|
NEW UNDERWRITING REQUIREMENT HELPS PROTECT YOU AND YOUR CLIENTS FROM BEING VICTIMS OF VACANT LAND SCAMS
Contact your local CATIC underwriter after someone interested in purchasing or placing a mortgage or deed of trust on vacant land contacts you or your office.
Vacant land means land that is not improved with any habitable structure.
This Underwriting Requirement is effective immediately and applies to any pending or future transactions.
CATIC is seeing a significant increase in fraudulent transactions involving parties who impersonate landowners. Typically, the purported “owner” corresponds exclusively by text, email, or other remote communication methods.
There is an increased risk of fraud in any situation where the property is non-owner occupied and contact with the purported owner is entirely remote, but vacant land scams pose the greatest threat because so many buyers seem willing to close quickly and pay cash for a chance to purchase land at below-market prices.
CATIC underwriters are here to help you vet your transactions for fraud using a number of effective procedures, including checking local municipal records, offering online identity verification tools, and other safeguards.
For any questions and more information, please contact your local CATIC office. We look forward to hearing from you.
| 
