Job Role Description

Mortgage and Lending > Escrow Officer

Salary National Average

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43990.0000 49990.0000 59250.0000

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Short Description:

An Escrow Officer is responsible for managing the escrow process in real estate transactions, ensuring that all contractual obligations between buyers, sellers, and lenders are fulfilled. Their duties include preparing escrow instructions, managing the transfer of funds, coordinating the signing of documents, and ensuring all legal and financial requirements are met before closing. Escrow Officers act as neutral third parties to facilitate the smooth transfer of property ownership. Strong organizational skills, attention to detail, and knowledge of real estate laws are essential for success in this role, as they ensure secure and compliant transactions.

Duties / Responsibilities:

  • Prepare lists of all legal instruments applying to a specific piece of land and its buildings.
  • Examine documentation such as mortgages, liens, judgments, easements, plat books, maps, contracts, and agreements to verify factors such as properties' legal descriptions, ownership, or restrictions.
  • Read search requests to ascertain types of title evidence required and obtain descriptions of properties and names of involved parties.
  • Copy or summarize recorded documents that affect property titles, such as mortgages, trust deeds, and contracts.
  • Examine individual titles to determine if restrictions, such as delinquent taxes, will affect titles and limit property use.
  • Prepare reports describing any title encumbrances encountered during searching activities and outlining actions needed to clear titles.
  • Verify accuracy and completeness of land-related documents accepted for registration; prepare rejection notices when documents are not acceptable.
  • Confer with realtors, lending institution personnel, buyers, sellers, contractors, surveyors, and courthouse personnel to exchange title-related information or resolve problems.
  • Enter appropriate data into recordkeeping systems to create new title records or update existing ones.
  • Assign, schedule, evaluate work, and provide necessary technical guidance.

Skills / Requirements / Qualifications

  • Speaking: Talking to others to convey information effectively.
  • Active Listening: Giving full attention to what other people are saying, taking time to understand the points made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
  • Reading Comprehension: Understanding written sentences and paragraphs in work-related documents.
  • Time Management: Managing one's own time and the time of others.
  • Writing: Communicating effectively in writing as appropriate for the audience's needs.
  • Social Perceptiveness: Being aware of others' reactions and understanding why they react as they do.
  • Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Coordination: Adjusting actions concerning others' actions.
  • Monitoring: Monitoring/Assessing the performance of yourself, other individuals, or organizations to make improvements or take corrective action.

Job Zones

  • Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
  • Related Experience: Previous work-related skill, knowledge, or experience is required for these occupations. 
  • Job Training: Employees in these occupations usually need one or two years of on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
  • Job Zone Examples: These occupations usually involve communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include food service managers, electricians, agricultural technicians, legal secretaries, interviewers, and insurance sales agents.
  • Specific Vocational Preparation in years: 1-2 years preparation (6.0 to < 7.0)

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