An escrow agent, also called an escrow officer, works in the loan business, almost always in real estate. Escrow agents are neutral third parties who work with both the buyer and the seller of a piece of property. They're responsible for keeping the payment from the buyer and the lender in an escrow account and distributing that payment as per the terms of the real estate contract.
Escrow Agent Job Education Requirements
A number of different career and education paths may lead to becoming an escrow agent. Some escrow agents have a high school diploma and real estate industry experience. Some escrow and loan companies offer on-the-job training or training programs for job seekers looking to become escrow agents. Realtors may decide to become escrow agents. Other escrow agents have postsecondary education in business or law. Some lawyers act as escrow agents.
A foundation in real estate, business, and law is often necessary for most successful escrow agents. Other desired traits are organization, ethics, and communication skills.
Escrow Agent Job Market
The US Bureau of Labor Statistics includes escrow agents in with title examiners, abstractors, and searchers. The field as a whole is expected to grow 9 percent through 2022, which is just below the average job growth rate for all jobs in the nation. However, the job market for escrow agents depends greatly on the real estate industry, so job seekers looking to become escrow agents should pay close attention to how real estate is doing in their city or state.
Escrow Agent Job Salary Information
Escrow agent salaries vary depending on the real estate market and the value of the properties the escrow agent handles. The median yearly salary for escrow agents in 2015 is $44,788, but can fall below $29,000 for the bottom 10 percent and exceed $62,000 for the top 10 percent.