Free “Plague” Video, FIRE Update & Additional Resources
Dear Members,
Mortgage payoff fraud (and fraud generally) continue to plague our industry! I know I say this over and over but you absolutely have to be diligent…..well, really, you need to be SUPER diligent….. to protect clients and yourself again insidious wire fraud. We have a great FREE webinar to offer you on this topic. More below. On a few brighter notes, we have some updated information for you on the log-in system with the IRS for filing your 1099s, some helpful FAQs on Sec. 1031 exchanges and some new, easy systems for premium payments and product ordering with The Fund. Let's get started!
Michael Rothman, Senior Manager of Legal Education, recently presented an incredible webinar on combatting mortgage payoff fraud for our Members. It covered a broad range of topics and is well worth your time…..and the time of everyone in your office! Here is a link to the Legal Education page so that you can register and watch it.
https://www.thefund.com/ondemand/legal-education/avoiding-mortgage-payoff-fraud.aspx Oh, and did I mention that IT'S FREE! Just another benefit of being a Member of The Fund……..
1099 filing requirements. The IRS is undergoing a year-long transition to a more secure logon into the FIRE system. Those of you who received your Transmitter Control Code (TCC)
prior to September 26, 2021 will need to
reapply online in order to keep using your current TCC. BUT you can't re-apply until September 2022 so don't rush to do this. Your deadline is August 1, 2023, after which your TCC will not work if you have not completed the process. If you received a TCC on or after September 26, 2021, you don't need to do anything. This is confusing, I know, so for now, log into your FIRE account and confirm the accuracy of your contact name, email address and telephone number. If you need to re-apply, mark your calendar for early September of this year to do so. Questions? Email
me or Bob Rohan at
rrohan@thefund.com.
FAQs on 1031 Exchanges. Old Republic Exchange has created some very helpful videos with answers to your frequently asked questions about tax-free exchange transactions. Here are some links to three videos you might find worthwhile:
Policy Payment / Product Ordering. We are constantly looking for ways to make it easier for you to do business with us. Since December, you’ve been able to remit policies and payments online via
ePolicyManager, and now you can place orders, check status, request modifications, and download multiple or single files online, anytime with our new
Product Ordering application. It’s mobile-friendly too so you can manage your orders from anywhere.
Just click the new icon in the Launch Center after you log in to thefund.com. I encourage you to give it a try.
That's all for this week. Let me know how we can help you.
Melissa Jay Murphy
Executive Vice President, Chief Legal Officer,
and General Counsel
07/25/2022