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Escrow officers are sometimes also known as loan officers. In this position, they are in charge of finalizing and processing real estate agreements and transactions. Escrow officers are expected to ensure all the legal paperwork is completed and all aspects of the agreement are met and transfer funds once the transaction is final.
When interviewing candidates for an escrow officer, look for candidates who are great decision-makers and pay great attention to detail. Avoid candidates who are not good at communicating and don’t work well under pressure.
Why it’s important
To be a good escrow officer you have to be good at communication. This job requires you to interact with buyers, sellers, and lending institutions on a daily basis. You must listen to your clients’ needs, prepare closing reports and draw up contracts, all of which require you to be eloquent and communicative.
Attention to Detail
When an escrow officer is closing a deal, it is important to look for any flaws in the agreements and make sure your clients are protected and getting a good deal. Every detail is important and nothing should be overlooked, one small mistake and it can cost you a deal.
Sometimes clients won’t know what the best option for them is, it is your responsibility to explain certain deals to them and decide whether the offer is good or bad. At the end of the day, it is in your best interest that everyone is satisfied and your client has the best deal possible. To do this you must be comfortable with making decisions and sometimes even telling your client to back away from a deal if you think it’s not right.
You are in charge of transferring funds once the deals are finalized. Make sure you calculate everything correctly and make no mistakes. This is the final and most important step when closing a deal. Accounting is crucial.
As an escrow officer, you should have in-depth knowledge of all the legal codes, executive orders, and court procedures. This will make your clients feel like they are in good hands and it will help you navigate the deal as best as you can. You will easily identify flaws and know how to solve issues if you have a good understanding of all the legalities.
We are currently looking for someone who has experience as an escrow officer to join our ever-growing team. In this position, you will be required to communicate with sellers, buyers, and lending institutions and examine mortgages and trust deeds. You will also be expected to oversee ownership documents and obtain property drawings from assessors to make sure everything is in order and ready for closing a deal.
To ensure success as an escrow officer, you should demonstrate excellent communication skills, as well as decision-making skills. Someone who is an experienced escrow officer understands the importance of legal codes, and court procedures and has the ability to find flaws quickly in real estate agreements.
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Picking out the right candidates can be difficult. We’ve created a list of sample interview questions for an Escrow Officer that will make this process easier for you. Feel free to check out our ultimate list of interview questions for more recommendations.
Technical Skills and Knowledge
In order to become an escrow officer, all you need are a high school diploma or GED and on-the-job training. You will also need to get a state escrow certificate. If you are interested in advancing to a commercial loan officer you should acquire a bachelor’s degree in finance or a similar area of study.
The salary of an escrow officer varies based on the previous job experience and education as well as the location (state/city) of the office or company they are employed in. Escrow officers often make from $32,152 to $71,066 annually, with a median annual wage of $50,565. The hourly salaries go from $15 to $34, and the median hourly pay is $24.
The national average growth is 5%, unfortunately, According to the Bureau of Labor and Statistics, the job outlook for this position doesn’t seem to have any increase expected. This is why you should try and be as educated and as qualified as possible in order to get a job offer.
There are some possibilities of advancing overtime or moving on to another position. Most of the skills you acquire during your time as an escrow officer can be applied to working at a real estate organization. Perhaps in the position of a secretary, administrative officer, or even a bank clerk.
Most of the skills you will gain will be through on-the-job training, however, you can start off by working as a receptionist or an escrow assistant. As you gain more experience through these positions or an internship, you will transition to an escrow officer.
The two usually work together. An escrow officer is in charge of gathering the data that the title officer researches to determine the authenticity of the title, after which the escrow officer prepares all the necessary paperwork to complete the transaction.