Old Republic Title, CertifID Partner to Combat Mortgage Payoff Fraud

April 18, 2024

CertifID and Old Republic Title formed a strategic partnership to help prevent mortgage payoff fraud in the title industry.

Fraud has become an increasing source of loss in the real estate sector, reaching $446 million in a recent FBI public service announcement.

More than 90% of title insurance companies reported the volume of cybercrime attempts increased or remained the same over the past year, according to a Cybercrime & Wire Fraud Study sponsored by the ALTA Land Title Institute. According to the study, about half of title companies have adopted the industry best practice to use a wire or payee verification service.

Mortgage payoffs have become the largest source of loss for title and real estate law firms, due to their large transaction size at $247,000 in median loss, according to CertifID. The new package offered by Old Republic Title and CertifID is designed to address this significant source of loss risk.

“Old Republic Title continues to focus on innovation to enable the success of our direct and agency operations,” said Carolyn Monroe, president and CEO of Old Republic National Title Holding Co. “We are excited to leverage the comprehensive approach to fraud prevention that CertifID provides, inclusive of software, insurance, and recovery and support services, to help prevent fraud and create the best experiences for our agents and customers, and all parties involved in real estate transactions.”

Tyler Adams, CEO of CertifID, added, “CertifID applauds the leadership by Old Republic Title to invest in solutions that can reduce risk while enabling efficiency in their direct and agency operations. We look forward to working together to truly solve the issue of payoff fraud seen across the industry.”

Contact ALTA at 202-296-3671 or communications@alta.org.