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Starting an Escrow Company

/Starting an Escrow Company
Starting an Escrow Company 2018-03-06T22:45:18+00:00
Where do I start? Do I open a DBO independent escrow company or an escrow division (broker own)? How much will it cost? What are the DBO escrow license requirements? How long will it take?

RMA has the knowledge, experience, and insight to answer these questions. Rosie Mares, our primary consultant, has over 20 years of experience guiding real estate brokers, escrow officers, and investors with this process.

Don’t try to go through this process alone. RMA Accounting Services, Inc., can guide you through the escrow license application process. In the 20+ years of providing this service we have processed applications for approximately 250 companies.

The RMA CA escrow license process provides the following assistance

  • An initial 1 hour presentation to explain the escrow license application process, the time-line, and the costs of the application.

  • Providing the applicants with the necessary personnel forms to be completed.

  • Completion of the application to be submitted to the California Department of Business Oversight (previously Department of Corporations.)

  • Facilitating with the applications for the required surety and fidelity bonds.

  • Coordinating with the CPA and attorney to comply with the application requirements.

  • Submitting the application and documentation to the Department of Business Oversight 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 and resources for use with the ongoing operations of your newly licensed Escrow Company.

Four Basic Requirements for a DBO Escrow Agent’s License 

  • $50,000 Tangible Net Worth, of which $25,000 must be Net Liquid Assets.
  • A minimum $25,000 Surety Bond.
  • Membership in Escrow Agents Fidelity Corporation’s Fidelity Bond program.
  • A DBO approved Escrow Manager must be employed full-time.

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