THE COLORADO DIVISION OF INSURANCE PROCLAIMS “CONSUMER PROTECTION IS OUR MISSION”

Why can’t the Division of Insurance communicate to Legislators the need for more consumer protections?

The Colorado Division of Insurance has provided its 2018 “Annual Report on Title Insurance to the Colorado General Assembly”, dated March 18, 2019, addressing the overall market conditions about the business of title insurance. Interestingly, the Division and it’s advisory Title Insurance Commission have not made any recommendations to Legislators regarding need for more consumer protections, which have been desperately needed for years.


Homebuyers and Sellers Beware!

Cyber Criminals are Targeting your Closing Funds – Talk to the Title Company Directly

It’s extremely important that sellers and buyers communicate directly with the Title Company and not through their real estate broker or mortgage lender, when it comes to the closing process and the funds you are to receive or provide to the Title Company, as cyber criminals are trying to steal your money. Always verify any email notifications you receive, by directly calling and verifying such information with your Title Company; and do not respond or communicate in any manner with the sender of such email.


Division of Insurance gets Bad Report Card from Audit

Png Simple Failure

The Colorado Office of the State Auditor recently published their 2018 Performance Audit of the Division of Insurance regarding the regulated business of title insurance. The audit reported numerous non-compliance issues by the Division of Insurance that included a failed review process in determining whether title rates are excessive, inadequate, or unfairly discriminatory in accordance with Colorado law. This Audit, including its findings and recommendations can be viewed in its entirety at https://leg.colorado.gov/audits/title-insurance-regulation

The Division accepted the Audits recommendations and hopefully will live up to their mission statement of “Consumer Protection is Our Mission”.


Consumers, contact your Title Company before wiring money to the

Consumer Alert

Consumers don’t be scammed by fake emails and wiring instructions.

When having to wire money to a Title Company for your real estate transactions, just don’t rely on your Title Company’s or real estate broker’s email of wiring instructions, even if the email is secure.  It is important that you contact the Title Company directly to verify their wiring instructions and bank account numbers.

There have been numerous reports of emailed wiring instructions that are being hijacked; and hackers are impersonating title companies and real estate brokers with revised and erroneous wiring instructions being resent to consumers.  The FBI has reported that cyber-crime targeting home sales has exploded. The agency reports Americans lost $19 million to real estate wire fraud in 2016; a year later, the total skyrocketed to $969 million, a five-fold increase.

Remember to contact and talk directly to your Title Company before wiring money to them.

The following link to the Federal Trade Commission website will also explain how consumers are being scammed.

https://www.consumer.ftc.gov/blog/scammers-phish-mortgage-closing-costs