Escrow Industry Update

Licensing Numbers

Escrow Insurance Reminders

An important insurance reminder for Escrow Agent licensees. When you renew your insurance policies, be sure to provide your new certificate of insurance to the Department. Escrow Agents are required to maintain both Fidelity and E&O insurance. Many policies renew at different times throughout the year. It helps greatly if licensees can proactively provide the renewed certificates. For fidelity policies, we may request a copy of the full policy, but receiving the certificate is the first step.

For insurance questions, visit the Escrow Agents and Officers Frequently Asked Questions and look for the section on insurance.

Protecting Against Wire Fraud

In case you missed it, as part of our Q1 Escrow Committee Meeting our IT Financial Examiner Supervisor Yuliya Pine presented on wire transfer fraud. This risk impacts businesses, including escrow licensees.

Here are some non-exclusive steps to protect your business:

• Implement policy to enforce verification of wire transfer details in person or via a phone call using previously known and verified contact number. Email communication alone should never be used to confirm wire instructions.
• Use multi-factor authentication (MFA).
• Use secure communication channels, encrypt your email.
• Educate and train employees.
• Keep your operating system and software up to date on all your devices.
• Implement cybersecurity best practices.

Lastly, talk with your insurance company to understand what your policy covers when it comes to wire transfer fraud. To view Yuliya’s presentation, visit our Escrow Committee webpage and the presentation is under the February 2025 materials.

Escrow Committee Openings

The Department is currently seeking two individuals to fill openings on the Escrow Committee. You must be a licensee under RCW 18.44, the Escrow Agent Registration Act. Members of the escrow committee are appointed by the Department’s Director and meet quarterly via webinar to discuss industry issues.

If you hold a license under RCW 18.44, you are encouraged to consider participating in this important committee.

Escrow Committee Application

Escrow Committee Meeting

The Q1 meeting of the Escrow Committee was held February 25. The meeting included training on Wire Transfer Fraud. The presentation materials and a recording of the meeting can be found on our Escrow Committee webpage.