The fact of the matter is that wire fraud perpetrators have fooled industry professionals and consumers alike—including veterans extremely familiar with the real estate closing process. They’re also growing more brazen and sophisticated by the day. To this point, the real estate and mortgage industry has been caught mostly unprepared. But preparation starts with awareness. Whether you’re a real estate agent, a home buyer, a mortgage broker, title agent or loan officer, you are now officially on notice: mortgage wire fraud is not a nuisance. Instead, it’s a threat; an epidemic. It’s now past time for the entire industry to address it as the crisis it is.
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Wire fraud victims have few options once they discover they’ve been had. But when minutes mattered, one Michigan homebuyer enlisted the help of a few friends—and made a recovery. To view an actual day-by-day look at a fraud case and how it was detected, visit HousingWire