Fund Alerts

The Fund would like to make you aware of a type of fraud that is becoming more and more prevalent.

The Florida Office of Insurance Regulation is in the process of reviewing and approving revised ALTA Series 14 Endorsements for use in Florida by all title agents.

We have been advised that on Friday, January 20, 2012 the Florida Office of Financial Regulation closed Central Florida State Bank, Belleview, Florida, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Effective January 1, 2012, every title insurance underwriter will have to collect new data for the National Association of Insurance Commissioners (NAIC) and the Florida Office of Insurance Regulation (OIR).

We have been advised that on Friday, December 16, 2011, the Florida Office of Financial Regulation closed Premier Community Bank of the Emerald Coast, Crestview, Florida and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

On Tuesday, November 1, 2011, HUD suspended Allied Home Mortgage Corporation from originating and underwriting new mortgages insured by the Federal Housing Administrator.

We have been advised that on Friday, October 21, 2011, the Florida Office of Financial Regulation closed Old Harbor Bank, Clearwater, Florida, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

We have been advised that on September 9, 2011, the Office of the Comptroller of the Currency closed The First National Bank of Florida, Milton, Florida and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  All deposit accounts, including brokered deposits, have been transferred to CharterBank, West Point, GA, and will be available immediately.

The Florida Land Title Association recently reported that one of its title agent members fell victim to a fraud scheme involving a smartphone and the new apps that allow a check to be deposited by using the smartphone's camera to take a picture of the front and back of the check.

We have been advised that on August 19, 2011, the Office of the Comptroller of the Currency closed Lydian Private Bank, Palm Beach, Florida including its division Virtual Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sabadell United Bank, National Association, Miami, Florida to assume all of the deposits of Lydian Private Bank including its division Virtual Bank.