Escrow assistants typically work for title companies, escrow companies, and banks that hold property or money as third parties to real estate and other financial transactions. In general, escrow assistants are responsible for providing clerical support during the opening, maintaining, and closing of escrow accounts. They also assist escrow officers by creating and editing correspondence and documents, maintaining files and records, and providing services to clients.
|Education||No formal requirements; associate or bachelor's degrees in business, legal assisting or related fields common|
|Job Skills||Discrete, sensitive of privacy issues, excellent communicator, attentive to customers|
|Median Annual Salary (2020)*||$40,516 for escrow assistants|
|Job Outlook (2019-2029)**||2% for real estate brokers and sales agents|
Sources: *Payscale.com, **U.S. Bureau of Labor Statistics
There are no formal education requirements for becoming an escrow assistant, but many aspiring professionals have associate or bachelor's degrees in business, legal assisting, or other related fields. In addition, escrow assistants usually have prior experience in banking, real estate, or legal services, which can help them become familiar with the escrow process.
Escrow assistants are customer service-oriented and have excellent communication skills. The confidential nature of the files they maintain requires discretion and care for clients' privacy.
Career and Salary Outlook
The demand for escrow assistants is tied closely to both the economic and real estate markets. The U.S. Bureau of Labor Statistics (BLS) expects that the employment outlook for real estate brokers and sales agents will continue to grow at a slower than average pace of 2% from 2019-2029. According to Payscale.com, an escrow assistant earned a median annual wage of $40,516 as of November 2020.
Alternate Career Options
If working as an escrow assistant interests you, you might find the similar career choices of appraisers and loan officers interesting as well.
Appraisers and Assessors of Real Estate
Real estate appraisers and assessors calculate how much existing or new buildings and land are worth prior to becoming insured, mortgaged, sold, or taxed. According to the BLS, all certified appraisers must have a state license, and candidates for licensure will need a bachelor's degree. Employment opportunities for appraisers and assessors across the country are expected to increase at a faster than average rate of 3% between 2019 and 2029. Those employed in 2019 were paid median annual wages of $57,010, as reported by the BLS (www.bls.gov).
Loan officers are responsible for evaluating the accuracy and credit-worthiness of a business or consumer loan application, and they're typically employed by banks, credit unions, financial organizations, or mortgage companies. A bachelor's degree in business, finance, or another relevant field of study is usually required to obtain a position; relevant work experience in banking, customer service, or sales may serve as a substitute. Between 2019 and 2029, the BLS has projected an average increase of 3% nationwide for loan officers, who earned median yearly salaries of $63,270 in 2019 (www.bls.gov).