Preventing Wire Fraud

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In this day and age wire fraud is one area that places a company at higher risk. The people attempting to intercept funds are becoming more creative in their efforts and have an understanding of our industry.

We know our teams are on the front lines to act as the eyes, ears and voice that has proven time and time again to be worthwhile.

Our client presented us with an updated payoff from the existing lender. They had received an email from the borrower that the wiring instructions had been updated. Nicole Snyder, Lead Settlement Officer, recognized that this was out of the ordinary. She promptly called the client to confirm wire instructions and then found that the new payoff had in fact been altered to change the account number along with a few minor additions/deletions of wording of the wire portion. Thanks to her diligence, Nicole prevented a potential loss of $153,000.

Use the First American document below to help identify fraud red flags.

NAD 18.153; NA-2018-016Guideline Preventing Wire Fraud and Other Fraud

Title Tidbits: Endorsements

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Title Tidbit from ARS’ Underwriting Counsel/Title Manager, Kevin Weaver. 

Q: Which endorsements are required for my policy?

A: The required endorsements may vary between different lenders and policies but there are tools available to provide clarification. Your lender’s instructions will provide a list of required endorsements for the policy. If you have questions regarding what a specific endorsement is or what is applicable to your transaction, don’t hesitate to reach out to us for assistance. We have developed an endorsement matrix to assist with inquiries.

Q: Which endorsements are applicable to my state or product?

A: Our new fee calculator makes knowing and customizing your endorsements simple. You will be directed to a page to view an itemized list of endorsements after you enter your product and property address. The endorsements will default based on the product and state selected. You then have the ability to select additional endorsements to include on the quote to your borrower.

When in doubt, remember that we are always happy to assist and make your transaction as smooth as possible.

We are your constant. We are your solution.

June Webinars

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Fraud Prevention – CRMP Certified Course

Wednesday, June 12,  2019 – 10:00am PST/1:00pm EST 

Join us for a class dedicated to enhancing the security of your transaction. We have compiled a comprehensive overview of some of the most common ways you can detect and prevent fraud. Allow us to share with you ways to stay alert to fraud so you can protect yourselves, your clients and increase overall awareness of the dangers of fraud.

Note: CRMP Credit not available for California residents.

    

 

Introduction to Trusts

Wednesday, June 19,  2019  10:00am PST/1:00pm EST

Reverse mortgages are complex and being prepared is key to a successful closing.  We are happy to share our experience and knowledge with you.  Together we can make the borrower’s experience a pleasant one.

 

       

NRMLA Eastern Regional Meeting Recap

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Another fun and educational Eastern Regional Meeting in the Big Apple! It’s always a pleasure to see familiar faces and make new introductions.

The Become the Winning Choice, How to Captivate, Cultivate & Convert session was a true highlight. Lead by Steve Sless, the reverse mortgage division manager at Primary Residental Funding, Inc.; he discussed new technologies and how they can impact your marketing and brand.

Reach out to us if you would like to hear more about what was covered at this great event.

[email protected]

Have you heard?

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Complete Your Signing with ARS

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Does your borrower live in the greater Sacramento area?

Enjoy the benefit of being our neighbor! Now your borrowers have the choice to sign in our local office. Their signing cost will be included in the settlement fee when completed by one of our in house reverse-expert notaries. Contact your settlement team today to schedule your closing in our professional conference room (M-F 8:00am -5:00pm).

As customary, if your borrower chooses to sign in their home, standard notary fees will apply.

See you in New York City!

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Allegiant Reverse Services’ Sales and Management teams are joining NRMLA for it’s 2019 Eastern Regional Meeting. We are looking forward to hearing from The Honorable Brian Montgomery, Acting Deputy HUD Secretary and Assistant Secretary for Housing/Federal Housing Commissioner. 

 

Click here to learn more about this event. Use the button below to schedule a meeting.

 

We look forward to seeing you there!

 

May Webinars

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Tips to Improve Your Closing Experience 

Wednesday, May 8,  2019 – 10:00am PST/1:00pm EST 

Closing transactions efficiently and accurately is our first priority. You’ll get peace of mind and security with our smooth and easy process. Join us to see how you and your borrower can help improve the closing experience.

Click here to register.

 

Introduction to Manufactured Homes

Wednesday, May 15,  2019  10:00am PST/1:00pm EST

Please join us for an introduction to Manufactured Home guidelines, procedures and suggestions to help make the process smoother. This is a segment of our business that often is met with hurdles, questions and confusion. The purpose of this class is to help you identify red flags early in the process and to help arm you with information and questions to ask your borrower.

Click here to register.

Tips for Identifying a Phishing Email

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Phishing emails are more frequent than ever, so it’s important that we stay diligent when reviewing and monitoring our inboxes. Our team recently completed a webinar dedicated to educating participants about privacy and security. Below are some tips we found most helpful when identifying a phishing email. 

  •  Not personalized. For example: The introduction will read “Dear Customer”
  • Poor grammar, overuse of capitalization and spelling errors.
  • From a nondescript or incorrect email address.
  • Reply-To address is different than sender’s address.
  • Asks for account information.
  • Contains threats and commands,
  • No direct contact information given.
  • Before clicking a link, hover over it to confirm that you are being directed to the site displayed.

Title Tidbits: Reviewing Your Title Commitment

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Below are some tips from ARS’ Underwriting Counsel/Title Manager, Kevin Weaver.

  • Always be sure to read your title commitment and Title Commitment Review Sheet. This will help identify the exceptions and requirements that may need to be fulfilled in order to meet your closing date.
  • Keep the borrower up to date on any additional documents that may be needed. For example; If  your transaction is utilizing a POA, it would be beneficial to send to your Settlement Team in advance. This will ensure that the document is in fact an original and can record at closing. Should an original death cert be required, be sure you obtain in advance as often times the vital records need to be ordered and this could delay your closing.
  • Your settlement team is ready and available, so be sure that you keep them updated on status. This will help the file close smoothly and quickly with the best experience for the borrower.