In Southern California the majority of real estate transactions are closed by independent escrow companies. The title company insuring the transaction receives lender's funds to close, pays the existing encumbrances, property taxes and the title invoice, and the balance (such as commissions) is sent to the independent escrow company to disburse. The receipt and disbursement of funds by the title company is referred to as a sub–escrow.

Jennifer Navarro, an accounting clerk in the payoff department with Ticor Title in Riverside, California, detected an altered payoff statement on a recent sub–escrow transaction. The payoff statement dated June 19, 2019, was sent to Jennifer from an independent escrow company.

On June 27, 2019, an updated payoff statement was received from the independent escrow company. The "updated" statement date was still June 19, 2019. The lender was 123 Bank, but the updated statement included wire instructions for an account at another bank entirely and the account name was an unknown escrow company — not 123 Bank.

Jennifer knew the updated wire information was incorrect since she had previously paid 123 Bank loans. She knew payoffs always went to a collection clearing account, not an escrow company. What really caught her attention was the printed language which said, "If you have any questions regarding this payoff please call Mr. Mark Phillips on 727.258.5527." Jennifer knew this bank NEVER gave a direct contact for someone!

Jennifer compared the original payoff statement, received on June 19th, with the updated statement. The payoff statements both reflected the same payoff balance of $1,173,030.97, but the first one had the correct wire instructions on it.

Jennifer found a trusted phone number for the payoff lender and called to verify the wire instructions on the June 19th statement were correct. Once confirmed, she proceeded to close and successfully paid off the loan to 123 Bank.

Under the supervision and leadership of Chad Finn, this makes the fourth save by the awesome employees of Ticor Title Company in Riverside. Keep up the amazing work! For Jennifer's efforts she has been rewarded $1,500 and received a letter of recognition from the Company.