OpenEscrow.com started as an offshoot of Lawyers Escrow Company, a Texas business transactions company. One of the many roles provided during a business transaction is to hold money – earnest money, escrow holdbacks, earn-out provisions, break-up fees, intake of buyer’s funds and loan proceeds, and disbursement of seller’s proceeds, payoffs, brokers, etc.
OpenEscrow grew organically from our transaction business when we were increasingly contacted to hold money in escrow for other reasons, such as litigation, divorce, asset/purchase transfers, and investment offerings. Our customers since 2010 have included both small and large clients, including attorneys, brokers, private equity firms, individuals, and large government organizations such as the State of Texas, the City of Houston, and the University of Texas school system.
We have responded to the void left as banks and other businesses have pulled out of the escrow business. Our current average intake and disbursement of escrowed funds is over $5 million monthly. Despite our rapid growth, we make it a high priority to keep our fees reasonable, and respond to escrow inquiries within an hour or two. When required, we can provide a customized escrow agreement within 24 – 48 hours.
We take great pride in the safety of your funds. Since we consistently hold large balances in our accounts, we have carefully selected our FDIC insured bank based on their strength. Our bank has earned a 5-Star Superior rating and the added distinction of being recognized as an “Exceptional Performance Bank”, which means they have achieved a 5-Star Rating for more than a decade.
In addition, we have several security measures in place including, but not limited to: escrowed funds are reconciled multiple times a day by our in-house CPA; only a select few employees have banking authority, and all wires are subject to dual controls and multi-factor authentication; and we maintain a seven-figure liability insurance.