Which federal agencies are involved in the investigation of mortgage fraud?
Federal & Government Mortgage Fraud Prevention Agencies
Secret Service: Real Estate Wire Fraud On The Rise - some have reported thousands of dollars going missing in a matter of mere seconds. According to a news report from News 6 ClickOrlando, one Central Florida resident lost the $50,000 down payment they planned to use on a home, while another lost upwards of $160,000, but how? According to an alert issued by the Secret Service, cybercriminals will impersonate mortgage lenders and send either completely fictitious or altered mortgage payoff statements to title companies. From there, title companies follow the wiring instructions included in the scam emails and wire funds to accounts controlled by the cybercriminals.
Wes Stricklen, a Volusia County realtor for 7 years, spoke to News Daytona Beach and said communication between sellers, banks, and lenders can help prevent most of these problems.
“Communicate directly with the title company to get a secured email for the wiring instructions,” said Stricklen. “When it’s time to send the wire, go to their bank, have their banker call the title company, have the title company read the wiring instructions, and make sure it matches with what was in the email.”
Similarly, double-check the email addresses that message you. Some email addresses may look legitimate, even using a name you may recognize, but the end of the address may be different.
The Secret Service provided the following tips to help prevent the fraud:
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