Escrow Officers: Employment Info & Requirements

Escrow officers ensure that both buyers and sellers are satisfied with a real estate transaction. Officers hold the transfer of funds, review legal documents and may assist buyers and sellers in obtaining necessary financing. Read further to learn more details about this profession.

Career Definition of an Escrow Officer

The Texas Constitution and Statutes defines escrow officers as a neutral third party who hold the deposits, sums or deeds in real estate transactions before money exchanges hands. Escrow officers act as an intermediary between buyers and sellers of a property. Escrow officers ensure that each party abides by the terms of the agreement. These officers also make sure that all documents are in order and the title is clean before a closing.

Educational Requirements High school diploma or bachelor's degree
Job Skills Good organizational skills, knowledge of commonly used computer programs, able to follow instructions, excellent interpersonal and communication skills, and good initiative
Median Salary (2016)* $45,326
Job Outlook (2014-2024)** 8% (all loan officers)

Source: *Salary.com, **U.S. Bureau of Labor Statistics

Education Required

Most employers require that an escrow officer have at least a high school diploma; however, they may also earn a bachelor's degree in business, finance or a related field. While in school, students should focus on real estate and business courses. Most officers receive on-the-job training and begin their education as assistants before being promoted to an officer. The training may be a combination of formal or company-sponsored training, which teaches them to use underwriting software. Certification is also available to escrow and loan officers.

Skills Required

Escrow officers need to be well organized and able to keep important documents and files in order. Officers should know how to use a computer and software programs. Escrow officers must be dependable and able to follow instructions. Escrow officers must have excellent interpersonal skills and able to communicate with all the parties involved in a transaction. Additionally, they must have initiative to seek out clients and decision-making skills to assess financial information.

Economic and Career Outlook

Jobs for escrow officers are dependent upon the real estate market. The U.S. Bureau of Labor Statistics (BLS) predicted that opportunities for loan officers, which include escrow officers, would increase about 8% between 2014 and 2024, due to the continuing recovery of the real estate market. Salary.com reports that the median salary for escrow officers was $45,326 per year as of 2016.

Alternate Career Options

Similar positions that may appeal to those interested in becoming an escrow officer are:

Financial Analyst

With at least a bachelor's degree in a relevant field, financial analysts then seek employment helping individuals and businesses make decisions about investments. Faster than average job growth of 12% is forecast by the BLS during the 2014-2024 decade. As of May 2015, a median annual wage of $80,310 was noted by the BLS for financial analysts.

Insurance Sales Agent

High school graduates may learn their skills to contact potential customers and sell various types of insurance while on the job, although some improve their job prospects by earning a bachelor's degree; insurance agents must gain licensing in their state of employment. The BLS predicted a good outlook for this career, with 9% growth anticipated from 2014-2024. According to this same source, insurance sales agents earned a $48,200 median wage per year in 2015.

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