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Minimize Risk , Maximize Compliance.

Pacific City Escrow has adopted a comprehensive strategy to insure the utmost in protection within today’s regulatory environment. In addition to our adherence to Escrow Law, our voluntary practices are comprised of pillars from ALTA’s Best Practices and Escrow Institute of California’s Model Policies and Procedures. We conduct ongoing employee training to ensure continual observance of State & Federal obligations. Please contact our office for a full policies and procedures collateral package, the following information is an abridgement for presentation purposes:

SETTLEMENT PROCESSES
  • Pricing Procedures
  • Third-Party Signing Professional Procedures
  • Recording Procedures
  • Streamlined & Customized Workflow Tasking within our Escrow Software
INFORMATION & DATA PRIVACY (PROTECTING NPI)
  • Physical Security (Clean Desk) of Non-Public Personal Information Procedures
  • Network Security of Non-Public Personal Information Procedures
  • Disposal & Maintenance of Non-Public Personal Information Procedures
PERSONNEL/EMPLOYMENT
  • All new employees are reported to State of California within ten (10) days of their employment
  • Background checks by Department of Justice, fingerprinted and photos required
  • Prohibition of convicted felons or anyone who has been disbarred from the escrow industry
CONSUMER FEEDBACK & COMPLAINTS
  • Pacific City Escrow maintains a secure consumer feedback management system
INSURANCE & BONDING
  • Pacific City Escrow maintains errors and omissions insurance policy
  • Pacific City Escrow maintains cyber insurance policy
  • Pacific City Escrow is a member of Escrow Agents’ Fidelity Corporation
  • Pacific City Escrow, Inc maintains Surety bonds in California and Oregon
TRUST ACCOUNTING/FUNDS HANDLING PROCEDURES
  • Escrow funds and operating accounts are separately maintained. Escrow Trust Accounts are maintained in Federally Insured Financial Institution
  • Three-Way Reconciliation is performed for Escrow Trust Account
  • Transactions are conducted by authorized employees only
LICENSING
  • Pacific City Escrow, Inc is licensed by the State of California #96DBO-75780
  • Pacific City Escrow, Inc is licensed by the State of Oregon #201224658

The difference between escrow providers

  Independent Escrow
Companies
Real Estate Broker- Owned Escrow Departments Title Company Escrow Departments Bank Escrow Departments Savings & Loan Escrow Departments
State Regulator Dept. of Business Oversight Bureau of Real Estate Dept. of Insurance FDIC FDIC
Bonding Required Yes No No No No
Manager-Escrow Experience Required 5 yr E.O.Experience or 4 yr E.0.+ Escrow School No No No No
Regular Audits Yes (Every 12 mo by the DBO without any prior notice) No-B.R.E. Auditors go by appointment only Internal audits at employer’s direction
Annual CPA Audit Requirements Yes No No No No
Trust Funds Insured Yes, $5,000,000 Escrow Agents Fidelity Corp. (E.A.F.C) Covers all Licensed Escrow Corporations No-B.R.E. Auditors go by appointment only Internal audits at employer’s direction
Escrow Office Certification Available to any individual who is a member of the California Escrow Association
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
DOJ Investigation of all employees, including Photos and Fingerprints Yes No No No No
WARNING! Wire Fraud Advisory Arrow

Wire fraud in real estate is one of the fastest growing cybercrimes in the country. If you have an escrow or closing transaction with us and you NOT receive an email containing Wire Transfer Instructions. DO NOT RESPOND TO ANY EMAIL CLAIMING TO HAVE WIRE INSTRUCTIONS! Instead, call us immediately, using previously known contact information and NOT the information provided in the email, to verify the information prior to sending funds. Note: We will NEVER send you wire instructions via email and the wire instructions will never change during the transaction.

If you believe you have been contacted by or are the victim of an online fraud scheme, we suggest contacting the local FBI Internet Crime Complaint Center (IC3) field office here. Follow the directions found by clicking on the “File a Complaint” button.