WHAT DO ESCROW OFFICERS DO?
Escrow officers, also known as loan officers, determine if people and businesses can qualify for a loan. Loan officers work for banks and financial institutions and look over gathered financial documents, to determine how much people and businesses make, how much they owe and credit rating. They often meet with applicants to ask questions and verify information, explain types of loans and help applicants decide the right loan for them.
Escrow officers often use industry-specific underwriting software to help them determine the size and type of loan an applicant is qualified for. Once determined, escrow officers can approve or deny a loan, or give their information to someone in a management position for a final decision.
HOW MUCH DO ESCROW OFFICERS MAKE?
The Bureau of Labor Statistics (BLS) states that the median annual income for escrow officers was $56,490 in 2010, or $27.16 an hour.
WHAT ARE THE EDUCATION REQUIREMENTS?
Escrow officers can start with a high school diploma and get on-the-job training. However, some types of officers, like commercial loan officers, require a bachelor's degree in finance or similar field.
Mortgage loan officers must get a Mortgage Loan Originator (MLO) license. Certification is also available.
JOB SKILLS AND REQUIREMENTS
- Decision-Making Skills: Escrow officers must determine who is or is not qualified to receive a loan.
- Initiative: Often, escrow officers must find new clients, and may need to persuade people into choosing different loan types.
- Interpersonal Skills: Escrow officers work directly with people and must be friendly and able to explain complex financial data in an understandable way.
THE FUTURE OF ESCROW OFFICERS
Escrow officers will grow at an average rate between 2010 and 2020, according to the BLS.