Olympia - Acting on concerns of illegal transfers of consumer funds from a trust account, the Washington Department of Financial Institutions (DFI) issued a temporary cease and desist order against Washington One Stop, Inc., a Redmond escrow company.
Washington One Stop, Inc. is licensed by DFI as an escrow agent at 2501 152nd Ave., NE, in Redmond. Scott Anderson of Bellevue was licensed with DFI as the designated escrow officer in 1999, but his license has expired.
The company was ordered to cease transacting business until otherwise instructed and all deposits into or out of bank accounts were temporarily halted. The Department identified nearly $75,000 that may have been inappropriately transferred from the trust account.
Each escrow company operating in Washington uses a single “pooled” account maintained for the benefit of all of its customers involved in escrow transactions such as purchases, refinances, or collections.
“When shortfalls or irregularities are identified within the account, it affects the balances held for all consumers,” said Mark Thomson, DFI Consumer Services Division Director.
“Any further funds paid out of the account create more shortfalls and deposits into the account are automatically compromised.” In cases such as this, he explained, DFI has no choice but to freeze all activity within the accounts pending further investigation.
DFI is asking consumers with complaints or questions about accounts with Washington One Stop, Inc. to contact the Department at 1-877-RING DFI (1-877-746-4334).