Escrow accounts - better through banks or independent services?

Ever had a deal where the indie escrow actually moved things faster than a bank? I’ve seen banks drag their feet over the tiniest compliance hiccup, but then again, I’ve also seen smaller outfits get overwhelmed and drop the ball. How do you weigh speed versus perceived security?

Had a deal last year where the indie escrow folks actually wrapped things up in half the time the bank quoted. I was honestly shocked - thought for sure they’d get bogged down, but they were on top of every email and call. That said, I’ve also had a smaller outfit lose track of paperwork and nearly tank a closing. It’s always a bit of a gamble. I tend to lean toward speed when timelines are tight, but if there’s any whiff of risk or big money involved, I still sleep better with the bank - even if it means more gray hairs.

I totally get where you’re coming from. I’m just starting out and the idea of something getting lost freaks me out, but the bank’s slow pace is maddening. I guess peace of mind wins, even if it’s a little more stressful.

Honestly, I get the whole “peace of mind” thing with banks, but I’ve seen plenty of mistakes and delays on their end too. Sometimes those independent escrow services are actually more responsive - plus, they’re usually insured. Just saying, banks aren’t always the safer bet.

I’ve actually had a client lose a deposit for weeks because the bank’s escrow department “couldn’t locate” the funds - total nightmare. Independent services can be faster, but I always double-check their insurance and licensing. Ever notice how banks just assume you’ll wait?