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
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.
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:
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