Debits and Credits with Haas and Dawe 37: EAFC vs. Non-EAFC Escrows: What's Covered and What's Not

In this episode of Debits & Credits, Michael C. Haas, CPA, explains the role of the Escrow Agents' Fidelity Corporation (EAFC) and the difference between EAFC-covered and non-covered escrow transactions. Michael discusses the history behind EAFC coverage, including the Escrow Plus case, and breaks down the types of transactions that qualify for coverage, such as real estate sales, refinances, bulk sales, mobile homes, and trust deed transfers. He also explains why certain transactions, including holding escrows and personal property escrows, are not covered. For California escrow owners, managers, and professionals, understanding EAFC coverage is an important part of managing risk and maintaining regulatory compliance. Subscribe to Debits & Credits for practical accounting, tax, escrow, and compliance guidance from Haas & Dawe, An Accountancy Corporation. #eafc #escrow #EscrowCompany #EscrowCompliance #CaliforniaEscrow #DFPI #EscrowAccounting #TrustAccounting #EscrowProfessionals #cpa #DebitsAndCredits