MIAMI – June 1, 2015 – North American Title Insurance Co. (NATIC) has increased the cash amount of its CloseWatch fraud and forgery prevention program reward to $500. The reward, along with a certificate of thanks, goes to any employee or principal of a NATIC agent, affiliate or approved attorney who:
Discovers a possible fraud or forgery in the course of a title examination, a closing or an escrow where the title insurance policy is to be written on NATIC;
Raises an appropriate title requirement or exception in the title examination that results in a policy not being issued because of the requirement or exception unless satisfactorily addressed;
Does not close a transaction where a possible fraud or forgery may be occurring unless satisfactorily addressed.
“NATIC’s CloseWatch program is designed to reward title agents for going the extra mile to protect their customers and their title insurer, NATIC,” said Valerie Jahn-Grandin, executive vice president and chief underwriting counsel for NATIC. “You can be assured that fraudsters are lurking out there, waiting for a sloppy settlement agent or escrow officer to cut corners. It is through our diligent agents, whom we reward through CloseWatch, that we identify the next new fraud scheme. This allows NATIC to warn our agents and affiliates and prevent even greater losses.”
“Our title and settlement agents and associates are on the front line, faced with high demands for quick production and closings,” said Margery Lee, NATIC’s executive vice president and national claims and litigation manager. “Taking extra time to scrutinize a chain of title or question how closing documents are signed can slow the process. However, our agents and associates are key to protecting the company and our customers from fraudulent activities that can expose the agent and the company to liability.
“Our CloseWatch program provides these personnel with much deserved recognition for their vigilance in fraud and forgery prevention,” Lee added.
The CloseWatch Reward Claim form is available on NATIC’s AgentLink site (https://agentlink.natic.com) or by contacting a NATIC representative. Instructions are posted at that site for completing and submitting the form for approval. NATIC also hosts on AgentLink a brief CloseWatch checklist of the warning signs or red flags of a possible fraud or forgery.
“NATIC’s CloseWatch program reminds every player in the settlement process to watch every deal very closely to prevent losses. Fraudsters are very creative so we need our agents and all their staff members to be vigilant in protecting their customers and NATIC,” Jahn-Grandin said.