Wellpoint Homes Has a Closing Pending with Fran Davis for the Purchase

Wellpoint Homes has a closing pending with Fran Davis for the purchase of a new condominium. Closing is scheduled for December 1. Wellpoint has delivered all the documents for closing with the exception of the lien waivers the title company requires for closing and issuing the title insurance policy. Fran has complied with all of her requirements for closing. On November 22, Wellpoint had still not furnished the lien waivers and the escrow agent for the closing embezzled all of the funds from her pending closings, including Fran's. The escrow agent is believed to be out of the country and the money squirreled away in bank accounts around the world. Who absorbs the loss?

A) Fran because the closing has not yet occurred, and title has not passed
B) Wellpoint because Fran has complied with all of her conditions
C) Fran because she met all the requirements for the closing so her actions were complete
D) Wellpoint because it was late in getting the lien waivers