- February 28, 2007
- All Issuing Offices
- Fraud Alert Bulletin from Countrywide
In accordance with Stewart Information Services Corporation's ("SISCO") Anti-Fraud Plan, Stewart is committed to the prevention and detection of fraud. In furtherance of these goals and at the request of Countrywide Home Loans, Stewart is providing you with the following bulletin from Countrywide. Since the following information addresses your obligations to Countrywide Home Loans, please address any questions, comments, or concerns regarding this bulletin directly to Countrywide as noted below.
To: Title & Settlement Vendors of Countrywide
The topic of Fraud Prevention is of critical importance to Countrywide. This correspondence asks you to raise awareness within your management and employee rank and file that support either CMD or Full Spectrum Lending. Countrywide's engagement with your company for title & settlement services requires that you understand the expectations we have from your organization and that you fully comply with the terms and conditions with both our Closing Instructions (section I) and within our fully executed Professional Services Agreement and Statement of Work.
While the instructions in the Closing Instructions are very straightforward, these instructions specify escalation related to fraud detection during the closing event. Please be reminded, however, that fraud can be detected at any time during the loan process and even include situations that can occur after document signing; such as signed documents that never make their final destination back to Countrywide.
At any time during
the loan process (up to and including the final receipt of signed documents by
Countrywide), if you suspect fraud, please refer to Section I of our Closing
Instructions for the exact contact and telephone number at Countrywide.
Your company may be asked to take immediate action to cooperate with Countrywide on any borrower communication if specifically requested to do so. Your company may also be asked to take immediate action regarding any sub-contractors including, but not limited to, abstractors, closing attorneys, escrow officers, settlement agents and/or notaries. This action includes, but is not limited to, immediate removal of the sub-contractor from the Countrywide approved list. The actions following the initial notification are not necessarily limited to what is described herein but are offered as examples only.
When you raise awareness of this topic to your staff, emphasis that timely escalation to the appropriate parties noted below is expected. The specific contact information is located in the Closing Instructions.
Richard J. Marron
Executive Vice President
Director of Strategic Partnerships
26745 Malibu Hills Road
Mail Stop: MH 51-A
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.
- Bulletins Replaced:
- Related Bulletins:
- NL000084 Stewart Title Guaranty Company Antifraud Plan
- Underwriting Manual:
- Exceptions Manual: