Navigating Mortgage Payoffs - Practices and Tips to Prevent Common Pitfalls

In today’s real estate market, one can never be too careful when it comes to mortgage payoffs. The mounting increase in payoff fraud and wire diversion continues to disrupt the real estate market as fraudsters find more creative and devious ways of defrauding unsuspecting parties who fall victim to their ploys. This article will revisit mortgage payoffs, address some common underwriting questions, and recommend some best practices and tips to incorporate into the daily practice of handling transactional closings. Read the article