By Lisa A. Tyler
National Escrow Administrator
Nothing is more upsetting than seeing a preventable crime. The number one reason for publishing this newsletter is to spread the word to our direct operations, agency network and the entire industry about crimes experienced in one part of the nation before they happen in another part. Read "RECOGNIZE the signs?" to discover how one escrow officer at an abstract company in Arkansas was duped by criminals perpetrating a crime. Fraud Insights reported this same crime occurring in Oregon just four months ago.
Our associates at UVeritech™, Inc. have shared an updated list of security features visible when holding a state issued identification card under a UV detector. This information is helpful for our notaries, especially when a signer is presenting an out–of–state license with features unfamiliar to the notary.
Almost done! We are on our 11th FIRPTA Withholding nightmare article. We hope this story, just like the stories we have shared in the previous 10 editions have changed the way settlement agents' view and process federal withholding on behalf of principals. This month's story is a tale of woe, where forms were sent in prematurely and – more importantly – incompletely to the Internal Revenue Service (IRS), causing penalties and interest to be assessed to the seller.