Key Takeaways
- Wire fraud prevention through phone verification is the single most important title risk control.
- Three-layer closing error prevention and immediate error correction protect transaction integrity.
- RESPA, FinCEN, state licensing, and ALTA standards create the compliance framework for title operations.
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Test Your Knowledge
1.What is the most important preventive control against wire fraud in real estate transactions?
2.What does RESPA Section 8 prohibit?
3.Why should investors always obtain an owner's title insurance policy?