College Escrow – Tobie Medina
Our escrow expert is Tobie Medina, owner and manager of College Escrow in Claremont. College Escrow works quietly behind the scenes to oversee, administer, navigate, negotiate, guide, and nudge the escrow process along to a successful conclusion, something it’s done for clients more than 17,000 times to date, without fail or error.
Since its inception in 1992, it has dutifully acted as a neutral and trusted third-party in thousands of real estate transactions, with no two alike, ensuring that neither funds nor title ownership to property will ever transfer from the seller to the buyer until all real estate, loan, title, legal and other contractual obligations and instructions have been faithfully followed and completed.
College Escrow is regulated by the Department of Corporations. This strict state supervision and oversight provides consumers with serious safeguards against financial loss. For example, only with licensed escrow companies are escrow funds deposited in Trust Accounts subject to Department of California audits without notice. In addition, Independent Certified Public Accountants audit and prepare annual financial statements particularly inspecting its compliance with minimum liquidity and other tests required by law.
College Escrow provides other important consumer protections as well. For example, only independent escrow companies have an onsite manager with at least five years experience as an Escrow Officer. Moreover, it’s required that the employees of independent escrow companies be fingerprinted and pass criminal background checks. In addition, an independent escrow service like College Escrow must carry a $5 million Fidelity bond to protect the trust account against theft or embezzlement. This fidelity bond guarantees that, in the event of theft of trust accounts, consumer funds are protected.