Bulletin: NY000505

Date:
July 17, 2012
To:
All New York State Agents, Office Counsel and Managers
RE:
Bank of America Short Sale Approval Letters

We received information regarding a scam potentially involving short sale transactions where Bank of America is the holder of the mortgage or deed of trust on the property.  The perpetrators apparently send fake short sale approval letters that are designed to appear as if they were issued by Bank of America.  These fraudulent approval letters apparently include Bank of America's logo, formatting and customary language.

Bank of America's Short Sale Department can be reached at 866-880-1232.  Before closing a short sale involving a mortgage or deed of trust held by Bank of America, please call this number to verify the relevant information.

If you have any questions regarding this bulletin please contact John A. Frates, Esq. at jfrates@stewart.com or call 212-922-0050 and speak with any Agency Legal Services counsel.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None