American Land Title Association

Consumer and Industry Advocates Highlight Measures to Counter Rise in Elder Real Estate Fraud and Financial Exploitation

Retrieved on: 
Freitag, Juni 14, 2024
Internet Crime Complaint Center, National Association, Fraud, Private sector, ALTA, IC3, NCLC, Policy, POA, National Consumer Law Center, AARP, Government, NAR, American Land Title Association, Ageing, FBI, Cryptocurrency

WASHINGTON, June 14, 2024 /PRNewswire/ -- In time for World Elder Abuse Awareness Day, the American Land Title Association (ALTA), National Consumer Law Center (NCLC), National Association of Realtors® (NAR) and AARP released a new issue brief with recommendations for states to help combat the rise in elder real estate fraud and financial exploitation.

Key Points: 
  • WASHINGTON, June 14, 2024 /PRNewswire/ -- In time for World Elder Abuse Awareness Day, the American Land Title Association (ALTA), National Consumer Law Center (NCLC), National Association of Realtors® (NAR) and AARP released a new issue brief with recommendations for states to help combat the rise in elder real estate fraud and financial exploitation.
  • Elder real estate fraud and financial exploitation include a broad range of actions, such as forged or coerced signatures on legal or financial documents, non-disclosure of critical information, inappropriate utilization of authority under a Power of Attorney (POA), and scams that target elder Americans' money or property.
  • "Lawmakers and advocates must take these abusive practices head on – strengthening consumer protections for the growing population of older adults and challenging emerging threats to their financial wellbeing."
  • The issue brief outlines numerous ways state legislatures can fight elder fraud and exploitation, including:

Old Republic Title and CertifID Sign Agreement to Combat Mortgage Payoff Fraud

Retrieved on: 
Donnerstag, April 18, 2024
Technology, Construction & Property, Insurance, Finance, Security, Fintech, Banking, Professional Services, Other Construction & Property, Residential Building & Real Estate, American Land Title Association, Risk, Old Republic International, FBI, Software, ALTA, Fraud, Organization, Cryptocurrency

CertifID, a leading wire fraud protection company, today announced a new strategic agreement with Old Republic Title to prevent mortgage payoff fraud in the title industry.

Key Points: 
  • CertifID, a leading wire fraud protection company, today announced a new strategic agreement with Old Republic Title to prevent mortgage payoff fraud in the title industry.
  • Fraud has become an increasing source of loss in the real estate sector, reaching $446M in a recent FBI public service announcement .
  • The new package offered by Old Republic Title and CertifID is designed to address this significant source of loss risk.
  • “Old Republic Title continues to focus on innovation to enable the success of our direct and agency operations,” said Carolyn Monroe, President and CEO of Old Republic National Title Holding Company.

ALTA Commends Leadership of House Democrats Questioning Administration's Title Waiver Program

Retrieved on: 
Mittwoch, April 17, 2024
Sale, Congress, FHFA, American Land Title Association, Ecosystem, Nickel, Risk, Policy, Housing, State-owned enterprise, Fannie Mae, Member of Congress, Freddie Mac, House, ALTA, Union, Republican, Federal Housing Finance Agency, Democrat, Enterprise Products, Letter

"While well-intentioned, this pilot program will not address the true issue of housing affordability in our communities and puts homebuyers at risk," the members wrote.

Key Points: 
  • "While well-intentioned, this pilot program will not address the true issue of housing affordability in our communities and puts homebuyers at risk," the members wrote.
  • "Title insurance professionals halt fraudulent real estate transactions such as impersonation scams, elder financial exploitation, and attempts to defraud spouses, partners, or other property heirs.
  • "On behalf of title companies in every county nationwide, who work tirelessly every day to protect the American dream of homeownership, we commend the leadership of Rep. Nickel and his Democratic colleagues in raising serious concerns about the administration's title waiver pilot program," said ALTA CEO Diane Tomb.
  • The title waiver program has faced bipartisan backlash from Members of Congress since being revived ahead of the State of the Union.

New Arizona Law Will Protect Homebuyers from Predatory Contracts

Retrieved on: 
Donnerstag, April 4, 2024
Create, Bill (law), Government, ALTA, AARP, Risk, Arizona State Legislature, Personal Services, Senate, Legislation, American Land Title Association

"The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.

Key Points: 
  • "The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.
  • "We look forward to working on similar legislative solutions in other states to help protect homeowners against this predatory real estate practice."
  • "With the passage of SB 1218, the Arizona State Legislature has proven its commitment to protecting homeowners from deceptive and predatory practices.
  • We applaud the Arizona Legislature and Governor Hobbs for taking action to protect vulnerable older adults from deceptive and abusive practices."

ALTA, AARP Applaud Missouri AG on Lawsuit to Protect Homeowners

Retrieved on: 
Mittwoch, April 3, 2024
Government, ALTA, AARP, Fraud, Personal Services, State, Legislation, American Land Title Association, Real estate

This practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.

