Escrow Licensing

Coordinating the Escrow License Application

Obtaining an Escrow Agents license through California's Department of Corporations (D.O.C.) can be a daunting process. Although there are three basic requirements and the application seems simple enough, there are many details and requirements which are supplemental to the application. All of which must be completed and presented to the D.O.C. in the proper format.

For the uninitiated, the application process can take from 6 months to a year. This amounts to lost revenue and extra stress on your busy schedule. Why take on this aggravation, when R. Mares & Associates, Inc., can guide you through the application process. In over 18 years of providing this service we have processed applications for approximately 275 companies. Between 2001 and 2006, we processed applications for 104 companies. Our applications process takes on average 4 months to complete.

RMA's license application service includes:

• An initial 1 hour presentation to explain the application process, the time-line, and the costs of the application. (The $250 fee for this presentation will be applied to the full fee upon a signed contract.)
• Providing the applicants with the necessary personnel forms to be completed.
• Completion of the application to be submitted to the Department of Corporations, based on the information provided by the Client.
• Completion of the application to be submitted to Escrow Agents Fidelity Corporation, based on the information provided by the Client.
• Providing the required Escrow Holder with the necessary sample forms.
• Assisting the CPA with the preparation of the audited financial statement.
• Facilitating with the application for the required surety bond.
• Submitting the application and documentation to the Department of Corporations in the proper format.
• Monitoring the progress of the application.
• Providing the Client with a complete copy of the application documents.
• Providing the Client with sample forms for use with the ongoing operations of the newly licensed Escrow Company.

The fee for this service is $3,500.00. An initial retainer is required at the signing of the contract. The remainder is due when the license is issued.

Three Basic Requirements for an Escrow Agent's License

1. Financial Requirements:
   • $50,000 Tangible Net Worth, of which $25,000 must be Net Liquid Assets.
2. Bonding Requirements:
   • A minimum $25,000 Surety Bond.
   • Membership in Escrow Agents Fidelity Corporation's Fidelity Bond program.
3. A D.O.C. approved Escrow Manager must be employed full-time.