CertifID, Riebling Insurance, Fidelity Partner to Provide Wire Fraud Coverage for Agents
March 30, 2023
CertifID and Riebling Insurance announced newly expanded coverage against the risk of mortgage payoff fraud for authorized title agencies of FNF Family of Companies.
The new offering was created to help protect mortgage payoff transactions, which have become the single greatest source of wire fraud loss in the real estate industry. According to the State of Wire Fraud report recently published by CertifID, mortgage payoffs represented 24% of cases and 47% of losses reported to the company’s Fraud Recovery Services (FRS) last year.
“FNF is focused on providing technologies and services to help our agents succeed,” said Michele Green, senior vice president of national agency operations at FNF. “We are pleased that Riebling Insurance and CertifID have partnered to provide more comprehensive insurance offerings to address all areas of risk facing today’s title agencies.”
With this new offering, title agencies can now purchase comprehensive insurance to significantly reduce this major source of risk to their business. The new level of coverage is available through the expanded and exclusive FNF-Pak Program from Riebling Insurance.
“We’re proud that Riebling Insurance and FNF recognize the added value and reduced risk that our newest product PayoffProtect provides the industry,” said Tyler Adams, CEO of CertifID. “Insurance has always been one of the layers of protection we provide CertifID customers, and that protection has now become even stronger through this partnership.”
Agencies that combine the use of CertifID software, and the FNF-Pak Program through Riebling Insurance, receive up to $1.5 million in direct insurance per transaction. For each mortgage payoff wire transaction covered by the program, the following insurance is included:
- Up to $1 million in coverage per wire transaction verified using CertifID PayoffProtect software.
- Up to $350,000 in additional errors and omissions (E&O) coverage per wire transaction is provided by Riebling Insurance for all FNF authorized title agencies at no cost.
- Up to $150,000 in further coverage per wire transaction can be purchased by the title agency through Riebling Insurance for nominal cost.
“We’re excited to offer the highest level of coverage available in our industry by partnering with leaders such as FNF and CertifID,” said Dan Riebling, president of Riebling Insurance Agency. “The newly expanded FNF-Pak Program is already receiving very positive response from our joint customers.”
Traditional E&O and cyber insurance previously available to title companies are often restrictive in their business process requirements and ability to claim. This new offering enables these companies to purchase insurance to significantly reduce the risk of mortgage payoff fraud.
This program is now available for FNF-Pak policyholders who sign up and use the CertifID PayoffProtect product.
Contact ALTA at 202-296-3671 or email@example.com.