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
- 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.
- Identify, verify, and calculate balances due and update statements and legal documents.
- Oversee paperwork associated with transactions, such as titles, insurance and others.
Common Career Paths for Escrow Officer
Many Escrow Officers advance into a slightly higher-paying Senior Escrow Officer position. Average compensation for Senior Escrow Officers is $56K. Many Escrow Officers advance into roles as Office Managers or Title Closing Agents, but the median salaries are $10K lower and $12K lower, respectively.
Escrow Officer Job Listings
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Popular Employer Salaries for Escrow Officer
Well-known firms with a reputation for hiring numerous Escrow Officers include First American Title Insurance Company, Stewart Title Company, Fidelity National Title Insurance Company, Chicago Title Company, and Old Republic National Title Insurance Company. Escrow Officers seeking a sizable paycheck can earn the most at Land Title, where the average salary comes to $61K. Other employers shelling out big bucks include First American Corporation, First American Title Insurance Company, and Old Republic National Title Insurance Company, where Escrow Officers typically earn around $60K, $60K, or $57K, respectively.
Fidelity National Title Insurance Company offers the lowest pay, with a median salary of just $53K. The pay scale doesn't vary widely, either; compensation ranges from $30K to $99K. Stewart Title Company, Chicago Title Company and Old Republic National Title Insurance Company are three other employers with a reputation for below-average pay, showing salaries around $53K, $55K, and $57K.
Popular Skills for Escrow Officer
Escrow Officers who responded to the survey report just a handful of professional skills. Those who have experience with Notary, Customer Service, and Real Estate can expect to be compensated well for these skills. Those proficient in Customer Service are, more often than not, also skilled in Notary.
Pay by Experience Level for Escrow Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Escrow Officers, extensive experience does not lead to significantly more money. Although individuals who have less than five years' experience earn $40K on average, people with five to 10 years benefit from a notably larger average of $48K. Escrow Officers who work for 10 to 20 years in their occupation tend to earn about $51K. In the end, more experience does seem to mean larger paychecks; seasoned Escrow Officers with more than 20 years of experience earn a predictably higher median salary of $58K.
Pay Difference by Location
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Key Stats for Escrow Officer
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