Fund Members Must Be on High Alert for Mortgage Payoff Fraud
True story: A closing agent received a spoofed phone call from a fraudster posing as the seller. The “seller” called to say that he had an issue with his mortgage lender’s payoff amount and said to expect to hear from the mortgage company. Soon after, an updated payoff statement was received with a slightly lowered amount due. The closing agent did not realize the wiring account number had changed and wired the payoff to the fraudster’s account. Read the article.
Also Included In This Month's Fund Concept Issue:
- Case Reviews
- Legal Education — All New Webinar
- Underwriting Approval Required
- FinCEN GTO
- Legislative Update 2021 — Part 1
- Regulatory Compliance Corner
07/01/2021