June 2011 Vol. 4, No. 5

Underwriters' Bulletin

Procedural Updates

Mortgage Fraud Highest in Certain Illinois Zip Codes

ATG has received a notice from the Department of Financial and Professional Regulation that states that the following Chicago-area zip codes fall in the top twenty zip codes in the nation for fraud potential:

  • 60621 - ranks number 3 out of 20
  • 60636 - ranks number 5 out of 20
  • 60624 - ranks number 6 out of 20
  • 60623 - ranks number 19 out of 20

The state informs us that those who are found to have assisted in perpetrating mortgage fraud schemes, whether through intent or incompetence, will face the consequences as set forth in215 ILCS 155/21(a)(3).

ATG is advising all title agents to note this information and use increased vigilance in reviewing files pertaining to properties located in the above zip codes, for the benefit of all innocent parties. Thank you for your attention to this matter. If you have any questions or concerns, please contact the Underwriting Department,legal@atgf.com, 217.403.0020, or 312.752.1990.

ATG has provided a substantial amount of information and guidance on spotting fraudulent activity and implementing procedures to avoid fraud (seeATG Special Bulletin: Fraud Report). Please be sure to review these materials carefully, and share them with your employees.

We encourage ATG members and their employees to attend our 90-minute online program,Lawyer-Title Agent Escrow Accounts: Current Banking Issues, Fraud, Liability, and Internal Control(1.50 CLE)FREE — REGISTER NOW!Member login required -contact usif you need your username/password.

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[Last update: 6-28-11]