Escrow account programs face changes in the industry that affect the way banks and title agencies do business. The home buying arena is continually affected by both political and economic title company news. An escrow agent may be doing great business one day and bankrupt the next. Escrow companies must follow the laws and regulations that are so often in flux.

Trends affecting escrow services take various forms. Real estate and mortgage professionals all are affected by news about escrow companies. By getting involved in escrow service trade groups, you can often help shape the news and trends through legislative action committees if you are in touch with the trends the industry is moving toward. Look for escrow and title services news and trends in a variety of places.

1. Register for email alerts and escrow agreement news feeds.

2. Encourage your staff to read publications for escrow services.

3. Join other professionals in escrow and title trade groups.

Action Steps
The best contacts and resources to help you get it done

Get RSS feeds and title company newsletters

Set up a separate an email account to receive news alerts and escrow service newsletters from a variety of sources, including those that consumers are reading, so that you can judge the economic climate in which you are working.

I recommend: Find valuable trend information at Realty Times. EIN News offers the latest in real estate news, including changes that affect the title and escrow industries. Keep up with the mortgage industry via National Mortgage News or MortgageDaily.com and with title insurance news at Insurance Journal.

Make information gathering an important piece of your escrow agent business

Escrow and title services don't always send out their latest news in press releases, so you have to find the news from a variety of sources. Take time at staff meetings to share recent news developments and ask that important title company information be turned over to you immediately.

I recommend: Look for local association chapters, such as the Ventura County Escrow Association, that will bring you relevant national and regional news issues. The Land Title Association of Colorado is another regional group that keeps members up to date with federal regulations that will make a difference to its members and industry professionals.

Participate in associations for escrow companies

Show up at title company association meetings and conferences so that you can build relationships with other professionals who can share important news and trends with you. Register as an affiliate with other peripheral groups such as mortgage lenders and Realtor organizations with whom you do business to hear about rising trends that will affect your business.

I recommend: The American Escrow Association keeps members updated with the latest news that affects their businesses, including regulatory changes. News from the American Land Title Association will provide you with the information you need each day to make informed business decisions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Keep in touch with your board of directors and let them know about escrow service changes that you foresee. By being proactive, your books will always be in compliance with the latest regs put out by the treasury department, especially when there are political administration changes.

Every real estate professional must search for and select escrow services or a title company to work with at some point in their career. Who you choose to work with is not only important for your business reputation but also for your clients as they perhaps undergo the most important financial transaction of their life.

Although the buyer is not obligated to use the escrow and title services you recommend, you may find that many look to you for advice and recommendations. Be careful not to steer them in the wrong direction.

When looking for an escrow officer or title services, consider asking these questions:

1. Ask the potential escrow agent how long they have been in the business. Also ascertain how transactions are handled. Is there an assistant who does most of the work? How does he or she relay the status of files?

2. What about business after hours? If needed, will a representative from the title company stay late?

3. Get rates in writing. Ask about title and escrow fees including delivery and recording charges as well as rates for money transfers.

Action Steps
The best contacts and resources to help you get it done

Work with title companies who are trustworthy

Although a 100% guarantee of eliminating all title risk is not possible, a thorough title search and proper title insurance can thwart most claims against a property. A good title search can mean the difference between a solid transaction and one that unravels.

I recommend: Check out the services offered by Professional Settlement Services, based in Macedonia, OH, and Naples, FL, and then order your title work. A Chicago title company, Premier Title, offers customized services.

Choose escrow companies as a neutral third party for the transaction

Nothing's more important in the real estate business than the actual transaction - the exchange of funds. To help distribute the appropriate money and comply with the lender's requirements, an escrow holder must be acquired.

I recommend: Closing, escrow and title services are all offered by Closeline Settlements with offices in several major US cities. Learn more about the services at Sterling Trust Company and request more information if needed.

Utilize escrow and title software

As a real estate professional, the more knowledgeable you are about all aspects of the transaction the better you can serve your clients. There are many options to continue learning including implementing software to give your clients a better understanding of the closing process.

I recommend: Find out more about SoftPro closing and title production services software. Request a 30-day trial to evaluate how it would fit your needs. Read about the features and options available from the First American SMS Streamline system.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Make sure that buyers are aware that the payment each month from the escrow account can increase or decrease depending on taxes or insurance premiums.

Escrow and title services serve many industries, but most importantly they provide the real estate industry with a vital service. An escrow account allows a smooth transition between buyers and sellers of property with a third party managing the deal. Once the sale has been made, the money will be released from escrow to the seller. Title products may also have a waiting period, much like escrow, though not always.

Working for a title company requires some specialized training. Those that want to work for title and escrow services should seek escrow and title services education and training from a variety of resources. These resources include:

1. Classroom training that provides detailed instructions on how to work with an escrow agreement.

2. Self-guided online training that provides the same information in less time.

3. Seminars that provide the latest industry trends and information.

Action Steps
The best contacts and resources to help you get it done

Participate in classroom training provided by title companies or third parties

Those who want to work with a title and escrow company need to learn a lot of information about real estate loans, insurance and closing procedures. There is no specific prerequisite training for escrow services, but a college degree is helpful.

I recommend: Professional Escrow and Title Services offers online and classroom training for those who want to learn about sale closings, insurance and tax laws related to escrow and property titles. The Business of Escrow provides a handful of classes for escrow professionals that provide certification upon completion of the course.

Take online classes to learn the skills needed to work with escrow companies

Online classes may be a more convenient option for those that want to learn specialized skills to work with escrow and title companies, but may not have the time. You can find many online classes that only take a few days or weeks to complete, many providing certification as well.

I recommend: Escrow Publishing Company provides an online course that teach about escrow services in the state of California, since most states vary in specific laws and procedures. D.W. Moore and Associates provides a comprehensive course for those who are in the pre-licensing stages of becoming and escrow or title officer.

Attend seminars for escrow officer and title agents

Seminars are a great way for those already trained to find continuing education in the title and escrow field. Seminars are also good for those who are still in the pre-licensing stage, because they can help you network with others in your field of expertise.

I recommend: The American Escrow Association holds an annual event where you can network with others in the field and also take part in educational sessions. Statewide Title provides an annual seminar series that focuses on specialized topics, including 1031 tax exchanges and foreclosure issues.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  For those studying to be an escrow agent, there are also other study materials for your licensing exam, including DVDs, CD ROM study guides and textbooks.