Hackers Targeting Real Estate

CounsellorsTitle.net

March 16

Title Wise

Title Tips & Tactics for Today's Real Estate Professionals

Real Estate professionals BEWARE: Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack, according to the National Association of Realtors. We have to pay more attention to every detail in a transaction.

The migration to New Jersey continues: Snack Innovations has moved to New Jersey from Brooklyn, NY. I also posted another article citing that U.S. wealth increased by over $2 trillion in just the fourth quarter of 2016.

Please feel free to email me at ralph@counsellorstitle.com

if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte

732.914.1400

Hackers Target Real Estate Professionals

Many real estate transactions have migrated to electronic platforms, and along with the increased functionality comes greater vulnerability from fraud, specifically hackers.

Many companies will no longer wire funds on the basis of a single email. There are additional protocols that have been put into place to safeguard the transaction from scam artists.

Policies and protocols now require at least a phone call to be made to the seller, the attorneys and those connected with the deal.

The availability of information over the Internet has precipitated additional precautions to be instituted to identify when hackers are attempting to interfere with the financial transaction.

What makes the market even more vulnerable is the fact that transactions are increasing, creating a lot more "i dottings and t crossings." It is not unusual for real estate professions to do multiple closings in a day.

Last year, the National Association of Realtors posted, "Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack to dupe a party into a fraudulent wire transfer. The hackers often send an email that appears to be from an individual legitimately involved in the transaction, informing the recipient, often the buyer, that there has been a last minute change to the wiring instructions. Following the new instructions, the recipient will wire funds directly to the hacker's account, which will be cleared out in a matter of minutes. The money is almost always lost forever."

Ralph Aponte, President of Counsellors Title Agency located in Toms River, explained, "Everyone that I have dealt with over the last few years has had to deal with these types of hackers seeking to perpetrate their kind of fraud; and it's only going to increase in the future. What was common back in the days of the Wild West is now happening online, except they don't wear masks, but come cloaked in seemingly authoritative emails."

"We have put into place a number of measures, including secure servers, confirmation protocols and other processes," concluded Mr. Aponte.

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U.S. Household Wealth Rises $2.04 Trillion

Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values appreciated, figures from the Federal Reserve's financial accounts reports, previously known as the Flow of Funds, showed Thursday. Household real-estate assets climbed by $499.1 billion; owner's equity as a share of total real-estate holdings increased to 57.8% from 57.1%.

State Ranking of Millionaires

New Jersey's ratio of millionaires to households jumped higher, climbing to number three. But in general, 2016 saw few changes among the top 10 states ranked by the ratio of millionaire households to total households. The top 10 states are:

■ Maryland (7.55%) - remained #1, where it has been since 2011

■ Connecticut (7.4%) - remained #2, unchanged in 2016

■ New Jersey (7.39%) - moved up one place in 2016

■ Hawaii (7.35%) - declined one place in 2016

■ Alaska (7.15%) - unchanged from 2015

■ Massachusetts (6.98%) - unchanged from 2015

■ New Hampshire (6.82%) - unchanged from 2015

■ Virginia (6.64%) - unchanged from 2015

■ District of Columbia (6.32%) - up one place from 2015

■ Delaware (6.28%) - down one place in 2016

Household finances are the strongest they've been in years, helped by a surge in the stock market, including a 3.3% advance in the S&P 500 last quarter, and rising house prices. At the same time, household debt continued to grow at a pace similar to the prior quarter. The report showed companies had $2.08 trillion in liquid assets, which signals they have the means to spend more on capital equipment, raise dividends and boost stock buybacks.

Key Points

■ Net worth for households and non-profit groups rose by $2.04 trillion, or 2.3%, to a record $92.81 trillion from the prior three months

■ Value of financial assets, including stocks and pension-fund holdings, rose $1.59 trillion

Debt

■ Household debt increased at a 3.8% annual rate last quarter after a 3.9% pace in the third quarter

■ Mortgage borrowing advanced at a 3.1% pace; other forms of consumer credit, including motor vehicle and student loans, climbed at a 6.2% rate

■ Total non-financial debt grew at a 2.9% annual pace after a 5.8%rate in the previous three-month period

■ Federal government obligations expanded 2.9%, state and local government debt rose at a 0.2%pace, while business borrowing increased 2.6%

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Snack Innovations Moves to Edison

Snack Innovations Inc., the producer of naturally delicious Better-For-You gourmet snack foods, is vacating its Brooklyn facility for new digs in Edison, New Jersey.

Snack acquired a 35,316-square-foot industrial property located at 41 Ethel Road West for $41 million. The industrial building occupies 4.41 acres, providing Snack greater flexibility for future expansion. The property includes 2,000 square feet of office space, 20-foot clear ceiling heights, four tailboards and one drive-in for loading.

The company plans to use the new facility for its snack and healthy foods manufacturing and distribution to the New York metro region.

The company "started in our grandmother's kitchen years ago. Today Snack Innovations Inc. produces snacks in a sophisticated state-of-the-art snack food manufacturing facility, utilizing advanced proprietary equipment...Snack Innovations employs a sophisticated R&D team and other food scientists," who are involved in developing all-natural healthier gourmet snacks.

The company uses such snack base grains as potato, corn, wheat, rice, soy, oat, quinoa, tapioca, maize, and vegetables (including spinach, carrot, sweet potato, green pea, yellow pea, chick pea, tomato, beets, and lentil).

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Careers @ Counsellors

Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com

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Free Online Title Insurance Calculator

Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator

Loan officers, real estate agents and home buyers can find out how

much title insurance will cost for purchases made in New Jersey.

Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. Counsellors Title's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.

It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.

Counsellors Title Closing Services for Attorneys

Counsellors Title provides its Attorney Settlement Assistance Program [ASAP] with the real estate attorney in mind.

The Counsellors ASAP program offers secretarial services to assist in the process of a sale, purchase, refinance or loan closing.

Counsellors will even communicate directly with all the parties involved in the transaction to coordinate and obtain all the items necessary to assist in the close.

ASAP includes:

Documentation Preparation
Disbursement of Funds
Attendance at Closing
HUD Preparation or
Post-Closing Matters

For more information about the attorney services provided by Counsellors Title call our home office: 732.914.1400 or email us at info@counsellorstitle.com.