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Claims!! What
Causes Title Company Claims and What Can Be Done About That
Claims!!!!
What Causes Title Companies Claims and What Can Be Done About That.
In this series I will point out some claim categories and with that what
we, and you, can do to keep claims at a minimum. I am sure you realize that
if claims rise, fees rise, and more importantly customer stresses rise.
None of us want that to happen. I will just cover two types in this first
of a series.
Fraud
- Identity
theft, flips, forgery, and foreclosure rescue.
- Prevention
Procedures and Practices.
All
funds to a transaction MUST pass through the escrow settlement process, and
all disbursements MUST be reflected on the HUD statement, including any secondary
financing. There can be no exceptions to this practice. This is one of the
quickest ways for someone in the process to be defrauded out of what may
rightfully be theirs, usually dollars. There have been many times when we
are asked to not show a particular item or funds transfer on the HUD and
invariably it will be something one party does not want the other party to
know about. That has a very strong potential to be fraud.
The
lender (Not the Broker) will want to approve the HUD prior to the disbursements
being made. This may at times create a delay of disbursement, however we
have no options if the closing instructions indicate this practice.
All
disbursements outside the closing must be shown on the HUD as POC (paid
outside closing).
If the
seller is retaining possession, beware, this could indicate a form of
Foreclosure Rescue situation and likely is a form of fraud in some way.
Forgery
It is
a bad practice for any documents to be sent out of our office for
signatures without one of our closers being in attendance. There are
circumstances where this may absolutely need to be done and we will comply
on occasion. The documents will only be released to a reliable party such
as the lender, another title company if out of state, a known notary, or of
course an attorney.
We
will confirm with all the parties that they in fact did sign the documents
and discuss with the notary regarding the validity of the signatures.
We also compare signatures from prior documents the parties may have signed
in the public record.
All
of these practices are for the protection of the buyer, seller, Realtor,
lender and of course the Title Company. No one wants to be involved in
a fraudulent transaction and face the potential of involvement in the
court system.
Any
questions can be directed to Benchmark Title at 618-239-3750. Please feel
free to call or email:
Serving you from three convenient locations:
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Main Office:
1124 Hartman Lane
Shiloh,
IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Benchmark Title is celebrating our 10 Year
Anniversary!!!
With 10 years of the highest quality of service, &
the most accurate product in the industry, we would like to say
Thank You for
making us successful!!!!
Dates to Remember
September 10 & 22 - Bring
us a new order on these days and receive 10% off your title premium.
September 25 - NAHBR Golf Classic at Arlington Golf Club.
Registration at 11:00 am with Tee Time at 12:00 Noon. Contact HBA at
343-6331 for more information.
October 7 - GGAR Board of Directors Installation Luncheon and Ceremony
in honor of incoming Chairman of the Board, Doug Hartmann Jr. at Gateway Center, Collinsville. Reception and Check-in at 11 am, Buffet Luncheon 12
pm, ceremony after lunch. $20 per person. Please RSVP to the
Association office by September 30.
Did you say FREE?
Be
the first in your office to try out SureClose.com, Benchmark Title's new
FREE online transaction management system. Why waste time making status
phone calls or standing by the fax waiting for your title commitment when
you can get what you need instantly from your own computer. Visit SureClose.com
for more information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so
you can start saving yourself time and money today. We'll even give you and
your clients a free CD at closing containing copies of their closing
documents.
Why wait?
You
can place your next title order now by clicking here.
Give me my policy!
Did
you know that lenders and home buyers now receive their title policies at
the closing table? Contact Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program.
Ready
to refi?
Lenders
and homeowners will want to hear about our fantastically low new refinance
rates. Contact us today for a quote!
Customer
Feedback Line
After your closing please call our customer feedback line at (618)310-1307
ext. 26 and leave your comments. We will send you a token of our
appreciation for your time.
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