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Why Southwest Escrow?

As an impartial third party, Southwest Escrow Corporation provides the highest level of integrity and has the following safeguards in place to protect the interests of all parties involved in the real estate transaction. Below is an overview of some of the major differences between independent escrow companies and other types of business that provide escrow services.


 

Independent
Escrow
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 No Yes Yes
(Escrow Officer is an employee of Broker, who has influence over
the transaction)
(Title Dept. has access/control of escrow money and procedures) (Unless financing is provided by the bank) (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
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 Internal audits at employer’s discretion.
(D.R.E Auditors go out by appointment only)
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)



 

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