Key Takeaways
- Wire fraud fund recovery rate is 29% when reported to the FBI within 24 hours—immediate response is critical.
- The CONTAIN-COMMUNICATE-CORRECT framework provides a structured crisis response sequence.
- Prompt self-correction of escrow shortages is treated far more favorably by regulators than delayed remediation.
- Every crisis should result in permanent systemic improvements that prevent recurrence.
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Test Your Knowledge
1.What is the first priority in a title company crisis (e.g., escrow shortage, wire fraud incident)?
2.How should a title company handle communication with affected parties during a crisis?
3.What typically causes the most long-term damage to a title company after a crisis?