Preventing Fraud, Forgery and Identity Theft
What North American is doing to prevent you from being a victim of fraud or forgery in your next real estate transaction:
Although title companies are expected to be on the lookout for possible fraud and forgery, the reality is that some are better than others. At North American, we value the importance of your real estate transaction and we want to make sure it goes off without a hitch. To assure that, we only sign up the most experienced agents in the business with a proven track record of quality and excellence. We also created the CloseWatch program, which rewards title agents for preventing a fraud or a forgery. The CloseWatch program has been in effect for many years and, during those years, we have experienced a dramatic decline in fraud and forgery claims and enjoy one of the lowest loss ratios in the industry.
If you want to feel protected by your title underwriter, we ask that you look no further and head to North American.
Mortgage Fraud - Measures you can take to avoid it- Get referrals for real estate and mortgage professionals. Check the licenses of the industry professionals with state, county, or city regulatory agencies.
- If it sounds too good to be true, it probably is. An outrageous promise of extraordinary profit in a short period of time signals a problem.
- Be wary of strangers and unsolicited contacts, as well as high-pressure sales techniques.
- Look at written information such as recent comparable sales in the area, and other documents such as tax assessments to verify the value of the property.
- Understand what you are signing and agreeing to if you do not understand, re-read the documents, or seek assistance from an attorney.
- Make sure your name is correct on your application.
- Review the title history to determine if the property has been sold multiple times within a short period. It could mean that this property has been "flipped" and the value falsely inflated.
- Know and understand the terms of your mortgage. Check your information against the information in the loan documents to ensure they are accurate and complete.
- Never sign any loan documents that contain blanks. This leaves you vulnerable to fraud.
- Review your credit report on a yearly basis. You can obtain a free credit report by calling toll-free 1-877-322-8228, or by going to www.annualcreditreport.com.
Identity theft is a serious crime. In today’s world, consumers victimized by identity theft may never be able to fully repair the damage done to their reputation and credit history. Scammers try to illegally use your personal information for their own gain. Information like your name, address, date of birth, Social Security Number, online banking passwords and PINS, and credit and check card numbers are keys to your financial information. When scammers obtain your confidential information, they can charge expenses to your accounts, create new accounts in your name, or use your personal information for other illegal purposes.
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