What does an escrow officer do?
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Escrow officer responsibilities
Here are examples of responsibilities from real escrow officer resumes:
- Manage escrow department for title insurance company.
- Perform closing for a variety of real estate escrows types, including but not limit to REO resale and resale escrows.
- Operate multi-line phone system and perform basic office procedures.
- Prepare closing documents, close escrow, TRID CD, clear title.
- Order conveyance deeds and other pertinent documents from outside vendors.
- Prepare documents to be record with county and return to mortgage company for conveyance.
- Process the following escrows from start to finish: resales, short sales and REO transactions.
- Handle all aspects of coordinating REO sale transactions between asset managers, brokers, lenders, etc.
- Hire as receptionist where duties include multi-line telephone, greeting clients, filing, coordinating accounts payable.
- Order title documents and prepare documents as needed to clear liens, deeds, HOA, and additional issues.
- Input data onto MLS; make changes such as status, price, adding photos, and virtual tours.
- Process real estate loans, title research, prepare documents for closings, various other paralegal duties and legal transactions.
- Ensure all post purchase functions including MERS transfers, transfers of homeowners insurance, flood policies and assignments for recording.
- Experience in opening title orders; order HOA and payoff statements; legal escrow documents for buyer and seller to sign.
- Process, prepare, and review closed loan documents for consumer and commercial loads, conduct loan closings with the borrower.
Escrow officer skills and personality traits
We calculated that 23% of Escrow Officers are proficient in Customer Service, HOA, and Title Insurance. They’re also known for soft skills such as Detail oriented, Interpersonal skills, and Business skills.
We break down the percentage of Escrow Officers that have these skills listed on their resume here:
- Customer Service, 23%
Managed and expertly handled conduct of escrow transactions and provided outstanding customer service resulting in high level of client satisfaction.
- HOA, 6%
Work very close with Freddie Mac's closing coordinators to get prior approvals on delinquent HOA, taxes, and utilities.
- Title Insurance, 6%
Prepared HUD-1 Settlement Statements and generated closing documents using title software Title Insurance Company proprietary software.
- Notary, 5%
Managed office administration duties including Notary Public, accounts payable/receivable, collections, marketing, reception, and procurement.
- Develop Client Relationships, 5%
Manage and develop client relationships to ensure future real estate closing transactions.
- Real Estate Transactions, 5%
Obtained in-depth contact with both customers and other industry professionals to efficiently provide support and information for real estate transactions.
"customer service," "hoa," and "title insurance" are among the most common skills that escrow officers use at work. You can find even more escrow officer responsibilities below, including:
Detail oriented. The most essential soft skill for an escrow officer to carry out their responsibilities is detail oriented. This skill is important for the role because "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Additionally, an escrow officer resume shows how their duties depend on detail oriented: "issue title policies obtain/ verify payoff information/ maintain accurate accounting of funds and transaction details in documented form. "
Interpersonal skills. Another soft skill that's essential for fulfilling escrow officer duties is interpersonal skills. The role rewards competence in this skill because "loan officers must be able to guide customers through the application process and answer their questions." According to an escrow officer resume, here's how escrow officers can utilize interpersonal skills in their job responsibilities: "received recognition for excellence in interpersonal communications, teamwork, customer service, and reliability and flexibility. "
The three companies that hire the most escrow officers are:
- Realogy
39 escrow officers jobs
- First American Financial33 escrow officers jobs
- Fidelity National Financial29 escrow officers jobs
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Compare different escrow officers
Escrow officer vs. Mortgage consultant
A mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
These skill sets are where the common ground ends though. The responsibilities of an escrow officer are more likely to require skills like "hoa," "title insurance," "notary," and "develop client relationships." On the other hand, a job as a mortgage consultant requires skills like "origination," "nmls," "financial services," and "loan products." As you can see, what employees do in each career varies considerably.
Mortgage consultants earn the highest salaries when working in the finance industry, with an average yearly salary of $36,576. On the other hand, escrow officers are paid more in the finance industry with an average salary of $56,019.On average, mortgage consultants reach similar levels of education than escrow officers. Mortgage consultants are 3.7% more likely to earn a Master's Degree and 0.8% less likely to graduate with a Doctoral Degree.Escrow officer vs. Loan consultant
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
In addition to the difference in salary, there are some other key differences worth noting. For example, escrow officer responsibilities are more likely to require skills like "hoa," "title insurance," "notary," and "develop client relationships." Meanwhile, a loan consultant has duties that require skills in areas such as "loan applications," "origination," "financial services," and "inbound calls." These differences highlight just how different the day-to-day in each role looks.
On average, loan consultants earn a lower salary than escrow officers. Some industries support higher salaries in each profession. Interestingly enough, loan consultants earn the most pay in the finance industry with an average salary of $38,289. Whereas escrow officers have higher pay in the finance industry, with an average salary of $56,019.loan consultants earn similar levels of education than escrow officers in general. They're 3.7% more likely to graduate with a Master's Degree and 0.8% less likely to earn a Doctoral Degree.Escrow officer vs. Loan analyst
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from escrow officer resumes include skills like "hoa," "title insurance," "notary," and "develop client relationships," whereas a loan analyst is more likely to list skills in "loan documentation," "real estate," "financial statements," and "excellent interpersonal. "
Loan analysts earn the highest salary when working in the finance industry, where they receive an average salary of $37,567. Comparatively, escrow officers have the highest earning potential in the finance industry, with an average salary of $56,019.When it comes to education, loan analysts tend to earn similar degree levels compared to escrow officers. In fact, they're 5.0% more likely to earn a Master's Degree, and 1.1% more likely to graduate with a Doctoral Degree.Escrow officer vs. Consumer loan underwriter
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Types of escrow officer
Updated January 8, 2025
