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Senior 1031 Exchange Officer

Company: First American
Location: Salt Lake City
Posted on: September 13, 2021

Job Description:

Company Summary

Join a team that puts its People First! As a member of First American's family of companies, National Commercial Services provides single-point service for simple to multi-property/multi-state national commercial real estate transactions. Since 1889, First American (NYSE: FAF) has held an unwavering belief in its people. They are passionate about what they do, and we are equally passionate about fostering an environment where all feel welcome, supported, and empowered to be innovative and reach their full potential. Our inclusive, people-first culture has earned our company numerous accolades, including being named to the Fortune 100 Best Companies to Work For® list for six consecutive years. We have also earned awards as a best place to work for women, diversity and LGBTQ+ employees, and have been included on more than 50 regional best places to work lists. First American will always strive to be a great place to work, for all. For more information, please visit

Job Summary

Manages 1031 Exchange Transactions on behalf of customers.  Works with internal and external customers to initiate, process and close 1031-Exchange Transactions.  Assists Branch Manager in supervising, training and developing Exchange Assistants as well as branch operations.

Essential Functions

  • Open Exchanges: Handle Inquiry calls. Review Purchase Agreement and/or Escrow Instructions. Type/send Exchange Agreement and Opening package.
  • Processing: Process mail/update files using calendar/tickler systems. Monitor time deadlines and closing dates. Prepare Assignments, Amendments, Indemnities, etc. as required.
  • Closing: Review estimated closing statements for approval. Acceptance/Disbursement of funds. Collect fee and interest income as applicable. Oversee collection of outstanding documentation as required. Monitor final disbursement of exchange closing statement and return of excess funds. Monitor final disbursement of 1099s as required.
  • Supervise and Train Exchange Assistant: Delegate assignments. Educate and train assistant. Monitor assistant’s performance. Assist in the Interview process with potential employees along with Branch Manager. Assist Manager in job performance training/coaching sessions with employees
  • Customer Service/Business Development: Trouble Shooting: Phone duties to develop clientele and maintain high level of customer satisfaction for existing clients. Follow up with existing and potential clients for increased business. Direct marketing contact with clients such as lunches, cards, etc. Accountability to all monthly and annual goals. Submit weekly and monthly log reports as required. Assist Manager with Indirect marketing contact via multiple marketing tools.
  • Accounting: Manage all daily pass- through and savings deposits. Opens and Closes savings accounts. Monitors incoming wires and initiates Outgoing wires. Balances pass- through accounting daily and maintains daily accounting folders. Properly maintains daily control ledgers. Collects proper fee and interest income and deposits same as required. Audits exchange file and ensures file is in proper file order. Process accounting mail daily. Follow up on outstanding checks as applicable. Prepares final Exchange Closing Statements. Disburses final exchange credit as applicable. Submits Weekly/Monthly reports as required.
  • Reports: Manages and reviews all Daily Journals and Extract reports as required. Reviews and manages all SMS reports as well as addressing any problems that should arise and working with accounting to correct immediately. Reports and manages revenue reports. All monthly reports and kept in a file system and managed as well as shipped out as deemed appropriate.

Knowledge and Skills/Technology Used

  • Strong customer service orientation
  • Detail orientation
  • Excellent verbal communication
  • Problem solving skills
  • Strong organizational skills

Typical Education

  • High School diploma or equivalent

Typical Range of Experience

  • 4+ years related experience


First American invests in its employees' development and well-being, empowers them to provide superior customer service and encourages them to serve the communities where they live and work. First American is committed to diversity and inclusion. We are an equal opportunity employer.Based on eligibility, First American offers a comprehensive benefits package including medical, dental, vision, 401k, PTO/paid sick leave and other great benefits like an employee stock purchase plan.

Keywords: First American, Salt Lake City , Senior 1031 Exchange Officer, Other , Salt Lake City, Utah

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