Title insurance is more important than people realize. Today, I’m talking about everything title-related with my friend Tammy Robbins. She serves as the Sales and Marketing Manager for the ALMA region of the Fidelity National Financial family of companies.
In this episode, we dive into the critical role of title insurance in our real estate transactions. Tammy shares insights on how title insurance ensures the collection of taxes, liens, and back child support, and discusses the often-overlooked value it provides in protecting property owners from unforeseen issues.
We also cover fraud in title insurance, shedding light on schemes like seller impersonation fraud and the innovative tools Fidelity uses to combat these threats. We’ll learn about the importance of thorough verification processes and the significant consequences of waiving title insurance.
Bird lovers will enjoy hearing about Tammy’s photography passion. She talks about Alabama’s many birding trails, the beauty of nature, and the wonder of migrations. We also learn how her photography has helped connect her with others.
Join us as we uncover the importance of title insurance, the fight against fraud, and the personal passions that drive Tammy in this insightful and engaging conversation!
[01:01] Tammy is a sales and marketing manager for the ALMA region of the Fidelity Family of Companies. ALMA stands for Alabama, Louisiana, Mississippi, and Arkansas.
[01:15] She’s been in the title insurance business for about 35 years. As a senior in high school, she began a part-time job at a title company in her hometown.
[01:46] After getting a degree in marketing, she continued to work in the title business.
[03:18] Even though the concept of marketing is the same, modern implementation is different.
[03:46] Tammy’s biggest hobby is photography. She began 14 years ago.
[04:19] She became fascinated with photographing birds. Sharing her photos on social media has also become a connector for her and other people.
[06:36] She also loves photography of nature, sunsets, and flowers.
[06:55] The Alabama Birding Trails highlight areas where you can see birds and bird migrations during the different seasons.
[09:14] Dauphin Island is an amazing place to see the spring bird migration.
[09:55] A big topic in the world of title insurance right now is fraud.
[10:07] Common fraud schemes include seller impersonation fraud. This is where someone impersonates the owner of land or vacant property. The fraudster contacts a realtor and actually lists the property for sale.
[11:37] They usually want the property listed below market value and want a quick cash sale.
[12:20] The realtor sends the documents to the title company who then sends it back to the fake seller. The money is wired, and it can take months to discover what has taken place.
[13:08] A $200,000 lot was sold by a fraudster impersonating the owner. A lot of these properties could be lake lots or coastal properties.
[13:48] Fidelity has a new tool that helps agents plug in a property address and check tax records and verify the owner of the lot.
[14:08] Agents are encouraged to send a letter to the address on the tax records just to make sure the real owner is aware of the potential sale.
[14:37] They also use a third party source to verify IDs.
[15:57] The expertise of title insurance agents can help straighten out these issues.
[16:40] All of the fraud is preventable, but it’s not easy in a fast-paced environment. They also verify wiring instructions or send a check to avoid wire fraud.
[19:31] Waving title insurance during home purchases will create more expenses in the long run.
[20:02] Agents can do a better job of explaining the importance of what they do.
[21:53] Title companies are also instrumental in collecting back taxes and child support and things of that nature.
[24:40] Without the title insurance policy, the insured would be on their own when there are claims against their property.
[25:57] AI and how it will affect our industry further. Deep fakes seem very real.
[27:14] Bad actors will use as much automation as possible.
[28:10] Just be on the safe side, treat every file as if it were a fraudulent transaction until you know it’s not. We also need to control the notary and independently verify wire transactions. We also need to educate realtors.
Apple Podcasts | Google Podcasts | Spotify
