SO WHAT THE HECK IS AN ESCROW OFFICER? Basically, an Escrow Officer is an Administrative Assistant in the Real Estate industry whose main purpose is to assist a Senior Escrow Officer with the daily activities and tasks required get the transaction to the closing table. The escrow team (comprised of a Senior Escrow Officer and an Escrow Officer) works with buyers and sellers to ensure that all parts of a real estate transaction are completed prior to closing. Does the person trying to sell the property actually have ownership of it or are there other people who would have to sign off on the sale? Are there any encumbrances that would prevent the property from being sold (think tax liens, outstanding loans, judgments, etc)? Are there any legal or contractual obligations that a buyer would need to know about up front before purchasing the property like having restricted development rights or being part of a Home-Owners Association (HOA)?
The escrow Team guides the process from the initial "taking of the order" to getting it to the end zone where the property has been "cleared to close". While the Senior Escrow Officer is responsible for the entirety of the process, the Escrow Officer is there pretty much every step of the way ensuring that no steps are missed and when the Senior Escrow Officer is out, the Escrow Officer is fully versed in all steps of the transaction and can step in to get done whatever needs to be completed.
WHAT DOES IT TAKE TO BE SUCCESSFUL IN THIS ROLE? Previous experience working as an Escrow Officer or Escrow Assistant would be huge; however, we recognize finding those with the exact skill set necessary can be difficult. We've found that folks who have worked in finance (banking) with roles that centered around real estate lending like Loan Officers or Loan Processors tend to do exceptionally well in this role.
As you can imagine, this is an incredibly detail oriented role. The best candidates are good at being team players but have the capacity to be pro-active and can grab the steering wheel when necessary. Communicating with our customers is absolutely critical and being able to relay information to all stakeholders as to what's necessary to get us to the closing table is essential. We utilize a system called Qualia to help guide our team to ensure that all steps necessary are completed. Unless you've specifically worked in our industry, the chances that you would have ever encountered Qualia are relatively minimal - so you need to be very tech friendly and capable of picking up new software systems relatively easily - no utilizing just typewriters here!
Finally, you need to be able to know how to manage stress and stressful situations. As you can imagine, people don't want to wait around when it comes to selling or purchasing a house. Real Estate Agents, Lenders, Buyers and Sellers can all be very demanding and require a lot of shepherding to get them through to the finish line. If you're not someone who reacts well to stress, this probably is not a good role for you. That having been said, while we do work hard - we have a great time doing it. Almost-virgin margarita Fridays are never out of the question!
JOB SUMMARY Provides clerical support during the escrow process of real estate transactions including, but not limited to: opening title orders; communicating with Lenders, Realtors and Customers to obtain all necessary information for a successful transaction; after closing, obtaining funding authorization, when necessary, from Lenders; review of a file for complete signatures and notarizations; scans documents into our operating system for digital document storage; balances and disburses funds in accordance with instructions; any other tasks as required by your Escrow Officer for a successful real estate transaction.
DUTIES & RESPONSIBILITIES Opens escrows within 24 hours and ensures customers receive copies the same day Assists in processing escrows with a high degree of quality, including funding/balancing, figuring, clearing prelims, and signing clients Orders all necessary documents to close escrows in a timely manner (i.e., demands, loan documents, and insurance) Maintains records of communication with all partners involved in escrows Follows company standards and practices when processing transactions, as well as applicable state laws and guidelines Informs escrow officers of any missing items or problems relevant to closing Deposits any funds required by buyers and sellers of each escrow within 24 hours of receipt Returns all calls, voicemails, and emails in a timely manner Performs other duties as assigned by supervisor Adheres to company policies and guidelines Job Posted by ApplicantPro
