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EIC President's Message - December 2023

Friday, December 15, 2023 3:35 PM | Anonymous

President’s Message. – December 2023

Merry Christmas and Happy Holidays to one and all!

Thank you for joining or maintaining your membership in the Escrow Institute of California. I decided in the first couple of years of opening my business that I needed a voice for my very small business. EIC was it.

Looking back over the years, it has been a very valuable investment. Just a few things we have taken up in the last momentous decade:

  • EIC has had a major impact on keeping our licensing fees reasonable. Ask me for details.
  • EIC stepped in when the State Controller wanted to make all escrow companies disgorge back interest on funds that qualified for escheatment when they re-interpreted the rules.
  • Through its work via legislation and the Escrow Law Advisory Committee, a number of harmful “ideas” promoted by our regulators have been pushed back and a number of beneficial ideas have been implemented.
  • Lender Vetting was a cause that we took on and pushed back
  • We talked to the CFPB regarding our concerns with solar systems financing.
  • We talked to the CFPB regarding concerns on how TRID was going to roll out.

As I near retirement age (fingers crossed) and plan to leave my company to my son I feel the obligation to remain active and involved so that I will leave him an environment that he can survive and thrive in.

The 2024 Annual Conference is coming up! We have secured the date – May 17 through May 19th, and the place - the Mission Bay Resort in San Diego. Now our Conference Committee is forming and will be busy planning the EDUCATION series. We are looking for volunteer voices to make it a great event. It may be work but it is also FUN!

What additional VALUE can we bring to our membership? We are considering what you need

and the ways we can bring that to you. If you have ideas or suggestions, contact our

Membership Committee. The more voices the merrier!

As we transition from a crazy hot housing market to a more normal and even cool market, stay abreast of the trends. Follow our Publications, Alerts and Events. Let’s have those important conversations about “WHAT WE ARE DOING vs WHAT WE SHOULD BE DOING”. I plan to escalate those conversations and hope you will all participate. We want to create a standard of good practices; the more we do things the same correct way, the better off we are. Otherwise, we are just shadowboxing.

Having the last word for this year at our Dec. 5 Escrow Advisory Board meeting, the DFPI reminded us that the transfer of our CORPORATE STOCK is restricted, as any transfer requires approval by the DFPI. New stockholders must have the same background checks as we did. In addition, your stock certificates should be held by an Attorney or CPA who is acting as your “escrow holder” for the certificates. Do you know who is holding your certificates? And one more thing: they have alerted us to expect another SPECIAL ASSESSMENT in 2024. Ouch. Be prepared.

Thank you so much for the opportunity to serve as your president once again! It has been my honor and privilege.

Email us at Admin@EscrowInstitute.org if you are able to contribute your ideas and expertise to any of our committees. Educate, Innovate & Collaborate!

Respectfully submitted,

PJ Garcia, EIC 2023 President

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