Escrow Examinations
Examination information, frequently asked questions, and resources for Washington Escrow Agents.
In This Section:
Frequently Asked Questions (FAQs)
Answers to common questions about examinations conducted by DFI.
Escrow Entry Letter & Questionnaire
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Escrow Entry Letter - Prior To Examination (Word)*
The entry letter above is what DFI requires of licensees prior to an examination. - Designated Escrow Officer Questionnaire (Word)*
Common Violations
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Not receipting sufficient funds prior to disbursement
RCW 18.44.400(3) & WAC 208-680E-011 (10)(a) & 14(c) -
Charging fees that are not allowed by the Act
WAC 208-680D-040(3)- Check maintenance fees or other post-closing fees
- Reconveyance fees (under certain conditions)
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Failing to perform all duties expeditiously
WAC 208-680D-050- Old escrow accounts with funds on balance
- Failure to ensure reconveyance is completed in a timely manner
- Failure to clear month-end reconciliation adjustments
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Failing to maintain required records
WAC 208-680D-020(1)(a) & (b) and WAC-208-680E-011 (10)(b)- Failure to maintain wire confirmations
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Failure to maintain imaged copies of the front and endorsement side of the canceled checks
See: WAC-208-680D-020(1)(c) -
Failure to maintain deposit records
See: WAC-208-680D-020(1)(a)
Laws, Rules, & Regulations
Applicable State and Federal Statutes and Regulations:
- RCW 18.44 – Escrow Agent Registration Act
- WAC 208-680A through 2008-680G – Escrow Agent Registration Act Rules
- Admission to Practice Rule 12 – Limited Practice Officer (LPO)
- Escrow Quarterly Reports
- Negotiable Instruments
- Uniform Unclaimed Property Act
- Truth in Lending Act (TILA) - Regulation Z
- Real Estate Settlement Procedures Act (RESPA)
- Gramm-Leach-Bliley Act (GLBA)
Contact Us
Monday - Friday (8am - 5 pm PST)
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Examination And Compliance
Toby Snider Financial Examiner Supervisor 360-725-7847 toby.snider@dfi.wa.gov |
Licensing
Ariana Wood (360) 664-7887 ariana.wood@dfi.wa.gov |
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Consumer Services
(360) 902-8703 1-877 RING DFI (746-4334) Fax: (360) 664-2258 dcs@dfi.wa.gov |
Mailing Address
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For U.S. Postal Service:
Department of Financial Institutions Division of Consumer Services PO Box 41200 Olympia WA 98504-1200 |
For Overnight Delivery:
Department of Financial Institutions Division of Consumer Services 150 Israel Rd SW Tumwater WA 98501 |
* This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.
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