Escrow Officer, Residential (New York)
Job Locations US-New York
More information about this job:
The Escrow Officer is responsible for effectively managing the real estate closing transaction for insuring title insurance. Takes escrow accounts from origination to closing of each loan by determining requirements; assembling, preparing, reviewing, processing, and distributing closing documents; and disbursing funds.
Manage the entire real estate closing process, including compliance with real estate contracts, lender instructions, title requirements, company requirements and other written instructions.
Understand the escrow process to determine what steps need to be taken to transfer the title of property pursuant to the conditions called for in the real estate contract and lender instructions.
Collaborate with Title Plant to secure all documents that may be required for the issuance of title insurance and resolve title issues such as legal descriptions, easements, lot splits, vesting, all tax liens, abstracts of judgments, bankruptcies, boundary disputes, encroachments, list pendants, etc.
Determine escrow requirements by studying and clarifying buyer, seller, and lender instructions.
Order title reports, resolve title defects, and coordinate satisfaction/release of existing liens and encumbrances against property or sellers.
Establish escrow accounts, handle escrow funds, and maintain all appropriate records.
Prepare transaction documents by completing forms and statements and collecting and reviewing documents.
Complete calculations for prorating taxes and interest.
Prepare all closing documents necessary to ensure title insurance is issued at closing by assembling documents, reviewing documents with parties, explaining provisions and procedures, answering questions, checking documents for completeness and accuracy, and obtaining signatures.
Conduct closing with customer, realtor, and loan officer and complete closing by recording and filing documents and preparing and distributing final closing statements and title policies.
Prior to disbursement, confirm all funds are collected, all appropriate documents are checked for accuracy, signatures are collected, and acknowledgements and legal descriptions are correct.
Correct all taxes due, HOA dues, and any delinquencies and/or principal and interest.
Prepare HUD statements in accordance with lender instructions and applicable law. Verify against the HUD statement that all disbursements have been paid correctly
Close escrow account by balancing and disbursing funds. Ensure all payoffs have been collected, mailed, delivered or wired according to instructions. Oversee the issuance of checks, bills and statements, receipts, and any other documents needed to ensure customer satisfaction.
Manage the business obtained from affiliate Company referral partner agents and loan officers and develop new external client relationships.
Provide day-to-day direction to the Escrow Assistant that works with their team, including the assignment of work for the transaction.
Other tasks and responsibilities as assigned.
Communication – Speaks effectively in individual or group situations. Ability to build positive working relationships, interact effectively and proactively with individuals at all levels in the organization. Strong written and verbal communication skills.
Business/Interpersonal Skills – Ability and willingness to make timely decisions exercising sound and accurate business judgment. Strong negotiation skills, exhibit high energy, self-motivation and initiative in timely completion of defined goals and activities, and ability to build quality customer and client relationships.
Problem Solving – Ability to identify and resolve problems in a timely, objective and confidential manner. Analyzes problems and information skillfully; uses logic and good judgment to reach solutions.
Quality management—Ability to demonstrate accuracy, thoroughness and quality.
Planning/Organization – Ability to effectively prioritize and plan work activities, use time efficiently, prioritize tasks, and meet deadlines with high level of detail and accuracy.
Technical Skills – Must have demonstrated advanced level PC skills, including knowledge of Microsoft Excel, Word, and Outlook.
High school diploma or equivalent required.
At least two (2) years of experience in the title industry as a Junior Escrow Officer or an Escrow Officer required.
Must have knowledge of standard terminology commonly used in the land title industry.
Must be knowledgeable in real estate regulations and guidelines, document preparation, and RESPA rules.
Must have demonstrated PC proficiency, including knowledge of Microsoft Excel and Word.
Experience using RamQuest preferred.
Physical Demands/Working Environment:
Critical features of this job are described under the headings above. They may be subject to change at any time due to reasonable accommodation or other reasons.