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.
Special Alert: SA2019055
Search the Database
Before closing a transaction, all issuing offices must search the names of the parties to the transaction, including the seller, buyer/borrower, payoff lender and new lender, using the Special Alerts database. Go to the Special Alerts database to search for specific names, entities and properties.
Special Alert: SA2019055
Dear Associates:
We recently became aware of a scam involving properties that were foreclosed on by US Bank. Fraudulent deeds have been recorded purporting to convey the foreclosed property from US Bank to Otis Williams. The fraudulent deed from US Bank is signed by Otis Williams as the “authorized agent” of US Bank. A second fraudulent deed is executed by Otis Williams purporting to convey the property to MIA Group or a variation thereof.
We have been advised that these deals are being shopped as “rush closings”.
If your search reveals a foreclosure and recent conveyance by US Bank, please do not issue a commitment without confirming the legitimacy of the conveyance from US Bank, or by obtaining approval from a Stewart Title Guaranty Company underwriter.
Effective immediately, all issuing offices are instructed not to accept any orders or close any transactions involving the following without the written approval of a Stewart Legal Services representative:
US Bank (foreclosed and recently conveyed property only)
Otis Williams III
MIA Group
If you have any pending transactions involving any of the above, please contact Stewart Legal Services.
As a reminder, all issuing offices must search the names of the parties to the transaction, including the seller, buyer/borrower, payoff lender and new lender, using the Special Alerts database, which may be accessed at http://specialalerts.stewart.com/ or as a link from Stewart.com and/or Virtual Underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None