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Fraud Insights Vol. 2 Issue 10

Tips on Preventing Embezzlement
 
By Lisa A. Tyler
National Escrow Administrator
 
In this month's edition of Fraud Insights we address the unpleasant, but timely, topic of embezzlement. As an industry we're now seeing an increase in the number of embezzlements, most likely as a result of the lifestyles escrow settlement officers became accustomed to during six years of an incredibly profitable real estate market. Those lifestyles have become increasingly difficult to maintain with the downturn in the market.
 
The importance of detecting and preventing embezzlement is of the highest priority. Read "Check Signers Carry Large Responsibility" to learn how you can prevent embezzlement in your own office.
 
Sue Moody, an escrow manager at Chicago Title Company's Lynnwood, Wash. office, shares an interesting story of a cat-and-mouse game between a slippery loan officer and herself. Read all about it in "Letter to the Editor." Some of her tactics might come in useful if you should ever encounter a shady deal.
 
With Halloween just around the corner, we finish off this edition with a spooky tale of an employee who continued to notarize documents long after her notary commission had expired. Read the chilling details in "Have You Expired?"
 
Need some extra holiday cash to fund your Christmas gift giving? Sharing a story with Fraud Insights readers could win you $1,000! Our readership has increased tremendously, both inside and outside the Company. Sharing your own story could be instrumental in changing the way our industry views mortgage fraud and what can be done to stop it. Submit your stories today to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or call us with the details at 888.934.3354.
 
Check Signers Carry Large Responsibility In our business we encounter many types of fraud. Sometimes it takes the form of embezzlement or defalcation. What do these terms mean?
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Letter to the Editor A Washington State loan officer tries to outsmart one of the Company's finest escrow managers by directly depositing the buyer's down payment and closing costs into the Company's trust account.
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Have You Expired? With the use of those handy rubber notary stamps, it can be very easy to lose sight of your notary expiration date. The following story was submitted by Danna Jo Rexroad, Arizona Escrow Administrator for Fidelity National Title Group.
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