Escrow Officer License and Training
Escrow officers interact with various people during a real estate transaction. Continue reading to find out more about this career choice, including what education you may need and licensing information.
What Training Is Available?
While some employers only require escrow officers to have a high school diploma, many prefer you to have some experience or training in the escrow field. You can receive this through on-the-job work or by graduating with an associate's or bachelor's degree. Certificate programs may also be acceptable; these are mostly offered through community colleges or continuing education centers. Some schools will offer a program entitled business-escrow, but you are more likely to find escrow information wrapped into a real estate degree.
Escrow and real estate degrees or certificates focus on a mix of business, finance and real estate courses. You may also take courses such as business management, real estate law, real estate principles, economics, escrow procedures, property management and business communications. Some positions also prefer you to be well-versed in computers and public speaking. Classes are generally not offered online.
|Training Program Types||On-the-job training; certificate; associate and bachelor's degrees|
|License Requirements||Varies by state; some formal training and an exam are typical|
|Job Duties||Paperwork preparation, escrow requirement determination, fund checking, property transfer assistance|
|Job Outlook (2016-2026)||11% growth (for loan Officers)*|
|Median Salary (2018)||$63,040 (for loan Officers)*|
Source: *U.S. Bureau of Labor Statistics
How Does Licensing Work?
There are no country-wide requirements for becoming a licensed escrow officer; licensing is dependent upon the state in which you wish practice. You may be required to take a licensing exam. Some states mandate that you have an active real estate agent license. Most states require the completion of an exam and some amount of schooling.
While some states may require you to complete a few specific courses before licensure, others will want a more detailed account of your personal financial records to make sure that you can be trusted with other people's money. In order to determine your state's requirements, contact your state directly for more information.
What Does an Escrow Officer Do?
As an escrow officer, you will work with real estate agents, buyers and mortgage companies to ensure the proper transfer of a property. You will attend and conduct house closings, prepare paperwork, check funding and determine escrow requirements based on information from the seller, buyer and lender. You may find employment opportunities at an escrow or mortgage company.