Fund Alerts

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.

Today, the Florida Office of Insurance Regulation approved the use of the 2006 ALTA Forms.  These forms are available for immediate use by Fund Members.  In Florida, after March 1, 2011, the use of the 2006 ALTA Forms will be required for all loans sold and delivered to Fannie Mae.

This alert was originally published in January 2009.  The scam has not gone away, and has recently been brought to our attention again.

As those who attended the FLTA Convention two weeks ago learned, two years ago, the Florida Legislature mandated that effective January 1, 2011, all contracts for the sale of a residential property must include certain information about the windstorm mitigation rating of the structure.

Recently, officials at GMAC Mortgage, a division of Ally Financial, Inc., JP Morgan/Chase, and most recently Bank of America announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states, including Florida.

The conveniences of on-line banking and wiring funds bring new and significant risks.

The Fund has been made aware of another type of fraudulent check scheme that is being perpetrated in Florida.

The mailing address for your reconciliations has changed again.

The Fund would like to alert our members to a scam that you should be aware of.