By Lisa A. Tyler
National Escrow Administrator
Just when you thought mortgage fraud had been replaced by illegally diverted wire transfers, stolen checks, and stolen identities of owners with unoccupied properties — along comes an outrageous story of a loan originator allegedly forging an escrow settlement statement. A recent fraud was uncovered in bank purchasing mortgage loans originated by a specific lender. Read "HOW a bank uncovered a scheme" for all the details.
Annie Green, A.V.P. and Escrow Officer with Chicago Title in Frisco, Texas, is always one of the first to sign up for the annual escrow training events. She shows up early, participates and soaks it all in. Recently, she encountered an agent/attorney-in-fact which caused her to take a step back and pause. After reviewing the documents from the agent/attorney-in-fact, she chose to resign from the transaction. Annie shared the details of the transaction with National Escrow Administration. Her email began with, "I just wanted to reach out to say THANK YOU for keeping us updated at every training seminar regarding POA fraud and red flags to watch out for." Read "WE are listening!!!" to learn more.
This month, our state withholding series features the great state of Oregon. Beginning January 1, 2008, all transfers of Oregon real property became subject to Oregon Real Estate Withholding requirements. Unlike most other states, in Oregon the withholding obligation is placed on the escrow agent who is defined as the authorized agent. An authorized agent is an escrow agent licensed under Oregon Revised Statutes. Read "OREGON real estate withholding" for detailed information.