Resources

Ticor Fraud Insights

Publisher: Fidelity National Financial. Editor: Lisa A.Tyler | National Escrow Administrator

Mike Quinones, Title Officer for Chicago Title Company, was examining the chain of title for a cash out refinance. A mortgage broker opened the order. The new loan amount was $700,000. Usually this mortgage broker’s deals are seamless with…

Cloudy with a Change of Fraud: In 1955, Hale and Wendy Storm purchased a property which was the last time a transfer of title involving this property was part of an insured transaction. That was 64 years ago. Since then, a lot has happened. The chain of…

Dirty Rotten Grandson: Below are the cast of the characters in this story:
Son: Chris P. Bacon (also referred to as “the younger Bacon”)
Father: Oscar M. Bacon…

What is an iBuyer? An iBuyer is a company that uses algorithms and advanced technology to discover homeowners who are in the market to sell their homes. Eighty–seven percent of all home buyers start their search for a new home on the internet…

Not all cases of elder abuse are easily discernible. Many of our elderly customers are very competent and cognizant during the closing; they are aware of the transaction they are consummating and understand the implications of signing the…

An elderly customer, born in 1943, was selling his home and came to Elizabeth Garcia’s office in Kingman, Arizona, to finalize the transaction. Elizabeth had concerns about the seller’s competency, since she had received several phone calls…
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Kelly Kretchmer, with Fidelity National Title in Redding, California, dealt with a situation that quickly spiraled out of control. An elderly mother was selling her property for $150,000. The closing proceeded as normal until the…
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Diana Hoffman, Corporate Escrow Administrator, realizes that every time she purchases a new device — whether it be a robotic vacuum, her Amazon Alexa device or Amazon Ring Video Doorbell — it is always a humbling experience…
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In this issue…

Two separate homebuyers involved in two separate home purchases were scammed out of a combined total of $391,500. Both homebuyers sent wire transfers to what they thought were the trust accounts of the title companies closing their transactions…
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In September 2015, a Tucson, Arizona resident contacted local law enforcement and the FBI to report the theft of their closing funds in the amount of $189,500. The would–be home buyer had wired the closing funds to a bank account…
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Christine Champion, Escrow Officer for Lawyer’s Title in Phoenix, was working on a sale transaction. She scheduled a mobile signing agent to meet with her seller who was located in Pennsylvania. The appointment was set…
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In order to talk cyber, the world has had to create a new vernacular to describe new electronic documents and processes, especially those surrounding a real estate transaction, which has historically been paper intensive. Below are definitions to…
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As everyone in our industry knows, there are many moving parts in order to close a real estate transaction. But most people do not know all the work that is involved when a fraud or forgery is discovered in a transaction. This is a true story…
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One Thursday morning, a bank representative contacted one of our branch offices stating a wire transfer in the amount of $309,243.60 had likely been sent to a fraudster’s account. The relationship manager at the bank indicated…
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A title insurance policy is the end product of a real estate transaction, but many do not realize how much work a closing officer puts into clearing the requirements established by a title officer in order for the title officer to issue the requested…
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Title insurance is an insurance product. It is often misunderstood and deemed of little value, but not for Carol Bee. She was able to qualify for a low–interest loan from the United States Department of Agriculture Rural Housing Community…
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In an incredibly bold move a woman attempted to withdraw $649,696.69 from a real estate exchanger’s bank account. The details of the story are proof that email compromise does occur, since the crime was perpetrated once a hacker learned…
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On July 24, 2019, an exchange company sent a final disbursement of remaining proceeds to a real estate exchanger after they completed the purchase of their final identified property. At the written direction of the exchanger, the funds were…
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Having an insurance regulator and an FBI agent enter your office for any reason can be unnerving, as was the case with a fee attorney in Texas. A fee attorney closes real estate transactions in the name of a title insurance company per a written…
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Anna Ortiz, a payoff clerk for Ticor Title’s payoff processing center in Riverside, California, is the fifth person in her office to prevent an illegal diversion of a wire transfer of consumer loan payoff funds…
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Forgeries, illegal deeds, missing heirs and imposters may adversely affect ownership rights in their property. Survey issues can also cause problems between neighbors. A buyer may have reviewed and approved a survey of their property prior…
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In this issue … The Consumer Financial Protection Bureau (CFPB) has recognized the overwhelming increase in elder abuse statistics. The massive amounts of yearly losses by elders has prompted the CFPB to take actions, such as issuing reports, guidelines…

On July 9, 2019, a mobile signing agent met with an elderly woman who was selling her home in Texas. The escrow officer in Texas made all the arrangements for a mobile signer to meet with the seller because she had moved to Mississippi…

An unscrupulous associate–level real estate broker in Colorado wrote a purchase contract for the sale of his father’s home. The agreed upon sales price was $325,000. The contract, written on June 11, 2019, was an all–cash offer, closing…

In Southern California the majority of real estate transactions are closed by independent escrow companies. The title company insuring the transaction receives lender’s funds to close, pays the existing encumbrances, property taxes and the title…

Title insurance is a valuable product which protects property owners. Here are some of the values…

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