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Independent escrow companies have some distinct advantages over those owned by real estate brokers, banks, and title companies. Those advantages work in your favor. (Back to Home Page)
Independent Escrow Companies |
Real Estate Broker-Owned Escrow Departments |
Title Company Escrow Departments |
Bank Escrow Departments |
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Assumed Impartial as a Third Party |
YES |
No (Escrow Officer is an employee of Broker who has influence over the transaction) |
No |
Yes (Unless financing is provided by the bank) |
Escrow License Required |
YES |
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 |
Bonding Required |
YES |
No |
No |
No |
Manager Escrow Experience Requirements |
5 years E.O. experience or 4 years E.O. + Escrow
Schooling |
No |
No |
No |
Dept. of Justice Investigation of all employees,
including photos and fingerprints |
YES |
No |
No |
No |
Escrow Officer Certification |
Available to any individual who is a member of
the California Escrow Association |
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Financial Liquidity Requirements |
YES |
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 |
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Annual CPA Audit Required |
YES |
No |
No |
No |
State Regulators |
Department of Corporations (DOC) |
Department of Real Estate (DRE) |
Department of Insurance
(DOI)
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Copyright © 2006 Zemrus Escrow Incorporated