True Story: Escrow Team Prevents Diverted Payoff Wires

diverted payoff wires

diverted payoff wires

On February 12, 2018, Larissa C., an escrow assistant for Ticor Title of Nevada in Las Vegas, opened an escrow transaction for the sale of a residential property for $240,000. Once the title report was received, Larissa ordered a payoff statement from the existing lienholder. The payoff was sent via e–fax and she placed it in the file awaiting closing.

On March 7, 2018, Larissa worked up the file and sent the estimated closing statement to the Listing Agent.

The Listing Agent then provided Larissa with an “updated” payoff statement by email with a number of demands for Larissa to confirm: that she received the new payoff statement and she would use that one in making the payoff.

It is not normal that an agent would order an updated payoff statement to be delivered to the settlement agent. Larissa was suspicious about the email exchange, so she forwarded the email chain to her escrow officer, Stacey G., to review.

Stacey and Larissa knew something was wrong. They compared the two payoff statements closely. These were the wire instructions contained in the body of each payoff statement:

ORIGINAL Payoff Statement: ALTERED Payoff Statement
WIRING INSTRUCTIONS
Account #: XXXXXXX279
ABA/Routing Number: XXXXXXXXX
Bank Name: Wells Fargo Bank, N.A.
Bank Address: 420 Montgomery Street
San Francisco, CA 94104

(the instructions included overnight delivery instructions for a cashier’s check)

WIRING INSTRUCTIONS
Account #: XXXXXXX086
ABA/Routing Number: XXXXXXXXX
Wire Reference: USA/Birt/payoff
Beneficiary: Brit Equipment/payoff
Bank Name: Wells Fargo Bank, N.A.
Bank Address: 1445 Ross Ave. Suite 100
Dallas, TX 75202

(the overnight delivery instructions were removed altogether)

Together they called the payoff lender and confirmed their suspicion: the second payoff was from a fraudster! They detected the scam. They immediately contacted the Listing Agent by telephone, using a known, trusted telephone number. They reported someone was posing as him in the transaction and sending emails from an account that looked like his.

They immediately contacted the Listing Agent by telephone, using a known, trusted telephone number.

Ultimately, they wired the funds to the correct account of the payoff lender and saved the Company from a possible loss of $153,300.37! As a result of their actions, the Company has rewarded Stacey and Larissa for their expertise in discovering the fraud and preventing it from occurring.

Announcing the Promotion of Melissa Stewart

Melissa Stewart Promoted to Escrow Closer

We are pleased to announce the promotion of Melissa Stewart to the position of Escrow Closer. Melissa has been with Ticor Title in Spokane for over two years and has shown exemplary customer service and care with our clients and partners. We are excited to see her career consistently progress.

Contact

Melissa Stewart
Escrow Closer
melissa.stewart@ticortitle.com

t: 509-742-5304
f: 855-885-2346

16201 E Indiana Ave
Suite 3300
Spokane Valley, WA 99216

Email Melissa to Open an Order Today!

About Melissa

Melissa has been in the Title & Escrow industry for over ten years and is known for her attention to detail and structured approach to working with clients and transactions. She prides herself on her ability to cultivate positive relationships and takes a team approach to achieving goals.

Melissa loves to travel and experience the adventure of new sights, cultures, and food. On the weekends, you might find her spending quality time with family, reading a good book, or playing tennis with her hubby. A Spokane resident of 27 years, Melissa attended middle school and high school there before earning a degree in Elementary Education from Eastern Washington University.

For Sale By Owner or Real Estate Professional?

fsbo vs real estate professional

Which option is right for you?

There are many important factors to consider when selling your home. Preparing the home, setting the price, marketing & advertising, qualifying buyers, negotiating, setting appointments and navigating the closing process are all part of a successful real estate transaction.

Preparing and staging the home

A Real Estate Professional can make recommendations based on current trends and best practices, resulting in the most favorable presentation of the interior and exterior of the home.

Are you equipped to set the correct price for the home?

Market conditions, seasonal trends, property condition, size, and location are a few of the many factors that must be considered when pricing the home competitively. A real estate professional is skilled at gathering data and formulating the optimal price approach with regard to the home and dynamic real estate market

Are you prepared with an optimal advertising strategy and budget?

Real Estate professionals are trained to strategically expose the home to potential buyers by managing print, web, email, and direct mail campaigns for the sellers they represent. In addition, they have the advantage of leveraging a network of other real estate professionals to find a buyer match.

Are you prepared to qualify potential buyers?

A Real Estate Professional is trained to ask clarifying questions that ethically identify qualified buyers vs. indecisive, demanding, disloyal, or financially irresponsible clients. Valuable time may be saved by determining if a buyer is financially able to purchase the home and assessing the true level of interest.

Do you have the ability to negotiate the sale?

Crafting an agreement to everyone’s satisfaction requires skill, preparation, data, confidence, and a level head. Real estate professionals are trained to handle a myriad of buyer negotiating tactics and are free of emotional ties to the property itself. This provides a more objective position from which they can manage negotiations on price, terms, and amenities.

