By Lisa A. Tyler
National Escrow Administrator
Welcome Beverly Biedscheid! We have a new member of the escrow administration team to provide training and support to settlement agents nationwide. Beverly joined us on July 10, 2018, and we are happy to work alongside her. Although she is new to our team, she is not new to the Company. She formerly worked for Fidelity National Title's operation in Sacramento, California. Read all about our newest team member in the article entitled "GETTING to know you."
Blast from the past! "International Espionage — Part II," a story involving a seller who withdrew $254,000 against the available balance of line of credit on the day prior to closing, was a story we published exactly 10 years ago. We paid off the existing loan only to find out our payoff was short $254,000. Our industry scams have evolved and now the majority involve compromised business emails. Read "GOOD ol' days" for more about the types of stories we covered before wire fraud became so prevalent.
A doppelganger is a mysterious, exact double of a living person. It is a German word that literally translates to "double walker" or "double goer." A doppelganger looks, walks, acts, talks, and dresses so much alike, even a relative would swear it is the other person. This does not, however, entitle him or her to someone else's property. The absentee owners scam continues to plague the industry. Persons target non–owner occupied properties, including vacant lots, in an attempt to steal the property by selling it to an unsuspecting buyer or strip the equity in the property by obtaining a cash out loan in the name of the real owner. This story entitled "DOPPELGANGERS" illustrates how this is an international problem.
In last month's edition we discussed principals leaving the country while involved in the biggest financial transaction of their lives, and having their signatures notarized at a U.S. Embassy or Consulate office. In some cases, the embassy or consulate offices are too far from the principal or do not have an appointment available in the foreseeable future. If that is the case, there are other options for the principals. Read "SIGNING in a Hague Convention treaty member country" for more detailed information.
Be sure to answer the monthly document execution question to make certain you understand the tips shared and to increase your "PROPER document execution for recording and insuring" knowledge.