Senior 1031 Exchange Officer
Company: First American
Location: Salt Lake City
Posted on: September 13, 2021
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
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.
- Open Exchanges: Handle Inquiry calls. Review Purchase Agreement
and/or Escrow Instructions. Type/send Exchange Agreement and
- 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
- 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
- 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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