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Fraud Insights Vol. 3 Issue 1 PDF Print E-mail
Fraud Insights
Friday, 11 January 2008
Make it a Great 2008!
 
By Lisa A. Tyler
National Escrow Administrator
 
To start the New Year out with a BANG, this edition of Fraud Insights contains stories with two new types of fraud. The first story, entitled "Horrific Escrow Story About a Short Sale," is one of many stories reported to the escrow administrators by employees where the first lender is limiting the amount that can be paid to the second lien holder at closing. The ensuing mess between the parties has left us holding the bag in more than 25 deals of this same nature.
 
The second is a scheme recently perpetrated in Florida that could easily be replicated in other areas of the country. As a direct result of this scheme, the Company could potentially suffer losses in excess of $3.5 million. Read all about it in "The Loan Servicing Scheme."
 
Lastly, you have to read "Heads Up, Sister!" to discover how Maria Trangelo-Molina from Fidelity saved Chicago Title from being duped into insuring a bad transaction.
 
Haven't come up with your New Year's resolutions? Here are a few suggestions:
 
1.       Fight crime and receive a $1,000 reward to pay toward your recent holiday debts.2.       Complete 10 hours worth of settlement training in January 2008 and skate through the rest of the year.3.       Become famous by being featured in a future edition of Fraud Insights.4.       Increase your business (learn how at the Fantastic Escrow Training event).5.       Learn how to use the Internet so you can take the escrow training modules and pre-recorded Webcasts.6.       Lose weight – get up and walk to the shredder.7.       Lose more weight – walk to the client's office to personally deliver a copy of the Fraud Insights Newsletter.8.       Save time – use Payoff Express by visiting https://www.mortgagePHD.net.9.       Feel good about yourself ... give the gift of a free credit report with ExperianSM.10.   Disclose, disclose, disclose!
 
We store all previous editions of Fraud Insights electronically and in hard copy format. If you are looking for a previous edition electronically, you can find it at home.fnf.com under "Internal Publications." If you are looking for a previous edition in hard copy format, contact the escrow administrators at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or by phone at 888.934.3354.
 
articles
Horrific Escrow Story About a Short Sale
What do you do when the first lien holder's statement requires no more than $1,000 to be paid at closing to the second lien holder on a short sale and the real estate brokers offer to pitch in?
The Loan Servicing Scheme
These days, servicing rights are originated, sold and tracked without recorded assignments. This makes it hard to determine the legitimate loan servicer and creates an opportunity for fraud against an uninformed closer.
Heads Up, Sister!
Believe it or not, the entire real estate community does not realize the FNF family of companies is comprised of five powerful brands, however, sometimes their lack of knowledge works to our advantage.
 
Last Updated ( Friday, 11 April 2008 )
 
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