Escrow Agents
The Division of Consumer Services administers the Escrow Agent Registration Act, Chapter 18.44 RCW. The Division licenses and inspects escrow agents under the Act, investigates complaints and may take enforcement action against those who violate the Act.
Quick Links for Escrow Agents
Featured Information
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February 23 Escrow Webinar Audio Now Available
The audio recording from the February 23 Escrow Webinar is now available on the escrow commission page.
February 23 Escrow Commission Audio and Documents -
Winter 2012 Newsletter
DFI's Division of Consumer Services' Winter 2012 newsletter is now available.
Winter 2012 Newsletter - Model Policies and Procedures for Background Checks
This document is intended to provide some guidance to Escrow Agents in developing policies and procedures to comply with RCW 18.44.311 and WAC 208-680-275. Escrow Agents are not required to adopt the model policy or model procedures, and are free to develop their own policies and procedures as long as they comply with the statute and regulations. The model policy is intended to explain when background checks are required and how they are conducted.
Model Policy for Background Checks (PDF)* - Escrow Agent Quarterly Report
The Escrow Agent Quarterly form has changed and starting this first quarter of 2011, ending on March 31, 2011, all escrow agents will use this form for their quarterly reporting.
Escrow agents must pay close attention to Part C – Escrow Agent Operation Data, which requires reporting of escrow closing, funds receipts and funds disbursements activities. Also, escrow agents must report their gross receipts.
Quarterly Report Forms: Print Only PDF* or Fillable Word** - Contract Collections On Residential Mortgage Loans
Escrow Agents who perform contract collections on residential mortgage loans secured by Washington property must license under the Consumer Loan Act, chapter 31.04 RCW (CLA). If you only perform contract collections on residential mortgage loans, you may need only the CLA license. If you want to conduct that activity in addition to offering escrow services, you will need both licenses. Please review the following information and contact DFI if you have additional questions. Contact Cindy Fazio at 360-902-8800 or Phil Brady at 360-902-8755.
Apply for a Consumer Loan License
Consumer Loan License New Application Checklist (PDF)*
Background: During the 2010 Legislative Session the Legislature amended the Consumer Loan Act, Chapter 31.04 RCW (the CLA), to require licensure of residential mortgage loan servicers. As of July 1, 2010, “no person may engage in the business of . . . servicing residential mortgage loans, without first obtaining and maintaining a [CLA] license.” RCW 31.04.035. "Service or servicing a loan" means on behalf of the lender or investor of a residential mortgage loan: (a) Collecting or receiving payments on existing obligations due and owing to the lender or investor, including payments of principal, interest, escrow amounts, and other amounts due; (b) collecting fees due to the servicer; (c) working with the borrower and the licensed lender or servicer to collect data and make decisions necessary to modify certain terms of those obligations either temporarily or permanently; (d) otherwise finalizing collection through the foreclosure process; or (e) servicing a reverse mortgage loan. RCW 31.04.015(26).
Consumer Loan Act - RCW 31.04
Rules Implementing the Consumer Loan Act - WAC 208-620 - Interim Licensing Guidance for Attorneys
DFI has released licensing guidance for attorneys who may have to license under the amended Escrow act. For example, attorneys principally engaged in providing escrow services (not real estate closings involving legal advice) or attorneys who advertise escrow services (referred to as “holding yourself out”) without also identifying the law practice entity, must be licensed under the act.
View Licensing Guidance (PDF)*
Laws, Rules, & Interpretations
- Escrow Laws (RCW 18.44)
- Escrow Rules (WAC 208-680)
- Escrow Act Interpretive Statements
- Escrow Interpretive Letters
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Escrow Act Policy Statement 02-07 (PDF)*
Necessary documentation under WAC 208-680D-040 when the Escrow Agent provides tracking or reconveyance services or uses a third party service provider for tracking or reconveyance services.
Compliance
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Model Policy and Procedures for Background Checks (PDF)*
This document is intended to provide some guidance to Escrow Agents in developing policies and procedures to comply with RCW 18.44.311 and WAC 208-680-275. The model policy is intended to explain when background checks are required and how they are conducted. -
Applicable Statutes & Regulations You Should Know
Applicable statues and regulations you should know as an Escrow Officer.
Newsletters
- Winter 2012 Division Newsletter
- Fall 2011 Division Newsletter
- Summer 2011 Division Newsletter
- Spring 2011 Division Newsletter
Contact Us
Mailing Address:
Department of Financial Institutions
Consumer Services Division
PO Box 41200
Olympia, WA 98504-1200
Phone Numbers:
Main Telephone Line: (360) 902-8703
Toll Free: (877) RING DFI (746-4334)
TDD: (360) 664-8126
Email: dcs@dfi.wa.gov
Please also see our staff directory.
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
** This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.
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