Key Points: 
  • This practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.
  • This action puts companies using predatory business models on notice that the State of Missouri is serious about protecting its consumers."
  • "AARP is helping older adults steer clear from fraud, scams and other unscrupulous practices that threaten their economic security and savings," said Craig Eichelman, State Director of AARP Missouri.
  • We thank Attorney General Bailey for looking into this predatory business model that targets older adults and financially insecure homeowners."

New West Virginia Law Will Protect Homebuyers from Predatory Contracts

Retrieved on: 
Dienstag, April 2, 2024
Create, Government, ALTA, AARP, Real estate agent, Public policy, HB, Hope, Record, House, Deception, Fraud, Personal Services, American Land Title Association

"The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.

Key Points: 
  • "The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.
  • The practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.
  • "We expect and hope to work on similar legislative solutions in other states to help protect homeowners against such predatory housing practices."
  • "We applaud the West Virginia Legislature and Delegate Lucas for standing up for consumers to safeguard them against fraud, deception and unfair practices."

New Kentucky Law Will Protect Homebuyers from Predatory Contracts

Retrieved on: 
Montag, April 1, 2024
Create, Government, ALTA, AARP, Public policy, HB, Hope, Record, House, Personal Services, American Land Title Association, Insurance

"The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.

Key Points: 
  • "The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.
  • We have to ensure that there are no unreasonable restraints on a homebuyer's future ability to sell or refinance their property due to unwarranted transactional costs."
  • The practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.
  • "We expect and hope to work on similar legislative solutions in other states to help protect homeowners against such predatory housing practices."

ALTA Good Deeds Foundation Awards $132K in Grants

Retrieved on: 
Mittwoch, März 20, 2024
City Mission, Organization, ALTA, ANT, Autism spectrum, Charitable organization, Organic, American Dream, Housing, Food, American Land Title Association, Army, Pharmaceutical industry

WASHINGTON, March 20, 2024 /PRNewswire/ -- The American Land Title Association (ALTA) Good Deeds Foundation , a registered 501(c)(3) charitable organization founded by ALTA , the national trade association of the land title insurance industry, today announced the recipients of $132,000 in grants.

Key Points: 
  • WASHINGTON, March 20, 2024 /PRNewswire/ -- The American Land Title Association (ALTA) Good Deeds Foundation , a registered 501(c)(3) charitable organization founded by ALTA , the national trade association of the land title insurance industry, today announced the recipients of $132,000 in grants.
  • "By providing grants to community nonprofits, title insurance professionals and the ALTA Good Deeds Foundation are able to make a huge impact."
  • To see an example of the types of charitable organizations that receive grants from the ALTA Good Deeds Foundation, click here .
  • The ALTA Good Deeds Foundation was launched in 2020 to bolster the charitable efforts of ALTA members.

White House Touts Title Insurance Waiver Program as Promise of SavingsBut Program Doesn't Help First-Time Homebuyers or Low-Income Households, says American Land Title Association

Retrieved on: 
Freitag, März 8, 2024
Bureau, Multimedia, Investment, Disclosure, White, FHFA, CFPB, GDP, Administration, ALTA, Safety, Blog, Union, Congress, American Land Title Association, Consumer, Speech, Housing, Research, Insurance, Real estate

In reality, the pilot only covers refinancings – which would exclusively benefit existing high-income homeowners and would not affect first-time homebuyers at all.

Key Points: 
  • In reality, the pilot only covers refinancings – which would exclusively benefit existing high-income homeowners and would not affect first-time homebuyers at all.
  • Ninety percent of title companies are small businesses, many of them women-owned, and these businesses operate in every county in the country.
  • The American Land Title Association (ALTA) is committed to working with policymakers to thoughtfully address housing affordability and opportunity while also protecting consumers and their most important investments.
  • To read ALTA's previous statement on the White House announcement of the waiver pilot program click here: ALTA Says White House Attack on Title Insurance Offers False Promise of Savings
    View original content to download multimedia: https://www.prnewswire.com/news-releases/white-house-touts-title-insuran...

New Indiana Law Will Protect Homebuyers from Predatory Contracts

Retrieved on: 
Donnerstag, März 7, 2024
Public policy, Hoosier, Personal Services, Record, Hope, Government, Create, ALTA, House, Legislation, HB, American Land Title Association, AARP, Cryptocurrency

"The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.

Key Points: 
  • "The property rights of American homebuyers must be protected," said ALTA Vice President of Government Affairs Elizabeth Blosser.
  • We must ensure that there are no unreasonable restraints on a homebuyer's future ability to sell or refinance their property due to unwarranted transactional costs."
  • The practice preys upon homeowners, offering small cash gifts in exchange for decades-long contracts for the exclusive rights to sell the property.
  • "We expect and hope to work on similar legislative solutions in other states to help protect homeowners against such predatory housing practices."