Are you available for calls and Appointments with potential buyers?

A real estate professional will receive the majority of buyer calls, internet leads, and email queries from potential buyers and subsequently qualify and categorize each opportunity.

Are you familiar with the closing process?

A real estate professional is trained to be familiar with closing timelines, parties involved, expectations, regulations, and requirements throughout the closing process. If you are considering selling your home on your own, please carefully assess what’s required to successfully do so.

Title Insurance FAQs for Home Buyers

Title-Insurance-FAQ-top
Did you know that title insurance is the most effective, most accepted and least expensive way to protect property ownership rights? Because most consumers purchase title insurance only a handful of times in a lifetime, questions do arise when the time comes to purchase a property.

What is Title?

Title is your ownership right to your property.

What is Title Insurance?

Title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy.

OWNER’S POLICY

An owner’s policy protects your property rights for as long as you or your heirs own the home.

LENDER’S POLICY

A lender’s policy is usually required by the lender and protects only the lender’s financial interests. The buyer typically pays for this policy, but this varies depending on geography. For more information, please contact your Ticor Title Representative.

Why Should I Purchase Owners Title Insurance?

Owner’s title insurance is the best way to protect your property from future legal claims. It’s a one-time fee that covers you and your heirs for as long as you own your home. The owner’s policy also covers potential legal fees for settling claims against your property rights.

What Does Owner’s Title Insurance Cost?

The one-time payment for owner’s title insurance is low relative to the value of your home. The typical owner’s title insurance policy costs around 0.5% of the home’s purchase price.

How Long Am I Covered?

Your owner’s insurance policy lasts for as long as you or your heirs own your property. Your life will change over time, but your peace of mind never will.

Where Can I Get More Information?

Ticor Title helps educate homebuyers like you about the value of title insurance so you can protect your property rights. Contact a Ticor Title representative today to learn more about title insurance and the home closing process.

True Story: Escrow Closer Thwarts Last-Minute Wire Fraud Scheme

Last-Minute-Wire-Fraud-Thwarted

Leanne S., AVP Branch Manager of one of our sister offices, had a closing at 10:00 a.m. The buyer was obtaining a new loan to purchase the home. The buyer had not yet wired in the closing funds so she could not disburse the proceeds to the sellers.

Leanne made arrangements with the sellers at the closing to pick up the proceeds check later that day. The sellers indicated they were going to use the funds to pay off the home equity loan on their primary residence with Navy Federal Credit Union®.

A Last-Minute Change Requested via Email

Within 10 minutes after the buyer and sellers left her office she received the following email:

“Hi Leanne,

Thank you so much for assisting with the closing. But regarding our disbursement can you assist with changing disbursing to our Sun Trust bank account. Please note that this is very important. Kindly get back to me so I can send you wire instructions.

Thanks
Mr. and Mrs. Marty G.”

Wire Instructions via Email are a Red Flag

Leanne was confused. She just spoke to the sellers about the fact they bank at Navy Federal Credit Union. They never mentioned anything about SunTrust℠ being their bank. Plus, Marty was very specific about picking up his check.

Leanne replied to the email explaining she would not be able to accommodate his request unless he came back to her office to complete and sign her wire out instructions, and provide a copy of a voided check from his SunTrust account. She never received a reply to her email and Marty confirmed he never sent that email.

Careful Communication is Key

Be Aware!

Online banking fraud is on the rise. If you receive an email containing WIRE TRANSFER INSTRUCTIONS call your escrow officer immediately to verify the information prior to sending funds.

Leanne was confident she knew the email was a scam. She spoke in detail to the sellers about when their proceeds would be available, she knew their plans for the money and where they banked.

Leanne was particularly unnerved about the fact the hacker seemed to know exactly when the closing was scheduled for and when the sellers had left her office. It is scary how savvy the hackers were.

The proceeds were in excess of $355,000. Had Leanne not paid attention to the details, she could have fallen for the scheme. Instead, she is being rewarded and recognized for thwarting a loss the Company could have suffered.

Download This Article

Wirefraud-prevented.indd
Wire Fraud Thwarted

2018 Recorder’s Holiday Closure Calendars

courthouse-2018

We are pleased to announce the availability of the 2018 Recorder’s Office Holiday Closure schedules for the Puget Sound and Spokane areas. These calendars assist in planning the timing of escrow closings at a glance, and each conveniently shows the following:

  • Days that the recorders offices will be closed
  • The last refinance-signing day for each month (in order to fund & record that month).
  • When Taxes become due

Download Recorder’s Office Calendars Below

Thank You, Spokane!

Thank-you-spk

Ticor Title would like to wish you and your family a very Happy Thanksgiving!

Thanks to the Spokane Community

We would like to express our deepest gratitude to our clients and partners in the Spokane area. 2017 has been a year of growth and success for Ticor Title in this marketplace, and our team of Title & Escrow specialists are thankful for every opportunity to partner with the people and real estate community of Spokane. We believe that every successful closing begins with a great team. Our team is committed to building strong relationships through listening, clear communication, consistency, and personalized service.

