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Venky · Joined: 16 Aug 2007 Posts: 1 1.31 Dollars($)

Please give brief introduction of their roles & responsibilities.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Guest

On the settlement statement the escrow fees is mentioned. This is the escrow officer's charge for handling the closing.

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Hi,

Escrow officer helps answer closing questions about general provisions of the loan papers and terms such as points, prepaid interest, origination fees, processing & underwriting fees to the borrower. They perform as impartial third party not favoring any one, be it seller, buyer or lender and cannot give legal advice. Any escrow officer needs to be licensed and are regulated by the Department of Financial Institutions. They are required to renew their licenses each year.

At the time of closing escrow officer certifies that all parties have given consent that all conditions have been met. After verifications are submitted, escrow officer permits release of funds to lien holders & transfer of ownership documents are sent to the county recorder's office for legal transfer of interest in property.

You can get more information on this topic from here - http://www.leg.wa.gov/pub/BillInfo/2003-04/Pdf/Bill%20Reports/Senate/5 451-S.SBR.pdf

Niicss · Posted: Thu Aug 16, 2007 5:03 pm Post subject:

Escrow officer's responsibilities include:

• Prepare legal papers & written escrow agreements
• Execute closing & obtain payments due, disburse funds to appropriate parties.
• Prorate taxes, loan interest, hazard insurance, & prepare escrow settlement documents.
• Order & review necessary surveys and correlate current surveys to property description to ensure accuracy.
• Respond to questions regarding closing documents.
• Assist in preparation, execution, and recording of necessary documents.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Venky,

The most crucial duty of an escrow officer is to guard over the escrow property which is involved in a real estate transaction. They record the documents of property ownership at the closing date of the transaction.

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What is an Escrow Officer?