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|Blackmore Escrow||Real Estate Broker-Owned Escrow Departments||Title Company Escrow Departments||Bank Escrow Departments||Savings & Loans Escrow Departments|
|State Regulator||Department of Business Oversight||Department of Real Estate*||Department of Insurance*||Department of Banking*||Department of Savings & Loans*|
|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