If you will be wiring closing funds, it is crucial that you follow each of these steps to protect your funds from mortgage closing scams.
Computer criminals can intercept emails containing wiring instructions, including attachments, and substitute fraudulent instructions. Funds are non-recoverable. You will NEVER be asked via email to wire or send funds to ANYONE, not even to a title company. You are asked to call the title company for instructions and get verbal confirmation for incoming and outgoing wires. DO NOT COMPLY WITH EMAIL INSTRUCTIONS TO WIRE FUNDS!
Please contact your title/settlement agency with any questions on the wire transfer process, and please contact your loan officer with any mortgage-related questions.For more information, visit the Consumer Financial Protection Bureau’s page on mortgage closing scams: www.consumerfinance.gov/about-us/blog/mortgage-closing-scams-how-protect-yourself-and-your-closing-funds
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