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If you have ever bought a new home, you can thank an escrow processor for making the process go more smoothly than it would have if you had to complete all of the paperwork on your own. Escrow processors are a necessary component in the home-buying process. Escrow processors are integral along every step of the way in the purchase of a home.
Escrow processors or officers are defined by Education Portal as third-party intermediaries between someone buying and someone selling a home or another valuable product or commodity. The escrow processor holds funds used to secure the property or product until the completion of the sale. Aside from holding the funds, the escrow processor generally reviews important legal documents related to the purchase such as property liens, mortgage paperwork and paperwork regarding taxes.
Escrow processors need to have a strong clerical background, although no formal training is necessarily required to work in this field. Typically, a high school education is all that is needed, although those who have some college and business training at the community college level can boost their chances for employment by having some basic business skills when they apply for positions. Education Portal points out that many escrow processors receive much of their training while on the job. Many start out as escrow assistants and eventually advance to senior-level positions at a later date. This can take anywhere from one to three years.
According to Education Portal, those working as escrow officers can generally expect to make salaries ranging from around $42,000 to $48,000 per year at the time of publication. Salaries can vary by region and employer. For instance, some job postings on CareerBuilder at the time of publication indicated an average hourly rate of pay from $17 to 20 per year, depending on experience. This indicates a slightly lower salary range of about $34,000 to $40,000 per year.
According to Education Portal, the number of jobs for escrow processors is expected to grow very little through the period from 2008 to 2018. This is largely due to little change in the real estate market, which tends to be cyclical and seasonal in nature. With less home-buying activity, the number of escrow processors will likely grow by only a small amount during this time. However, if real estate conditions change, the job market for escrow processors could change for the better.
- Career Builder: Escrow Officer
- Education Portal: Escrow Officers
- Education Portal: Escrow Officer: Career Overview
- Cornell Law School. "Escrow." Accessed March 15, 2020.
- Los Angeles County Consumer and Business Affairs. "Escrow." Accessed March 15, 2020.
- Consumer Financial Protection Bureau. "What Is an Escrow or Impound Account?" Accessed March 15, 2020.
- The People's Law Library of Maryland. "Rent Escrow: When the Landlord Fails to Make Repairs." Accessed March 15, 2020.
- California Department of Business Oversight. "Online Escrow Fraud Questions and Answers." Accessed March 15, 2020.
- Consumer Financial Protection Bureau. "Mortgages Key Terms." Accessed March 15, 2020.
- FindLaw. "Connecticut Security Deposit Laws." Accessed March 15, 2020.
Jared Lewis is a professor of history, philosophy and the humanities. He has taught various courses in these fields since 2001. A former licensed financial adviser, he now works as a writer and has published numerous articles on education and business. He holds a bachelor's degree in history, a master's degree in theology and has completed doctoral work in American history.