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This chapter is designed to demonstrate ways an escrow account and transfer of funds can go wrong.  With technology advancing as quickly as it is, communication and the real estate industry is changing every day.  Unfortunately, there are criminals who are unlocking the most sophisticated firewalls and security systems to access information and money.  In recent years, the escrow and transfer of funds is the area of most concern.  It’s important that real estate professionals are aware of the attacks and scams online.

MODULE: Managing Escrow Accounts

  •  Basics of Escrow Accounts

At the conclusion of this activity, participants will be able to

  1. define the term escrow account;
  2. define the term commingle;
  3. describe the requirements for establishing an escrow account(s);
  4. describe the requirements for timely deposit of escrow funds;
  5. describe the procedure for handling postdated checks; 
  •  IREBEA

At the conclusion of this activity, participants will be able to

  1. Summarize the Mississippi, Interest on Real Estate Broker Escrow Accounts Program
  2. Identify the IREBEA Beneficiaries
  3. Summarize Habitat for Humanity
  4. Explain the Fuller Center for Housing
  •  Email Compromise

At the conclusion of this activity, participants will be able to

  1. Identify an e-mail compromise
  2. List steps you can take to avoid an e-mail compromise
  3. Define:
  4. Business Email Compromise
  5. Data Breach
  6. Denial of Service
  7. Malware/scam-ware
  8. Phishing/spoofing
  9. Ransomware
  10. Illustrate the FBI’s role in cyber crime 
  •  CFPB Mortgage Escrow Accounts

At the conclusion of this activity, participants will be able to

  1. Describe a Mortgage Escrow/impound Account
  2. Explain the reasons for a Mortgage Escrow Account
  3. Explain forced place insurance
  4. Summarize the termination of PMI
  •  Nathan E. Hardwick IV and the DOJ

At the conclusion of this activity, participants will be able to

  1. Identify the defendant Nathan E. Hardwick IV
  2. Identify the co-conspirator Asha Maurya
  3. Discuss counts one (1) through twenty-four (24)
  4. Summarize the effects on victims
  5. Explain the court decision
  6. Analyze the correct way to handle trust funds

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