Escrow Officer

Job Description

Job Description

Position Purpose and Objectives

 

The Escrow Officer is responsible for managing and facilitating the closing of real estate transactions. They play a vital role in ensuring that all parties involved comply with legal and regulatory requirements during the transfer of property ownership. The Escrow Officer acts as a neutral third-party intermediary, coordinating the various tasks and documentation necessary to complete the transaction accurately and efficiently.

 

 

Major Duties and Essential Functions

1. Conduct initial reviews of purchase or sale agreements to identify key details and requirements.
2. Prepare and distribute escrow instructions to all relevant parties, including buyers, sellers, lenders, and real estate agents.
3. Collect and verify all necessary documentation, such as title reports, insurance policies, loan documents, and other closing statements.
4. Coordinate with lenders to ensure accurate distribution and receipt of funds required for closing.
5. Prepare closing statements, final settlement statements, and other documents necessary for completing transactions.
6. Schedule and facilitate signings, ensuring all parties have access to necessary documents and are present when required.
7. Collaborate with title officers to ensure a clear title is conveyed and all liens or encumbrances are addressed.
8. Communicate with buyers, sellers, and agents to provide updates on the progress of the transaction and address any concerns or questions.
9. Confirm the recording and filing of all necessary documents with the appropriate government agencies.
10. Maintain accurate records and documentation of all transactions and related communication.
11. Stay updated on relevant laws, regulations, and industry best practices to ensure compliance and provide accurate guidance.
12. Handle any issues or disputes that may arise during the transaction and work towards a resolution.

 

Other duties necessary to achieve the goals of the credit union:

 

 

Positions directly supervised:

 

 

Specific knowledge, skills, and abilities required for this position:

Must have knowledge of and proficiency in Ramquest software. 

 

Education:

 

High school diploma or equivalent; additional education or certification in real estate, escrow, or related field preferred.

 

Experience:

 

• Proven experience as an Escrow Officer or similar role, with a deep understanding of real estate transactions and associated processes.
• Strong knowledge of relevant laws, regulations, and industry practices, including escrow regulations and guidelines.
• Excellent attention to detail and organizational skills, with the ability to effectively manage multiple transactions simultaneously.
• Exceptional communication and interpersonal skills, with the ability to effectively collaborate with various stakeholders.
• Must have knowledge of and proficiency in Ramquest software. 
• Proficient computer skills, including experience with escrow software, document management, and accounting systems.
• Strong analytical and problem-solving abilities, with the ability to identify and address potential issues after they become obstacles.
• Excellent time management skills and the ability to work efficiently under strict deadlines.
• Ethical and professional conduct, maintaining strict confidentiality and integrity in handling sensitive information.
• Any book of business brought over is not required but is a significant consideration.
• Must be able to establish that their prior employment did not include a non-compete requirement.

 

 

 

 

Physical Activities and Requirements of this Position

CATEGORY

DESCRIPTION

Finger Dexterity

Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

Grasping

Using fingers and palm on an object.

Talking

Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly. 

Repetitive Motions

Movements frequently and regularly required using the wrists, hands, and/or fingers.

Average Hearing

Able to hear average or normal conversations and receive ordinary information.

Average Visual Abilities

Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.  

Sedentary Work

Sitting part of the time. Exerts up to 10 lbs. of force occasionally.

 

 

 

Working Conditions of this Position

DESCRIPTION

Few. No hazardous or significantly unpleasant conditions except during construction wearing a hard hat is required.

 

Mental Activities and Requirements of this Position

Reasoning Ability: The ability to use common sense or logic. 

 

CATEGORY

DESCRIPTION

Detailed

Ability to apply common sense understanding to carry out detailed instructions and to deal with problems involving many variables.

Mathematical Ability:

Basic

Ability to perform basic math skills including adding, subtracting, multiplying, and dividing two digit numbers; operations with units such as inch, foot, yard; ounce, pound (or their metric counterparts), and square footage; ability to understand appraisals, compute rent rates and lease expiration times.

Language Ability: The level of ability required to communicate and understand written and oral language. 

Typical

Ability to use passive vocabulary of 5,000-6,000 words; read at a moderate rate; and define unfamiliar words in dictionaries for meaning, spelling, and pronunciation. Ability to write complex sentences, using proper punctuation, and using adjectives and adverbs. Ability to communicate in complex sentences, using normal word order with present and past tenses and good vocabulary. Ability to read, analyze and interpret general business periodicals, professional journals, correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, guests, vendors and the general public.

 

Compliance requirement

The responsibilities contained within this job description remains compliant with Bank Secrecy Act / Anti-Money Laundering, Office of Foreign Assets Control and USA PATRIOT Act as they apply to the duties of the position.

 

Disclaimer

The information in this job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job, which may vary on the department or the assignment. The actual essential duties, responsibilities and qualifications may vary by department, reporting structure and other business needs. No inference should be drawn that a specific job duty, responsibility or qualification is non-essential by its absence from this description.