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Claims Corner

CATIC reports seeing a large spike in permit related claims in Vermont.

One problem area includes inconsistencies in the number of bedrooms vis-à-vis the seller’s listing, the contract, the assessor’s card, and/or state and municipal permits. Whether covered under the policy or not, this is an important issue for both the client and the lender so “the math” (getting a consistent count on bedrooms) must add up!

Additional claims scenarios involve: “seasonal” (unpermitted) properties being converted to year-round use; and offices issuing the wrong type of title insurance policy for “camp” properties. Remember that Expanded Protection policies should only be issued where the property is: 1-4 family, fully permitted for year-round use; and title is held by a natural person.

Yes, Expanded Protection policies do insure many permit related matters but, depending on the situation and the facts of the claim, not all permit related claims are covered under the policy. If a permit issue is not covered under the policy, it may leave the title attorney exposed to liability.

Please continue to exercise all due care when searching, and reporting on, the status of permits. 
Kaseya Ransomware Attack: What You Need to Know

In the past, CATIC IT Security has disseminated articles that discussed the phenomenon behind ransomware. Ransomware is a type of malware that bad actors will use to lock/block people from accessing their systems and their data. Typically, when a ransomware event occurs, victims are left scrambling as to what steps to take to regain control of their data. Payment of ransom (e.g., Bitcoin, Apple gift cards), and use of backups are a few of the ways to reclaim data from unauthorized hands. Ransomware can have a hindering effect on a single victim. However, on a corporate scale, ransomware has continuously proven its reign as a destructive cyberattack. 

Click here to read this informative article. 

*Always Remember - Wire Fraud is Rampant*

  • Slow down and analyze things carefully.
  • Cyber criminals are hacking email accounts and sending messages with fake wiring instructions.
  • These messages are convincing and sophisticated. 
  • Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. 
Condominium or Planned Community? 

Appraisers sometimes report to a lender that the property is a condominium when it is, in fact, a planned community (PC) or even a planned unit development (PUD). Things get a bit more confusing when the terms PC and PUD are used interchangeably but perhaps incorrectly.

To avoid confusion (and post-closing work), before issuing an endorsement for a Condominium or Planned Unit Development (PUD), consult the title search notes as well as instruments in the chain of title to determine the correct type of Common Interest Community.

If you need help making a determination, please contact Andy or Liz for assistance.
Lau's Corner & Title Tips

Checks - Important Reminder

Please make all checks payable to CATIC NOT VATC. This applies to all types of payments: title insurance premium, update fees; endorsement fees, etc.

MERS® ServicerID

If you are looking to identify the servicer associated with a mortgage loan registered in the MERS® system here is your link! You can search by:

  • Mortgage identification Number (MIN) on the first page of the Mortgage;
  • Property Address/Borrower Details; or
  • FHA/VA/MI Certificate.

Career Network

We often hear of firms who are hiring. While we welcome phone calls or emails, we have added a career network posted under News and Announcements (bottom right hand corner) of the VATC website.

We only post information with your permission and we will not act as an intermediary. If you would like to add a FREE posting for a job opening or a job sought, please email Katie with the information as you would like to appear on our website.