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: IL2009003
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Bulletin: IL2009003
Dear Associates:
It has come to our attention that fraudulent releases are being recorded in the state of Illinois. Policy issuing agents should verify the parties issuing the release for any particular mortgage. The current scheme has the homeowner issuing the release citing a default in the TILA (Truth in Lending Act) Statement.
A copy of a false Satisfaction of Mortgage is attached for your review.
Have all personnel and examiners be alert to any mortgages that have been satisfied in the chain of title. Review all satisfaction of mortgages or releases. If you or your personnel come across this situation, please contact the lienholder to confirm that the mortgage is paid and the release is valid.
Copy of a false Satisfaction of Mortgage (Click to View)
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None