Wishing all our readers a healthy holiday and a prosperous New Year! As reported in previous editions, payoff statements containing fraudulent bank wire information continue to plague the real estate settlement industry. Receiving unsolicited payoff statements via e-fax or from third-party sources, such as attorneys representing the borrower, continue to be a common…
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On July 14, 2021, the investment operations contact from a large commercial lending group emailed their borrower a payoff statement in the amount of $56,941,212.03. The statement contained the payoff lender's bank wire information…
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Lori Prescott, a subescrow officer working for Fidelity's Centralized Subescrow Division in Riverside, California, was getting ready to record documents on two separate residential transactions. Both transactions were closing with the same independent escrow company…
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There are 16 states with some type of state withholding requirements or reporting for nonresident sellers. Those states are…
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