Escrow Industry Update

Escrow Agent Renewal Recap

A note of gratitude to Escrow Agent licensees for their diligence in completing the renewal process. The Department processed renewal requests for 46 of the 51 Escrow Agent licensees by the December 31 deadline. Thank you to licensees for submitting all items needed to complete a renewal request.

Fidelity Insurance

Escrow Agents are required to maintain fidelity coverage that complies with RCW 18.44 at all times. The following items are also published on the Department’s website at Escrow Agents and Officers Frequently Asked Questions:

Where can I get a compliant policy?
The Department will accept policies from insurers that are able to write language that complies with RCW 18.44. The Department cannot recommend any insurer over another, however there are a small number of companies that the Department has been working with to arrive at mutually acceptable language. Those companies are Lloyds, Travelers, and Markel (for an excess coverage policy). The Department will also accept a combination of policies that together achieve compliance with the requirements.

Can a parent company’s fidelity policy be amended to cover the applicant?
No. Fidelity insurance must be in the applicant name only – “umbrella policies” are not acceptable.

How much fidelity coverage am I obligated to maintain?
A fidelity bond providing coverage in the aggregate amount of one million dollars with a deductible no greater than ten thousand dollars covering each corporate officer, partner, escrow officer, and employee of the applicant engaged in escrow transactions. See RCW 18.44.201

Material Change Reporting

Licensees must report material changes such as main and branch office address changes, main and branch office name changes, and changes of ownership or company personnel using the form and process at: https://dfi.wa.gov/sites/default/files/forms/eastatus.pdf

Quarterly Report Reminder

Don’t forget! Only Officers (ex. CEO, COO, President) of an Escrow Agent and Designated Escrow Officers (DEOs) may be appointed to complete the Escrow Agent Quarterly Reporting. Please either have an Officer register or update the company’s personnel by submitting an amendment form prior to updating your EAQR if there have been personnel changes in the licensee.

Escrow Agent Amendment Form

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

Materials from the most recent Escrow Committee Meeting, held in January, is now posted to the Department’s website. Access these materials and documents from previous committee meetings at our Escrow Committee webpage.