Escrow is defined as a neutral third party. In our markets today, you will find many escrow companies that are licensed by the Department of Financial Protection and Innovation (DFPI) but are affiliated or owned by a real estate company. Others are licensed by the Department of Real Estate (DRE) as a division of a real estate company with very little oversight or requirements.
Granite Escrow & Settlement Services is a truly independent escrow company licensed by the Department of Financial Protection and Innovation (DFPI). Because we are not affiliated with any real estate company or lender, we act as an uncompromised neutral third party to all transactions we manage.
In addition, we:
- Submit to a mandatory annual CPA audit
- Elect to undergo our Service Organization Controls (SOC) audit annually
- Undergo the Department of Financial Protection and Innovation (DFPI) audits every other year
- Are members of the Escrow Agents’ Fidelity Corporation which provides fidelity coverage for member trust accounts
- Carry excess bonds and comprehensive cyber insurance
Granite Escrow operates with the most advanced, highly secure cyber security in the industry. Find out more about our Security Protocols here.
| Neutral Third-Party DFPI Licensed Escrow Companies | DRE Licensed Broker-Owned Escrow Departments | |
|---|---|---|
| BONDING REQUIRED |  |  |
| MANAGER REQUIREMENTS | | |
| REGULAR OPERATIONAL PROCEDURE AUDITS | | |
| ANNUAL CPA AUDIT REQUIRED | | |
| TRUST FUNDS INSURED | | |
| FINANCIAL LIQUIDITY REQUIREMENTS | | |
| DEPARTMENT OF JUSTICE INVESTIGATIONS OF ALL EMPLOYEES | | |