RSR Provides Upper Hand in Title Insurance and Wire Fraud
RE/MAX Select Realty believes its realtors should be able to create the best experience for their clients. That seamless experience starts with a solid knowledge base of all things real-estate.
RSR provides several training sessions, including a weekly Select Training. Recently, a “Lunch and Learn” highlighted the topic of Title Insurance. Our sister company, Keymax Settlement Services, LLC invited Fidelity National Title Insurance Company to discuss wire fraud and title polices with realtors who wanted to learn more about the subjects.
Realtors, real-estate brokers, closing attorneys, and buyers and sellers have become targets of wire fraud at a greater frequency in recent years. Many have lost hundreds of thousands of dollars after hackers fraudulently got into a participant’s email account to get information on an upcoming real estate transaction.
“The use of public email by real estate agents, such as Yahoo, Gmail, Hotmail etc., provides an easy target for hackers interested in committing wire fraud,” said Jeff Reed, Keymax Manager. “The use of a private domain is more secure and allows the agent to add to their brand by having an email address unique to them.”
Stephen DiPasquale and Debra Chipman Reimer from Fidelity provided a checklist of issues for the realtors in attendance to consider. DiPasquale and Reimer also explained that the Pennsylvania Attorney General’s office has created a Consumer Financial Protection Unit to assist with this and other issues confronting consumers in Pennsylvania.
“Wanting to know more about wire fraud is self-explanatory,” said Alex Norton, an Associate Broker and the RSR Moon Township Office Manager, “but it’s really beneficial for me to have a knowledge and understanding of the title work process and to stay on top of current changes in title work.”
The Fidelity team explained that there are generally two types of title policies that are issued to insure ownership of homes. They focused their attention on the realtors’ questions about their side of a real estate transaction. This included example scenarios on everything from a client’s concern about the possibility of a future lawsuit for a driveway that crosses over into a neighboring property to unknown taxes or special assessments not shown as existing liens by the public records. Keymax has made the decision to offer the Enhanced Owners policy as our default policy, it contains many additional coverages for the buyer, with a minimal increase in premium.
This “Lunch and Learn” program was put together and hosted by Alex Norton and Jeff Reed of Keymax Settlement Services, LLC.