Important Wire Fraud Alert for Home Buyers
Realtors®, Real Estate Brokers, Buyers and Sellers are targets for wire fraud and many have lost hundreds of thousands of dollars because they simply relied on the wire instructions received via email.
A hacker may break into a licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker may send an email to the buyer, posing either as the escrow agent or as the licensee. The fraudulent email may contain new wiring instructions or routing information, and request that the Buyer send funds accordingly.
Ticor Title is urging our clients to CALL BEFORE YOU WIRE and never rely upon email communication.
Always follow these two simple steps:
Obtain the phone number of your Real Estate Broker, Realtor® and your Ticor Title Escrow Officer as soon as an escrow is opened.
Call the phone number you wrote down from step#1 above to speak directly with your Ticor Title Escrow Officer to confirm wire instructions PRIOR to wiring. If you receive alternative wiring instructions from Ticor Title, be suspicious as we rarely change our wiring instructions.
ALWAYS CALL BEFORE YOU WIRE.
When in doubt, always call our office or your escrow officer.
Title & Escrow News and Information
We are pleased to announce that the Ticor Title Spokane Valley office will have a new location as of Friday, November 18 in the RiverView Corporate Center. Our new location will provide improved amenities, greater accessibility, and a more upscale experience for our Spokane Valley clients and partners. You can expect the same high standards of service from our current Spokane Valley team of professionals.
Ticor Title - Spokane Valley Location as of November 18
16201 E Indiana Avenue, Suite 3300
Spokane Valley, WA 99216
Map & Directions
At Ticor Title we believe that every successful closing begins with a great team. We understand what it takes to provide superior service to our clients and partners in the timeliest manner. Our team of professionals go above and beyond to create a better closing experience by offering same-day signing/closing and instant delivery of Closing Protection Letters.
✔ Same-Day Signing & Funding – Yes We Can!
Because of our commitment to higher standards of service and the high degree of skill and efficiency of our escrow staff, Ticor Title offers same-day signing and funding on purchase and refinance transactions. We have the ability to work closely with our lending partners in order to provide escrow signing services, document delivery to the lender, and recording/closing in the same day. The result is that the buyer has a better experience at the end of the transaction and can get into their house sooner!
✔ Closing Protection Letters on Your Time – Yes We Can!
We offer the most efficient approach to providing our lending partners with Closing Protection Letters. With our electronic CPL request form, we have the ability to fulfill the request and update the escrow file in one minute. With 24/7 availability and instant response, we fulfill the lender requirement and eliminate a potential roadblock to closing so the transaction can progress.
✔ The Right Choice
Ticor Title is the company that can and will do what it takes to provide the higher standards required for the best possible closing experience. With our rich Pacific Northwest history, unmatched financial strength, and client-focused leadership, it’s clear that Ticor Title is the right choice!
Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner's title insurance. Here's why it's so important for you.
Protects Your Largest Investment
A home is probably the single largest investment you'll make in your life. You insure everything else that's valuable to you—your life, car, personal property, health, pets, jewelry, etc.—so why not your largest investment? For a one-time fee, owner's title insurance protects your property rights for as long as you or your heirs* own the home.
Reduces Your Risk
If you're buying a home, there are many hidden issues that may pop up after purchasing it. Getting an owner's title insurance policy protects you from legal title discrepancies. Don't think it will happen to you? Think again. Here are just some of the many situations that you'll be protected from if you have owner's title insurance.
Unforeseeable title claims, such as:
• Forgery: making a false document. For example, the seller misrepresents the identity of the person selling the property.
• Fraud: deception to achieve unfair gain. For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
• Clerical error: inconsistent paperwork and historical records. For example, an unforeseeable discrepancy in the property or fence line causes confusion in ownership rights.
Unexpected title claims, such as:
• Outstanding mortgages and judgments, or liens against the property because the seller didn't pay required taxes
• Pending legal action against the property that could affect your ownership
• An unknown heir of a previous owner who is claiming ownership of the property
You Can't Beat the Value
Owner's title insurance is a one-time fee that's very low relative to the value it provides. It typically costs around 0.5% of a home's purchase price.
Covers Your Heirs*
As long as you or your heirs* own your home, owner's title insurance protects your property rights.
Home insurance and warranties protect only the inside of the home. Getting owner's title insurance ensures your family's property rights stay protected.
8 in 10 Homebuyers Agree
Each year, more than 80% of America's homebuyers choose to get owner's title insurance.
Peace of Mind
If you're buying a home, owner's title insurance lets you rest assured, with the knowledge that you won't be stuck with certain existing debts or legal problems once you've closed on your new home.
More Homebuyer Tips & Information
The American Land Title Association helps educate homebuyers like you about title insurance so you can protect your property rights. Check out www.homeclosing101.org to learn more about title insurance and the home closing process.
*This article offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this advertising. For exact terms, conditions, exclusions, and limitations, please contact a Ticor Title representative.
Sometimes it’s the little things that can make all the difference as to how smoothly a real estate transaction flows. Among the little things are Title & Escrow Rates and Closing Protection Letters (CPLs). The old school way of receiving accurate title & escrow rates or a CPL involved contacting an escrow officer or assistant to request information specific to a transaction. But what do you do if it’s after hours or on the weekend? What if your preferred closer is unavailable or in a signing appointment? What if your deal may fall apart if you don’t receive an answer immediately?
Here are two ways to eliminate delays and streamline the transaction workflow:
Closing Protection Letters Delivered in 1-Minute or Less
Ticor Title is proud to offer a system by which we provide Closing Protection Letters (CPLs) in under one minute for our Lender Clients, providing convenience and a speedy response 24/7. When a Lender completes the CPL request form via MyTicor.com, a response via email with the completed CPL will be delivered immediately and the transaction in our system will be updated regardless of the day of the week or the time of day.
Request CPLs instantly at: MyTicor.com
Title & Escrow Rates Provided Instantly and Accurately
For the protection of consumers, today’s transactions allow very little tolerance for variances in Title & Escrow fees disclosed on a Loan Estimate. When you take into account that title and escrow fees are filed and calculated differently in various counties across the United States, determining accurate fees for a Loan Estimate or GFE may become daunting. And don’t forget the various sales tax rates that need to be accounted for across the state of Washington.
Visit TicorRates.com for instant rates.
In addition, for transactions in which an owner’s policy will be purchased, the CFPB rule prescribes special mathematical calculations for disclosure of the owner’s and lender’s title insurance premiums, which may require receipt of rates for both a stand-alone and simultaneously-issued lender’s policy, as well as the owner’s policy rate. Suddenly, the little task of getting a quote has become a high-stakes math project.
The Ticor Title rate calculator takes all the aforementioned variables into account and provides a means of accessing accurate fees instantly any time, any day. The result is streamlined workflows for our clients and the peace of mind and confidence that comes with accurate numbers.
The CFPB has amended Regulations J and L
to permit online filing under ILSA. According to the CFPB, “the Interstate Land Sales Full Disclosure Act requires certain land developers to register their subdivisions and provide disclosures about the lots being offered, to protect consumers from deception or abuse.” This generally requires a developer of a subdivision containing one hundred or more lots, with certain exceptions, to register the subdivision with the CFPB. Electronic filing will modernize the process by making payment submission more efficient and reducing paperwork costs.
CFPB ILSA Website & Online Filing Resources
The agency has also launched a new website with online filing resources, including instructions, available at www.consumerfinance.gov/ilsa.
Final Rule Effective Date
June 10, 2016
For issues or questions regarding ILSA registration contact the Interstate Land Sales Registration Program Office. Direct any FOIA requests to our FOIA office.