[WSBARP] Escrow, LPO’s and IOLTA

[Randy Cornwall]

Thanks. -Randy

Sent from my mobile device. Please forgive typos and incorrect "auto corrects".

> On Mar 28, 2018, at 8:05 PM, Craig Gourley <craig at glgmail.com> wrote:
> 
> You need to figure out if you are an escrow company regulated under DFI or performing legal services under regulation by the bar. Gets really complex and the tax ramifications at the state level can spank you if get it wrong. Call me next week if you would like to talk it through. 
> 
> 
> 
> Sent from my Verizon, Samsung Galaxy smartphone
> 
> 
> -------- Original message --------
> From: Michael Safren <msafren at gmail.com>
> Date: 3/28/18 4:13 PM (GMT-08:00)
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: Re: [WSBARP] Escrow, LPO’s and IOLTA
> 
> Hello:
> 
> I recommend that you also look at WAC 208-680-410 which specifies and enumerates the trust account/ bank account type that Escrow Companies are required to use for escrow funds.  
> 
> Here's a link - http://apps.leg.wa.gov/wac/default.aspx?cite=208-680-410
> 
> Hope this helps.
> 
> Michael Safren
> Assistant Vice President - Commercial Escrow Closer for Ticor Title
> Web Editor, WSBA RPPT section
> 
>> On Wed, Mar 28, 2018 at 4:01 PM, <nestor at pplsweb.com> wrote:
>> Big problem for the company. All monies must be in pooled IOLTA according to the WSBA and LPO's are subject to the same rules.
>> 
>> APR 12 f (4) and LPORPC 1.12A (h)
>> 
>> 
>> Nestor Gorfinkel, Attorney at Law
>> Licensed in Washington & Florida
>> Florida Civil-Law (International) Notary
>> 
>> ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.
>> 
>>  Please consider the environment before printing this e-mail.
>> 
>> -----Original Message-----
>> From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Randy Cornwall
>> Sent: Wednesday, March 28, 2018 3:17 PM
>> To: wsbarp at lists.wsbarppt.com
>> Subject: [WSBARP] Escrow, LPO’s and IOLTA
>> 
>> Listmates - I have a question about escrow companies and IOLTA accounts.
>> 
>> My understanding was that any escrow company that employed LPO‘s had to establish an IOLTA trust account and that any interest earned be paid to the Legal Foundation of Washington. I just spoke with a local bank that handles the banking for numerous escrow companies, and they told me that only one of them has an IOLTA account. All the rest have “regular” trust accounts that allow interest credits earned to be used to pay for bank fees - and even earn income!
>> 
>> Does anybody have any experience with this or know of a bright line rule for when IOLTA accounts are required or not?
>> 
>> Thanks in advance for your advice.
>> 
>> Randy Cornwall
>> Demco Law Firm
>> 
>> Sent from my mobile device. Please forgive typos and incorrect "auto corrects".
>> 
>> _______________________________________________
>> WSBARP mailing list
>> WSBARP at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbarp
>> 
>> 
>> 
>> _______________________________________________
>> WSBARP mailing list
>> WSBARP at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbarp
> 
> _______________________________________________
> WSBARP mailing list
> WSBARP at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbarp
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20180328/dcfbb6dd/attachment.html>