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Escrow Update

Licensing Updates

Number of licenses:

License Types	Count as of September 30, 2011	Count as of September 30, 2010
Escrow Companies-Main Office	100	126
Escrow Companies-Branch Office	14	16
Escrow Officers	261	304

Renewals for Escrow Agents

Escrow Agent company renewals are coming up! Keep your eye out for a renewal notice by mid November. However, if for any reason you don’t receive your renewal notice, you are still required to submit your renewal fee by December 31, 2011. Failure to submit the fee and any required accompanying documentation by December 31, 2011 will result in the interruption of your business and a late fee.

Below is a reminder of some of the key items that must be current in order for DFI to complete your renewal.

• The Designated Escrow Officer (DEO) license must be current.
• All required quarterly reports must have been received.
• The E&O, Fidelity, and Surety bond (if applicable) must all be current.
• Company information (address, DEO, ownership) must be current. You must submit amendments and all accompanying paperwork for any company/DEO changes if you have not already.
• In addition, DFI will require the submission of a new trust account form (Certificate of Compliance and Authorization to Examine Trust Accounts) at the time of renewal this year. Please allot a little extra time for you and your bank to correctly complete this form.

Licensing Tip — Termination of Escrow Officer

DFI does not currently have a form to represent the termination of an Escrow Officer (EO) from a company. However, companies are required to notify DFI within three business days of termination of a licensed escrow officer's employment. See RCW 18.44.101 http://apps.leg.wa.gov/rcw/default.aspx?cite=18.44&full=true#18.44.101.

In addition, per WAC 208-680-265 (e), "If the escrow officer was terminated for dishonesty or financial misconduct involving the business, the escrow agent must provide the department with that information." http://apps.leg.wa.gov/wac/default.aspx?cite=208-680&full=true#208-680-265. If you need to report the termination of an escrow officer, submit the following information in writing:

• Name of EO terminated
• Date of termination
• Reason for termination
• Current phone, email, and residence of EO

Examination Updates

None at this time.

Enforcement Updates

See 2011 Enforcement Actions at www.dfi.wa.gov/cs/adminactions_2011.htm