Thanksgiving Holiday Closures

In observance of Thanksgiving, our offices will be closed Thursday, November 23 and Friday, November 24. If you have questions regarding an escrow closing near that time, please contact your Ticor Escrow Officer or Sales Executive.

Escrow & Title Videos

The Title & Escrow Experts

At Ticor Title, we’ve been insuring the home ownership dream for over a century. With a rich Pacific Northwest history and industry-leading financial strength, we provide the peace of mind and the personalized service that make the closing experience excellent for our clients and partners. If you have questions about the role of escrow or title insurance in your real estate transaction, our team of experts are here to help.

A Rare and Exciting Event

For most of us, purchasing a home is an event that happens only a few times in our lifetime. Today’s homeowner stays in their home an average of 11-15 years. So it’s understandable that the typical home buyer may be unfamiliar with how escrow operates, what protection title insurance provides, and how to be ready for the escrow process when the time comes to make a real estate purchase.

Title & Escrow in Plain English

We’ve assembled a series of brief videos here that provide an overview of escrow & title insurance as well as insights into what to look for in a title insurance company and how to be prepared for escrow closing.

What is Escrow

What is Title Insurance

What to Look for in a Title Insurance Company

What to Expect at Closing

True Story: A Vacant Lot and Fake Sellers Caught

Vacant Lot & Fake Sellers CaughtTeri D., Closing Officer at one of our agencies, was processing a sale of a vacant, waterfront lot. The sales price was $205,000; a cash purchase. The purchaser paid $5,000 as earnest money and was working with a builder on plans to build a home on the lot.

Since the property was a vacant lot Teri realized the seller’s mailing address would be different than the property address; her office has an added precaution in place where the address provided is compared with the address for the tax bill on the tax assessor’s website.

Confirmation & Connecting with the Sellers

Teri discovered the vacant property address was different than the tax bill address. She sent a letter to the seller at the address listed on the tax bill introducing herself, her company and asking the seller to contact her to confirm the sale of the lot. The buyer was not obtaining a new loan so about a week later they were ready to close. Teri prepared the closing documents on Friday, March 31, 2017. She contacted the listing agent to find out where and how she should send the closing documents. The listing agent advised her to email the closing documents to the seller. Once again, in an effort to ensure there was no funny business going on, Teri also sent the documents via overnight delivery to the address on the tax bill. Everything was sent on Monday, April 3, 2017.

We’re Not Selling

“They told him they were not selling their lot…”

On April 5, 2017, the real owners of the vacant lot called the Agency and asked to speak with the President. Brice C. took their call. The owners explained to Brice they received a letter and overnight package from his company. They told him they were not selling their lot and did not have it listed for sale. Further, they stated they already explained this to the listing agent on March 24, 2017. That was twelve days ago. Teri wondered why the listing agent did not tell her that when she called on March 31, 2017?

Questions for the Listing Agent

Brice called Teri into his office to share what he learned. She immediately called the listing agent to notify him the real owners just called her company’s president. She asked him why he did not tell her he spoke to them on March 24, 2017. The listing agent explained after receiving the email about the property, unbeknownst to him, he asked the fake sellers for identification. They showed him their passports. He asked for copies and they gave him copies. It never occurred to him they were false.

The real owners had forwarded their email exchange with the listing agent to Brice, where they confirmed they were the owners of the lot and were not interested in selling. Teri also asked the listing agent why he provided her with a different email address for the seller than the one he received from the real owners who communicated with him. He simply huffed at her. Was he really going to let this deal close knowing all of this? She will never know.

No, Thank You!

Fortunately for Teri this agent does not usually do business with her. It was the selling agent who encouraged the buyers to select her as their closing agent. The company resigned from the transaction.

Teri recognized the risks associated with sales where the property owner is absentee. Simply checking the tax bill and sending a notice to the address listed on the bill saved the agency and the underwriter from a potential claim.

All New! Interactive Property Information Search

Interactive Property Information Search

We are excited to announce a completely redesigned ticorexpress.com providing a more interactive, visual, and streamlined property search experience!
Look for the new features today!

Log in:
TicorExpress.com

Property Profile Information

TicorExpress.com provides property profile data, owner information, transfer history, recorded documents, plat maps, demographics, and school information.

How to Get an Account

If you already have a TicorExpress.com account, you’re ready to go. If you are a new user, please contact your Ticor Title Sales Executive for exclusive access to this powerful time-saving research tool!

New Search Interface

Searching for property information is now quicker and easier because of predictive search and interactive aerial map features. Finding property information is now a more intuitive and visual experience.

Click Map to Search

The interactive map search makes researching adjacent or nearby properties easy! Click any property within view to access basic information or a complete property profile. Move or zoom the map to to explore and search.

Mobile Optimized

The new TicorExpress.com provides a better property search experience in the office or on the go because is optimized for mobile, tablet, and desktop!

Easy Access to Recent Searches

Save time accessing previous searches with the “Recent Searches” feature. Properties that you last searched are available in one click.

Advanced Search

Use the advanced search feature to search by address, owner name, parcel number, or street look-up.