Commercial Escrow Officer

DC - Washington
Valid Through: 3/12/2023

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Job Description: Notes from Call with Hiring Manager on 8/30/2022:


*Submissions cannot exceed the max bill rate listed on the req!!!!

* HM looking to review/interview candidates as soon as possible
*Contract position
*In-Office position (will not go remote or hybrid)
*HM would like to see candidates with Residential or Commercial real estate background and experience with title
insurance, closing, or mortgage. In this role, contractor will be doing commercial transactions.

Under direction of location manager or supervisor, conducts commercial closing services for complex sales and loan transactions, which often involve a number of unusual contingencies to the transaction.

DUTIES AND RESPONSIBILITIES

1. Provides service to consummate commercial transactions involving large or multi-parcel sales and loans; interprets the varied and complex terms and contingencies contained in escrows.
2. Writes escrow instructions consistent with the general requirements of the parties and obtains their approval; orders and supervises preparation of legal papers, instructions, settlement sheets, and agreements.
3. Insures compliance with binder or commitment prior to closing transaction; reconciles discrepancies between instructions and title report with principals by modifying escrow instructions, assisting principals in obtaining releases of liens and other encumbrances, and obtaining copies of legal documents necessary to clear title.
4. Directs preparation, execution, and recording of notes, deeds, deeds of trust, and other authorized documents.
5. Directs computation of interest and the proration of taxes, hazard insurance, loan interest, rents and other prorated items.
6. Assists in maintaining computer in set up work for escrow special projects and prepares computer input sheets.
7. Directs and participates in the preparation of construction loan disbursement cases.
8. Correlates current survey to property description ascertaining its accuracy and completeness.
9. May train, assign, and review work of escrow technician and escrow closer.
10. May travel within area to perform real estate transaction closings at other locations.
11. May contact present and prospective commercial customers to solicit title insurance business, ascertain service needs of the customer, and provide insurance services for the customer; performs public relations functions in accordance with the sales program of the office or area.

1. Processes escrow files by receiving and completing forms for deposit in escrow accounts, transmitting escrow instructions and other documents to lender, preparing additional documents and escrow instructions as requested by the principals, real estate agents, and attorneys, and forwarding necessary documents and information to title officer.
2. Closes escrow files by carrying out routine maintenance tasks such as receipting title insurance and recording fees from title officer and balancing file; drawing escrow closing statements showing debits and credits of parties involved; transmitting checks, closing statements, policies, etc. to the respective parties involved; and maintaining follow-up necessary for completion of transactions and issuance of policy.
3. Opens escrow files and sets up new files with appropriate information, obtaining necessary additional information from parties involved in transaction and preparing and transmitting escrow instructions to parties involved.
4. Proofreads and transmits title policies and other pertinent papers to parties involved.
5. Transmits disbursements of any monies held in escrow for payments of repairs, assessments, taxes, and for other purposes.
6. Assists customers by providing general information on company escrow services, procedures, and status of cases.
7. Performs clerical duties such as filing, answering phone, logging in cases, and typing forms and correspondence.
8. May maintain bookkeeping records on construction disbursement cases, post the appropriate accounts, and forward necessary information to headquarters.
9. May assist with conducting closings, as directed, where meeting with parties to the transaction is involved; may conduct such closings on cases of limited complexity and as directed by the supervisor.

KNOWLEDGE, SKILLS, AND ABILITIES

1. Thorough knowledge of the purpose and use of title insurance and sales and service techniques; legal descriptions, legal documents, escrow procedures, and terminology; and computing interest and prorating taxes.
2. Considerable knowledge of local techniques, procedures, and regulations involved in the escrow closing of real property; of interviewing escrow principals, writing escrow instructions, reviewing preliminary title reports, prorating taxes; and of the principles of mortgage lending and underwriting.
3. Considerable ability to interview escrow principals; to plan and carry out an efficient escrow closing program; and to establish and maintain harmonious and effective relationships with other employees and the public.
4. Analytical ability sufficient to perform assignments guided by general escrow procedures with minimal instructions from superior and to complete escrow cases requiring interpretation of highly involved terms and contingencies. Complexity of assignments requires meeting customer requirements and deadlines or a substantial monetary loss to the company may result.
5. Ability to communicate effectively both orally and in writing, in person and by telephone.


1. Knowledge of the purpose and use of title insurance and of related services and of the purpose and terminology of legal instruments involved in escrow transactions and in the insuring of title to real property.
2. Ability to determine and prepare necessary forms to complete escrow transactions; to type forms accurately; to follow instructions; to make arithmetic computations; and to meet and deal with the public effectively.
3. Analytical ability sufficient to perform varied tasks of limited complexity guided by general company escrow procedures and escrow supervisor instructions.
4. Ability to operate a personal computer and to use common office suite software, such as word processing and spreadsheet applications.
5. Ability to effectively communicate orally and in writing, in person and by telephone.



EDUCATION, EXPERIENCE, AND LICENSING

High school diploma/equivalent with courses in bookkeeping and mathematics with five years of escrow experience, including three years handling large residential or commercial closings, or an equivalent combination of education and experience. Post-high school courses in real estate principles and real estate law desired.
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