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 Venky
Joined: 16 Aug 2007
Posts: 1
1.31 Dollars($)
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 Posted: Thu Aug 16, 2007 8:52 am Post subject: What is an Escrow Officer? |
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| Please give brief introduction of their roles & responsibilities. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Thu Aug 16, 2007 12:44 pm Post subject: |
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| Quote: | | Please give brief introduction of their roles & responsibilities. |
Escrow officer is a person who helps in the closing process. Such officers are normally employed by title company with which the borrower is working.
They are responsible for looking after the whole escrow process. And perform title search, prepare final documents, witness all necessary document signing and ensure the whole transaction completes properly & legally.
Miller |
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Robard Hughes, Jr.
Guest
0.10 Dollars($)
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| Posted: Thu Aug 16, 2007 12:53 pm Post subject: |
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| On the settlement statement the escrow fees is mentioned. This is the escrow officer's charge for handling the closing. |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.40 Dollars($)
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| Posted: Thu Aug 16, 2007 1:23 pm Post subject: |
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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 |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
156.17 Dollars($)
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| Posted: Thu Aug 16, 2007 5:03 pm Post subject: |
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Escrow officer's responsibilities include:
• Prepare legal papers & written escrow agreements
• Execute closing & obtain payments due, disburse funds to appropriate parties.
• Prorate taxes, loan interest, hazard insurance, & prepare escrow settlement documents.
• Order & review necessary surveys and correlate current surveys to property description to ensure accuracy.
• Respond to questions regarding closing documents.
• Assist in preparation, execution, and recording of necessary documents.
_________________
Good is the Enemy of Great. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Thu Aug 16, 2007 8:47 pm Post subject: |
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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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