Escrow technicians prepare documents for financial transactions like mortgages. In order to qualify for this position, you must hold at least a high school diploma supplemented by on-the-job training or an associate's degree. Median salaries for escrow technicians were around $36,000 a year.
Escrow technicians play an instrumental role in the real estate industry by helping to prepare the documents required for many third-party financial transactions, such as mortgages. Candidates for this position should a have high school diploma or an associate's degree in real estate studies. One year of experience and certification are other requirements for getting started as an escrow technician.
|Required Education||A high school diploma and on-the-job training or an associate's degree in real estate studies|
|Projected Job Growth (2014-2024)*||0% (for Title Examiners, Abstractors & Searchers)|
|Median Annual Salary (May 2015)**||$36,535 (for Escrow Assistants)**|
Sources: *U.S. Bureau of Labor Statistics; **PayScale.com**
Escrow Technician Job Duties
Escrow technicians aid in the daily operations at an escrow agency. Technicians may help officers prepare the documents needed for contracts or trust agreements. Although they may also perform general office duties such as filing and communications, specific knowledge of the escrow industry may be drawn upon in performing these tasks. The escrow industry involves transactions as carried out by a third-party, the escrow company, to affect the transfer of property or funds between two parties. This process includes both the drawing up of documents outlining the transfer and delivering funds to the appropriate party.
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Escrow Technician Educational Requirements
An escrow technician position typically requires a high school diploma or GED. High school students interested in working in the industry might choose to focus on math and finance classes. For additional education and experience in the field, an associate's degree program in real estate studies may be helpful. Relevant coursework in real estate, business, and law may aid a candidate in obtaining a position in the escrow business. Additionally, some larger companies run in-house training programs, which may help an employee acquire skills while still working and earning wages.
Career Requirements for Escrow Technicians
Certification is typically offered by a state escrow association or council. One year of experience in the escrow business is usually required to take a certification exam. While voluntary, certification may allow one to move up from an escrow assistant position to a Certified Escrow Technician, and demonstrates a professional commitment. The structure for advancing in the escrow field varies slightly from state-to-state, but generally requires a certain number of years of experience in order to move to the next highest position. The escrow technician position is an entry-level job, from which the candidate may acquire the experience and certifications required to proceed in the field.
Escrow Technician Salary Information
According to PayScale.com, the majority of escrow assistants earned between $26,307 and $48,648 as of January 2016; the median salary was $36,535. The U.S. Bureau of Labor Statistics reports that title examiners, lien searchers and abstractors earned median salaries of $44,370 annually in 2015. Candidates with the intricate knowledge specific to escrow transactions are needed in many areas.
As an escrow technician who prepares important documents, you'll need to be organized and have a strong understanding of financial procedures related to real estate. Be sure to carefully review job duties, work environment and salary statistics before deciding if this is the career path for you.