We have recently been alerted to an unpaid mortgage involving Silverlake Loan Servicing, a Wyoming based loan servicing company. Because of this, please exercise caution when relying on payoff letters from Silverlake Loan Servicing. It is crucial to verify that SilverLake Loan Servicing is the legitimate servicer for the mortgage being paid off.
To ensure the authenticity of payoff statements, please follow these steps:
- Direct Communication: Obtain payoff statements directly from the lender or servicer. Do not accept payoff statements from the borrower or allow the borrower to arrange for the payoff statement to be provided to your office.
- Verification: Confirm the payoff amount and details by contacting the lender or servicer through a verified phone number or email address. Do not rely on contact information provided by the borrower or included on the face of the payoff statement.
- Cross-Check Information: Compare the payoff statement details with the information in your records and any previous communications with the lender or servicer.
- Secure Communication Channels: Use secure methods—such as encrypted email—for transmitting and receiving payoff statements to prevent interception and tampering.
- Training and Awareness: Regularly train your staff on verifying payoff statements and understanding the risks of accepting fraudulent ones.