OLD REPUBLIC TITLE UPDATE

  In the news ...   Thursday, July 12, 2012
  

Bank of America Short Sale Scam


 

Old Republic National Title Insurance Company was recently alerted by Bank of America (B of A) that a short sale scam was being perpetrated involving properties on which B of A is the holder of a note secured by a mortgage or deed of trust. B of A stated in a letter to the Company that the perpetrators of the scam send approval letters to title companies that mimic legitimate approval letters from B of A, including the bank’s logo, formatting and language.

 In response to this issue, B of A states that it has updated its existing short sale approval procedures. On all transactions for which the original principal amount of the loan exceeds $500,000 all B of A approval letters will contain the following statement:

“Bank of America appreciates all of your efforts and cooperation in this matter. If you have any further questions, please contact our Short Sale Customer Care Department at 1-866-880-1232, Option 1.”

The letter from B of A goes on to say that if that number is called that B of A will verify the following information with the title employee who calls:

1) Loan Number;
2) Property address;
3) Closing deadline date;
4) Original borrower’s name;
5) Approved buyer’s name;
6) Short Sale price amount; and
7) Net proceeds amount to B of A.

If you are involved in closing a short sale involving B of A you should phone the number listed above.

 If you have any questions concerning this matter, please contact our Underwriting Department: Steve Gratman, Bill Corrigan or Paula Mack.

  


 

Please contact Sue Morgan at Old Republic Title with any questions
or give us a call at 610-251-1160 or 800-842-2080. 

 

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Pennsylvania

1200 Liberty Ridge Dr.

Suite 100

Wayne, PA  19087

(610) 251-1160

(800) 842-2080

(610) 644-1408 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

920 N. King Street

Suite 414

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

Maryland

Columbia Corporate Park

8840 Stanford Blvd.

Suite 4500

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

Virginia

9303 Center Street

Suite 101

Manassas, VA  20110

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235 (804) 897-5499

(804) 897-9679 - fax

 

 

 

1800 Bayberry Court

Suite 104

Richmond, VA  23226

(866) 232-2021

(804) 282-0865- fax

 

Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance   Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.