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The NJLTA is pleased to present Title News from the American Land Title Association:

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TRID Amendments and Proposal Published in Federal Register

August 15, 2017

The Consumer Financial Protection Bureau’s amendments and proposal to the TILA-RESPA Integrated Disclosure rule were published to the Federal Register on Aug. 11.

The official effective date of the amendments is Oct. 10, 2017. From that date until Oct. 1, 2018, each lending institution will get to choose which of the amendments to comply with. Title and settlement companies will need to be...

Click here for more information

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CFPB Answers ALTA’s Request to Issue Consumer Alert on Wire Fraud

July 11, 2017

On July 7, the Consumer Financial Protection Bureau (CFPB) finally heeded ALTA’s advice and published a warning to help alert consumers about wire fraud schemes.

On its blog, the CFPB says “scammers attempt to steal the homebuyer’s closing funds—for example, their down payment and closing costs—by sending the homebuyer an email posing...

Click here for more information

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ALTA BEST PRACTICES

August 3, 2017

Frequently Asked Questions

This information is not a substitute for legal advice, is for your reference only, and is not intended to represent the only approach to any particular issue. This information should not be construed as legal, financial or business advice, and users should consult legal counsel and subject-matter experts to be sure that the policies adopted and implemented meet the requirements unique to your company.

General

  • Is there a recommended “look back” period when performing a Best Practices assessment?

    ALTA does not recommend a specific “look back” period for Best Practices assessments. When determining an appropriate look back period for assessments, it is important to consider...

https://www.alta.org/best-practices/faq.cfm

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PHISHING FOR WIRE TRANSFERS

August 1, 2017

As president and chief executive officer of Texas-based Rattikin Title Company, Jack Rattikin III has plenty of things that occupy his attention. Third-party vendor oversight and threats to the rating structure in Texas are two top-of-mind issues, but they’re not what keeps Rattikin up at night. Over the past year, a new threat has emerged to become the main reason for late-night tossing and turning for title and settlement professionals: phishing and wire fraud.

“I make it clear in every staff meeting and in front of our closing that wire fraud is our number one concern,” Rattikin said. “It’s not just closing deals and searching titles anymore. There’s a lot of risk that we have...

https://www.alta.org/news/news.cfm?20170801-Phishing-for-Wire-Transfers

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How Wire Fraud Starts

July 25, 2017

Criminals begin the wire fraud process way before the attempted theft occurs. Most often...

https://www.alta.org/news/news.cfm?20170725-How-Wire-Fraud-Starts

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Examples of Fraudulent Emails

July 25, 2017

Here are a couple of examples of the types of email you may receive from criminals attempting to steal funds for a real estate transaction.

Sometimes the email address looks correct, but the “reply-to,” which isn’t...

https://www.alta.org/news/news.cfm?20170725-Examples-of-Fraudulent-Emails

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Sample Wire Fraud Warnings You Can Use

July 25, 2017

 Title professionals are encouraged to remind clients about the risk of wire fraud. To combat this problem, title and settlement companies have:

  • put consumer warnings on websites and communications OO used secured email  communications...

 https://www.alta.org/news/news.cfm?20170725-Sample-Wire-Fraud-Warnings-You-Can-Use

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Red Flags to Protect Your Company Against Wire Fraud

July 25, 2017

 Title and settlement companies can protect themselves by increasing staff awareness of these scams. According to the FBI, businesses that deploy...

 https://www.alta.org/news/news.cfm?20170725-Red-Flags-to-Protect-Your-Company-Against-Wire-Fraud