Parkfield Escrow is a licensed independent escrow company, meeting all regulatory and licensing requirements. Our state regulator is the Department of Corporations. Independent escrow companies are required to be insured for theft or embezzlement; licensed by the State of California; CPA audited annually; subject to surprise regulatory requirements; adhere to strict manager hiring rules; and undergo employee background investigations by the Department of Justice.

	Licensed Independent Escrow Companies	Real Estate Broker-Owned Escrow Departments	Title Company Escrow Departments
State Regulator	Department of Corporation	Department of Real Estate	Department of Insurance
Bonding Required	Yes	No	No
Manager Escrow Experience Requirement	5 Years E.O. Experience or 4 Years E.O.	No	No
Regulator	Yes Every 12 to 24 months by the D.O.C. (with no prior notice)	No D.R.E. Auditors go out by appointment only	Internal audits at employer's discretion
Annual CPA Audit Required	Yes	No	No
Trust Funds Insured	Yes $5,000,000.00! Escrow Agents Fidelity Corp. (E.A.F.C.) Covers all licensed escrow corpations	Yes D.R.E. Recovery Fund: Maximum $25,000.00 per individual Collectible only after a conviction for fraud	No
Financial Liquidity Requirements	Yes	No	No
Escrow License Required	Yes	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
Department of Justice Criminal Background Check of All Employees, Owners and Stockholders	Yes	Yes	No