Power Escrow, Inc. is an independent escrow company, licensed by the Department of Business Oversight. This license can only be obtained after the escrow company has met and satisfied all of the licensing requirements set forth by the Escrow Law, which are enforced by the Department of Business Oversight.
The Department of Business Oversight requires Power Escrow Inc., to meet the following requirements and regulations:
- ALL EMPLOYEES IN THE COMPANY MUST PASS BACKGROUND CHECKS AND HAVE FINGERPRINTS ON FILE WITH THE DEPARTMENT OF JUSTICE.
- A REQUIREMENT THAT A MANAGER/ESCROW OFFICER WITH AT LEAST 5 YEARS OF EXPERIENCE BE ON-SITE.
- FINANCIAL STABILITY REQUIREMENTS, INCLUDING A MINIMUM OF TWO AUDITS PER YEAR.
- PROHIBITING EMPLOYMENT OF CONVICTED FELONS OR ANYONE WHO HAS BEEN DISBARRED FROM THE ESCROW INDUSTRY.
- MEMBERSHIP WITH THE ESCROW AGENTS’ FIDELITY CORPORATION, WHICH PROVIDES A $4 MILLION FIDELITY BOND.
Escrow Agents’ Fidelity Corporation (EAFC) is a nonprofit corporation established by the Legislature pursuant to the Escrow Law ( Fin. Code, § 17000 et seq.) to act as the fidelity surety for the trust obligations of licensed escrow agents in California. [1] The purpose of EAFC is to indemnify its member agents against loss of trust obligations as a result of embezzlement, theft, or mysterious disappearance. (See 30 Cal.Jur.3d, Escrows, §§ 57-66, p. 679 et seq.)
Why Choose Power Escrow, Inc.
Independent Escrow vs Non-Independent Escrow
| Power Escrow, Inc. | RE Broker Owned Escrow | Title Co. Escrow | |
|---|---|---|---|
| Regulated by | Dept. of Business Oversight | Dept. of Real Estate | Dept. of Insurance |
| Bonding Required | YES | NO | NO |
| Escrow Experience Required for Manager |
YES (5 Years Minimum) | NO | NO |
| Regulatory Audits | YES | NO | NO |
| Independent Audits | YES (Every Year) | NO | NO |
| Deposit Funds Protections | YES (Covered by Escrow Agents Fidelity Corp. up to $5MIL) | YES (D.R.E Recovery Fund:Maximum $25,000 per individual) | NO |
| Net Worth Requirements | YES | NO | NO |
| Liquidity Requirements | YES | NO | NO |
| Escrow License Required | YES | NO | NO |
| All Employee’s Background Check |
YES (Fingerprint by Dept. of Justice) |
NO | NO |
| True Impartiality as a 3rd Party | YES | Broker has a financial interest in transaction |
Title Co. may have an additional financial interest in transaction |
Connie Snyder, Senior Escrow Officer
Power Escrow, Inc is led by Senior Escrow Officer Connie Snyder.
Connie is a San Diego native and has been part of the escrow community right here in San Diego for over 25 years. She began her career at Safeco Title as a staff member, and soon transferred to the escrow department, spending the next 20 plus years learning the business, and is experienced in Resale, Short Sale, Vacant Land, 1031 Exchanges, Refinance, Commercial and New Communities.
Connie is a member of the North San Diego County Escrow Association, the California Escrow Association and American Escrow Association.
Contact Information:
Connie Snyder
Escrow Manager/ Sr. Escrow Officer
Power Escrow, Inc.
DBO License # 96DBO-36072
Phone: 760-607-5911
Fax: 760-607-5966
CSnyder@PowerEscrowInc.com