XYZ Escrow has been turned down in its application for an escrow license. What could be the reasoning behind the denial of the license to XYZ?A. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $100,000.B. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $25,000, or more, based upon the yearly average trust obligations.C. XYZ Escrow placed funds in a trust account that was exempt from execution or attachment.D. XYZ Escrow could not prove it was financially solvent and furnish bonds of indemnification for all employees of at least $25,000.

Question

02-01-2020
Business

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XYZ Escrow has been turned down in its application for an escrow license. What could be the reasoning behind the denial of the license to XYZ?A. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $100,000.B. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $25,000, or more, based upon the yearly average trust obligations.C. XYZ Escrow placed funds in a trust account that was exempt from execution or attachment.D. XYZ Escrow could not prove it was financially solvent and furnish bonds of indemnification for all employees of at least $25,000.

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Answer:

B) XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $25,000, or more, based upon the yearly average trust obligations.

Explanation:

Escrows duties require them to safe keep funds from third parties involved in sales contracts, therefore escrow companies should be solvent.

Imagine you are a client that needs to deposit $20,000 as earnest money for the purchase of a house. Would you be OK to deposit the money into an escrow company that has $0, or would you prefer to deposit your money with another escrow that is solvent. By requiring escrow companies some minimum level of solvency, that should guarantee that they will not use the money deposited to cover their own expenses.