Empire Workforce Solutions
An escrow officer/manager is a unbiased third party who ensures the mortgage transaction is carried out correctly for both the homebuyer and home seller.. Escrow managers/officers manage the closing documents and money.
Primary Responsibilities Escrow Manager/ Escrow officer:
Highly Desirable is Multi-state experience
- Oversee the receiving and holding of buyer’s funds in a non-interest paying trust account.
- Review and comply with all agreements as detailed in the Purchase Contract and Joint Escrow Instructions as it pertains to the escrow process.
- During escrow: follow mutually signed, written instructions agreed upon by buyer and seller.
- Manage the preparation of Escrow Instructions/General Provisions, Amendments, Grant Deed (for seller’s signature), Estimated Closing Statement and any other documents required to clear title or that are required by the new lender.
- Depending on the client/scenario: Often reports are ordered by the buyer, seller or agents outside of escrow, but there are times when the escrow officer will obtain reports as required by the purchase contract and provide same to the buyer during escrow for their review.
- Ensure that escrow is in receipt of buyer and seller signatures on Purchase Agreement and Joint Escrow Instructions, Escrow Instructions/General Provisions, Grant Deed, any Amendments, Estimated Closing Statements and any other documents required during escrow.
- Receive the loan documents from the buyer’s lender (when applicable) and prepare amendments and estimated closing statements as required by the lender based on lender’s instructions.
- Based on the requirement of the new lender, order the evidence of insurance from the buyer insurance agent.
- Send the signed loan documents and all lender required items to the new lender for funding.
- Submit original recordable documents and any releases required to clear title to the title company for recording at the close of escrow.
- Ensure that escrow is in receipt of all funds necessary to pay the seller their proceeds as well as all invoices agreed upon by buyer and seller during escrow.
- Ensure that the seller has sufficient equity in the property to cover all costs, payoff of liens and any invoices agreed upon by buyer and seller during the escrow.
- Make sure that all of the required paperwork is in escrow to provide the buyer with clear title to the property.
- Ensure that all the conditions agreed upon by the buyer and seller on the purchase agreement and in writing through escrow have been satisfied prior to closing the escrow and transferring the property into the buyer’s name
Escrow Manger/ 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.