broker, who
has influence |
Title Dept. has
access/control
of escrow
money |
YES
Unless financing
is provided by
the S&L |
