THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: SLS2015006
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Bulletin: SLS2015006
Dear Associates:
The Industry is again experiencing multiple claims involving fraudulent releases of Deeds of Trust or Mortgages. The perpetrator’s goal is often to make it appear that a Deed of Trust or Mortgage is already paid off so they can receive all of the proceeds of a sale or refinance.
As a reminder, a Deed of Trust or Mortgage that is released with no concurrent refinance loan or deed indicating a sale of the property placed of record is a Red Flag. While some borrowers make a premature payment in full of their Deed of Trust or Mortgage or reach the end of the payments on their loans, it is a rare event. In these cases, you must contact directly the releasing or reconveying lender to confirm payment and the validity of the release.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None