By Lisa A. Tyler
National Escrow Administrator
The Consumer Financial Protection Bureau (CFPB) has recognized the overwhelming increase in elder abuse statistics. The massive amounts of yearly losses by elders has prompted the CFPB to take actions, such as issuing reports, guidelines and information on how to stop the financial elder abuse. Per the CFPB:
"Elder financial exploitation has been called the crime of the 21st century and deploying effective interventions has never been more important. Older people are attractive targets because they often have assets and regular income. These consumers may be especially vulnerable due to isolation, cognitive decline, physical disability, health problems, or bereavement. Elder financial exploitation robs victims of their resources, dignity and quality of life—and they may never recover from it."
Read "MOBILE scamming agent" to discover the latest crime perpetrated on a sweet elderly lady selling her home in Texas, while residing out–of–state in Mississippi.
In Colorado there are three levels of responsibility for real estate licensees:
- An employing broker can employ other licensees.
- An associate broker must be employed and supervised by an employing broker.
- An independent broker is self–employed, but cannot employ other licensees.
One of our offices recently opened two fraudulent transactions for an associate broker who has hung his licenses with four different employing brokers in the last year. Read about his scam in the story entitled "STOLEN commission."
Another day…another diverted wire transfer attempt. Read "MILLION dollar save" to discover how an accounting associate discovered an updated payoff statement contained altered wire instructions. The wire instructions just did not make sense, so the clerk called the payoff lender and confirmed the wire instructions on the updated statement were fraudulent.
A person's home is likely their most valuable asset and well–worth the one–time expense of a title insurance premium. Read "VALUE of title insurance" to learn some remarkable things about title insurance and the title industry.