WIRE FRAUD - Happening Here in Vermont

Be careful out there! We are seeing an uptick in wire fraud cases nationally and RIGHT HERE IN VERMONT. A successful wire fraud can be devastating for you and your clients, so please be proactive and stay on your game. Some helpful reminders:

  • Educate your clients early in the process if they will be wiring funds to your office. Advise them to never initiate a wire without first verifying the instructions, either in person at your office or via a phone call to a trusted and verified number. 
  • Receiving a second set of wire instructions should always be a red flag. Treat these with suspicion and independently verify.
  • Educate your staff, and regularly revisit and review your office policies and procedures for incoming and outgoing wires.
  • Confirm that your sent wires are received by the intended party. Authorities report that recovery of funds is more likely in the 24-48 hours following initiation, so the sooner a fraud attempt is known, the more likely the attempt will be thwarted.  
  • Consider using CertifID, a third-party verification service that CATIC has vetted and partnered with. CATIC Agents can access CertifID for a discounted rate. CertifID is now offering payoff protection through PayoffProtect. If you would like to schedule a no obligation demonstration, let Katie know! More information about this service can be found here.

Click here for a handout for use in mailers, waiting areas, employees' desks/offices, etc.

Thank you for your hard work!

Upcoming Seminars and Events

We have resumed our in-person County Seminars! The topic of discussion will be Current Developments in VT Real Estate (2 Hours of CLE for Attorneys licensed in VT). Please click on "here" next to the County for details and to register. Please be sure to register several days prior to the event.

The following Counties have been scheduled:

Bennington County:

Tuesday, December 13, 2022

Click here for additional details and to register. 

Windham County:

Tuesday, December 13, 2022

Click here for additional details and to register. Please note the new location!

Additional Counties coming in the Spring!

Have a Topic of Interest?

We gain a lot of knowledge from your offices about what you are seeing out in the land records and experiences you are encountering with your transactions. Thank you for the valuable information! Please continue to email/call our office with anything you are hearing or experiencing. We love hearing from you!

Past Events:

Thank you to everyone who attended Andy's retirement parties. If you were not able to make it, no worries. There is still time to call or email him. He sure will be missed! Click here to view pictures!

1099 Season Is Approaching, Are You Ready?


The filing season for 1099-S forms is fast approaching. The Form 1099-S, along with the appropriate Form 1096 transmittal, must be submitted to the Internal Revenue Service no later than February 28, 2023, if filing on paper, or by March 31, 2023, if filing electronically. 


Click here to view our quick reference guide to the filing process.

CATIC Title Insurance -The Better Choice


You may be hearing about a product based upon an attorney’s Opinion or Certificate of Title (an “Opinion”). The purpose of this memo is to explain why title insurance is clearly the better option.


A CATIC Policy provides substantially more coverage than an Opinion


Standard or Expanded CATIC Loan Policies cover loss resulting from:


  • unrecorded liens and other matters that cannot be discovered in a public records search;
  • title defects caused by fraud, forgery, duress or impersonation, improper execution of documents or defective judicial proceedings; and, arguably the most important for a lender or investor
  • the invalidity or unenforceability of the Insured Mortgage.


Opinion-based products do not.


Under a Standard or Expanded CATIC Loan Policy, CATIC will also pay the costs, attorneys’ fees, and expenses incurred in defense of any matter or risk insured against by the policy. 


Opinion-based products do not include this coverage.


A CATIC Policy provides more reliable protection than an Opinion

To be reimbursed for loss under an Opinion-based product, a lender must:


  • Foreclose upon and sell the property; or
  • Exhaust efforts to collect the mortgage balance, and
  • Comply with a stringent and convoluted claims process where the lender notifies the attorney who issued the Opinion (the provider) who then has to give written notice to a liability insurer before a strict deadline.


In addition, if the insured provider fails to renew the policy, the insurer exercises its right to cancel, or the liability under the Opinion has expired by operation of state law, a lender’s subsequent claim will not be covered.


By contrast, a claim made under a CATIC Policy is made directly to the title insurer; and


A Loan Title Insurance Policy remains in effect for as long as the Insured Mortgage exists, or so long as the Insured retains an interest. After payment of a one-time premium and issuance of the title policy, there are no required renewals and the title insurer cannot cancel the policy.


Lenders need to make informed decisions rather than settling for the inferior choice. Remember that CATIC title insurance offers the most complete protection, the most reliable coverage and the best value.


For additional resources, visit the ALTA website.

Lau's Corner & Title Tips

Are you a VT Notary?

VT Notary commissions are set to expire at the end of January 2023. The Office of Professional Regulation of the Secretary of State's Office has mandated a minimum of one hour of relevant continuing education for non-attorney notaries. Click here for a list of exemptions. 

The Vermont Bar Association recorded a webinar on 10/31. Please contact the VBA for details on how to view the webinar.

Career Network:

We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network post under News and Announcements (bottom right-hand corner) on the VATC website.

Underwriting question? 

Please email all questions to UnderwritingVT@catic.com. Thank you!