For how long must individual escrow records be maintained by the title insurance agent?

Title insurance agents are required to maintain individual escrow records for a period of three years. This requirement is in place to ensure that there is a documented history of all transactions involving escrow funds, which is essential for transparency, accountability, and compliance with regulatory standards. Keeping these records allows for audits and investigations to be conducted more efficiently, safeguarding the interests of all parties involved in the transactions. By retaining these records for three years, title insurance agents help protect themselves and their clients by providing verifiable evidence of the handling of funds and transactions. This time frame aligns with many regulations in the industry, which require similar retention periods for financial and transactional records.