Cornerstone Escrow, Inc. - Comparison Overview

Comparison oVERVIEW

Cornerstone Escrow vs. Other Escrow Providers
	Cornerstone Escrow	Real Estate Broker-Owned Escrow Departments	Title Company Escrow Departments	Bank Escrow Departments	Savings & Loan Escrow Departments
State Regulator	Dept. of Corporations	D.O.C. will not license these escrow operations
State Regulator	Dept. of Corporations	Dept. of Real Estate	Dept. of Insurance	Dept. of Banking	Dept. of S & L's
Bonding Required	YES	NO	NO	NO	NO
Manager Escrow Experience Requirements	5 Years E.O. Experience or 4 Years E.O. + Escrow School	NO	NO	NO	NO
Regulator Audits	YES (Every 12 Months by the D.O.C. without any prior notice)	Internal audits at employer's discretion
Regulator Audits		NO D.R.E. Audits by advance appointment	NO	NO	NO
Annual CPA Audit Required	YES	NO	NO	NO	NO
Fidelity Bond	YES Escrow Agents Fidelity Corp.*	YES D.R.E. Recovery Fund: Max $20,000 per individual	NO	NO	NO
Escrow Officer Certification	Available to any individual who is a member of the California Escrow Association
Net Worth Requirements	YES	NO	NO	NO	NO
Financial Liquidity Requirements	YES	NO	NO	NO	NO
Escrow License Required	YES	NO	NO	NO	NO
Assumed Impartial as a Third Party	YES	Escrow Officer is an employee of broker, who has influence over the transaction	Title Department has access/control of escrow money and procedures	YES Unless financing is provided by the bank	YES Unless financing is provided by the S & L
Dept. of Justice Investigations of ALL Employees, including photos & fingerprints	YES	NO	NO	NO	NO
* "a private corporation and not an agency or other instrumentality of the State of California." (S17346 Financial Code)
THE ABOVE INFORMATION RELATES ONLY TO THE HANDLING OF ESCROWS TRUST FUNDS AND ESCROW PERSONNEL.