Mortgage Tip of the Week Wire Funds and Risk
Most title companies in the area now prefer wired funds from the buyer instead of accepting cashier’s checks. But, this comes with a risk. Scam artists are increasingly targeting mortgage companies, title companies, realtors, anyone associated with real estate purchases due to the larger sums being wired.
They’re doing this by hacking email accounts. Once a title company has sent the buyer wiring instructions via email, if they’ve hacked any of the contacts on those emails, they will then send another set of bogus wiring instructions, explaining that the first ones (the legitimate one from the title company) were wrong, and to send it to the new wiring instruction accounts. This issue recently cost a buyer a large sum of money because they didn’t check the first email or call the title company. Recommend to your buyers they contact the title company by telephone to work out details of wiring money. We, here at Hamilton, put the buyer and the title company together personally to try to mitigate this risk. In today’s cyber world, wiring of funds needs to be treated with the utmost privacy and care, because once those funds are gone they can’t be retrieved and are lost forever.
Junk In Is Junk Out
Applying for a mortgage loan in today’s environment can be a stressful endeavor. With the changes brought about from the recent mortgage crisis, the documentation lenders ask buyers to provide can sometimes be overwhelming. Time is also of the essence, since loans are locked for a certain short period of time.
So, make sure you have clear information from your lender on what they need from you to get your loan underwritten and approved. Providing all documentation as fully as possible on the front end of the process makes for a smoother loan experience. Like the saying goes, “junk in is junk out”. The more complete and thorough you are with providing what is requested, the easier the process will be when buying a home.
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Applying for a mortgage loan in today’s environment can be a stressful endeavor. With the changes brought about from the recent mortgage crisis, the documentation lenders ask buyers to provide can sometimes be overwhelming. Time is also of the essence, since loans are locked for a certain short period of time. So, make sure you […]
In the 20+ years I have been originating mortgages, there have been many times I’ve heard a prospective buyer say, “My credit is too poor to buy a home”. Well, much of the time they were correct. Their credit history and scores would not qualify them for a purchase. But, sometimes they were wrong. There […]
With today’s interest rates at historical lows and prices of homes in Baldwin County recovering from the depressed housing market, now is the best time to purchase a new home! On most occasions, you can own for the same or less expense that apartments charge for rent. Additionally, there are many other advantages to owning […]