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Blackmore Escrow | Real Estate Broker-Owned Escrow Departments | Title Company Escrow Departments | Bank Escrow Departments | Savings & Loans Escrow Departments | |
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State Regulator | Department of Business Oversight | Department of Real Estate* | Department of Insurance* | Department of Banking* | Department of Savings & Loans* |
Bonding Required | YES | NO | NO | NO | NO |
Manager Escrow Experience Requirements | YES 5 years E.O. experience or 4 years E.O. plus Escrow School | NONE | NONE | NONE | NONE |
Unannounced Regulator Audits | YES (every 12 months) | NO DRE Auditors go out by appointment ONLY | NO Internatl audits occur at employer’s discretion | ||
Annual CPA Audit Required | YES | NO | NO | NO | NO |
Trust Funds Inusrance | YES $5,000,000 by Escrow Agents Fidelity Corporation | YES DRE Recovery Fund Maximum $20,000 per individual | NO | NO | NO |
Escrow Officer Certification | Available to any individual who is a member of the California Escrow Association | ||||
Net Worth Requirements | YES | NO | NO | NO | NO |
Financial Liquidity Requirements | YES | NO | NO | NO | NO |
Escrow License Required | YES | NO | NO | NO | NO |
Assumed Impartial as a Third Party | YES | NO Escrow Offices is an employee of Broker, who has influence over the transaction | NO Title Officer has access/control of escrow money and proecedures | YES Unless financing is provided by the bank | YES Unless financing is provided by the S & L |
Department of Justice Investigations of all Employees (including photos and fingerprints) | YES | NO | NO | NO | NO |
Not all escrow companies are created equal !
* Denotes the Department of Business Oversight will not licence these escrow departments