NATIC’s CloseWatch program is designed to reward title agents for going the extra mile to protect their customers and their title insurer, North American Title Insurance Co.
Miami, Fla. (PRWEB) June 01, 2015
North American Title Insurance Co. (NATIC) has increased the cash amount of its CloseWatch fraud and forgery prevention program reward to $500. The reward, along with a certificate of thanks, goes to any employee or principal of a NATIC agent, affiliate or approved attorney who:
- Discovers a possible fraud or forgery in the course of a title examination, a closing or an escrow where the title insurance policy is to be written on NATIC;
- Raises an appropriate title requirement or exception in the title examination that results in a policy not being issued because of the requirement or exception unless satisfactorily addressed;
- Does not close a transaction where a possible fraud or forgery may be occurring unless satisfactorily addressed.
“NATIC’s CloseWatch program is designed to reward title agents for going the extra mile to protect their customers and their title insurer, NATIC,” said Valerie Jahn-Grandin, executive vice president and chief underwriting counsel for NATIC. “You can be assured that fraudsters are lurking out there, waiting for a sloppy settlement agent or escrow officer to cut corners. It is through our diligent agents, whom we reward through CloseWatch, that we identify the next new fraud scheme. This allows NATIC to warn our agents and affiliates and prevent even greater losses.”
“Our title and settlement agents and associates are on the front line, faced with high demands for quick production and closings,” said Margery Lee, NATIC’s executive vice president and national claims and litigation manager. “Taking extra time to scrutinize a chain of title or question how closing documents are signed can slow the process. However, our agents and associates are key to protecting the company and our customers from fraudulent activities that can expose the agent and the company to liability.
“Our CloseWatch program provides these personnel with much deserved recognition for their vigilance in fraud and forgery prevention,” Lee added.
The CloseWatch Reward Claim form is available on NATIC’s AgentLink site (https://agentlink.natic.com) or by contacting a NATIC representative. Instructions are posted at that site for completing and submitting the form for approval. NATIC also hosts on AgentLink a brief CloseWatch checklist of the warning signs or red flags of a possible fraud or forgery.
“NATIC’s CloseWatch program reminds every player in the settlement process to watch every deal very closely to prevent losses. Fraudsters are very creative so we need our agents and all their staff members to be vigilant in protecting their customers and NATIC,” Jahn-Grandin said.
About North American Title Insurance Co. (NATIC)
North American Title Insurance Co. (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve the goal of true business success for over 50 years. NATIC conducts real estate settlement services in 39 states and the District of Columbia. NATIC earned the reputation as the “underwriter next door,” because their decision makers and associates are easy to reach and their processes are quick and straight forward. The NATIC agency application process is fast and transparent for qualified agents. NATIC has a one-hour underwriting response guarantee that is unparalleled in the industry.
NATIC is the largest capitalized company in Peer Group 2, which groups companies with capitalization between $25 million and $100 million as determined by Kroll Bond Rating Agency, Inc. NATIC is ranked 7th by The Performance of the Title Insurance Underwriters© in terms of cash or cash equivalents. North American Title Insurance Co. maintains over $84 million* in cash or invested assets. This represents over 92 percent of the company’s assets and is characteristic of the most important attribute to title protection, namely, financial responsibility. *As of 12/31/2014.
Demotech, Inc. awarded NATIC a rating of: A' (A Prime) Unsurpassed. A.M Best rated B++ (Good). NATIC is headquartered in Miami, Fla. To learn more, visit http://www.natic.com