Escrow Officer Salary
Job Description for Escrow Officer
An escrow officer works primarily with real estate transactions and helps ensure each sale meets legal requirements before releasing buyer funds to the seller. The officer does this by reviewing the contract between buyer and seller, conducting research to ensure that the property title is clear and not under lien from another lender, creating closing documents to be signed by all parties, and setting up the timetable for the final closing. This requires the individual to have a number of skills, including familiarity with computers and real estate software, experience in the real estate industry, and effective interpersonal communication skills to work with buyers and sellers. The position also involves a significant amount of multitasking, so it's important for an escrow officer to be flexible and able to successfully complete several tasks at the same time.Read More...
The required education for an escrow officer is usually limited to a high school diploma or equivalent, though some businesses may prefer that candidates hold a bachelor's degree. The most relevant requirement, however, is experience with real estate transactions, including an understanding of the necessary steps involved to complete a sale. Most employers also look for individuals with excellent time management skills and the ability to juggle projects with multiple parts that must be completed. Escrow officers typically work in an office with other real estate professionals. Depending on the size of the organization, an escrow officer may be part of a larger department or may be the sole employee responsible for handling escrow matters.
Escrow Officer Tasks
- Identify, verify, and calculate balances due and update statements and legal documents.
- Oversee paperwork associated with transactions, such as titles, insurance and others.
- Open and monitor escrow accounts, transferring funds and communicating with involved parties.
- Record and file documents legally, as well as communicating with buyer and seller.
Common Career Paths for Escrow Officer
A lot of Escrow Officers move on to become Senior Escrow Officers, that group gets paid a slightly higher $56K on average. Escrow Officers most frequently become Office Managers and Title Closing Agents even though median compensation is $10K lower and $12K lower, respectively.
Escrow Officer Job Listings
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Popular Employer Salaries for Escrow Officer
Leading companies who hire large numbers of Escrow Officers include First American Title Insurance Company, Stewart Title Company, Chicago Title Company, Fidelity National Title Insurance Company, and Old Republic National Title Insurance Company. Heading up the field in terms of compensation, Land Title offers the most; Escrow Officers earn $61K on average there. Also paying near the top of the field are First American Title Insurance Company at $60K, First American Corporation at $60K, and Old Republic National Title Insurance Company, where Escrow Officers annually earn $57K.
Others at the bottom of the scale for this job include Stewart Title Company at $51K, and Chicago Title Company where $57K is the norm, but it is worth noting that some Escrow Officers there earn up to $97K.
Popular Skills for Escrow Officer
Survey takers who work as Escrow Officers report a focused set of job skills. Those who have experience with Notary, Customer Service, and Real Estate can expect to be compensated well for these skills. Those familiar with Customer Service also tend to know Notary.
Pay by Experience Level for Escrow Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Escrow Officers, experience does not seem to be a major factor in determining pay. Those in the early stages of their career can expect to make around $40K; however, individuals with five to 10 years of experience bring in $47K on average — a distinctly larger sum. On average, Escrow Officers make $51K following one to two decades on the job. Veterans who have acquired more than 20 years report a median income of $58K, which is generally higher than the pay reported by other tenure groups.