Agency Operations

Fraud Insights Vol. 3 Issue 3 PDF Print E-mail
Spring into Action!
By Lisa A. Tyler
National Escrow Administrator
The March 2008 edition of Fraud Insights is chalk full of tips that make our settlement employees better at detecting counterfeit checks and better at identifying predatory investors. While settlement employees spring into action in a new real estate market, they should use this enlightening information to provide better services to their real estate professionals and to the public.
Certainly settlement employees can utilize the helpful tips contained in "Fraudulent Cashier's Checks Deposited for Closing Funds" as a means of mitigating risk in their next transaction. This article provides the techniques needed to verify a counterfeit cashier's check. A settlement agent's detection of a single counterfeit check could save the Company hundreds of thousands of dollars in losses.
Also in this edition, we provide details surrounding mortgage rescue scams. One type of mortgage rescue scam involves a predatory real estate investor stealing the equity a homeowner has built up in his/her home. Typically, the scammer will tell the victim they want to help save the homeowner from facing foreclosure and ultimately eviction. Our employees have seen these types of scams on the rise. Learn how to detect them and how to protect the Company and the public we serve by reading "Mortgage Rescue Scams Increasing."
If you have learned some new tricks on closing unusual transactions that have come about as a result of the downturn in the real estate market, we would love to hear about them! Share your lessons learned with us by calling us at 888.934.3354 or e-mail them to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .
Fraudulent Cashier's Checks Deposited for Closing Funds
Escrow trust accounts are regularly targeted by fraudsters trying to get to the deposits. This article outlines several scams that have been perpetrated on the Company and how employees can assist in preventing our trust accounts from being victimized.
Mortgage Rescue Scams Increasing
Scammers find vulnerable people through marketing, public records or churches and community organizations. Our offices have seen an increase in criminal scams as homeowners are facing higher mortgage payments and possible foreclosure.
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