Today the NJ Department of Banking and Insurance issued its advisory Bulletin No 18-04 addressing all banks in the state on the topic of wire fraud.
The notice explains the recent increase in fraud schemes involving the changing of wire instructions in an effort to steal mortgage loan proceeds. It recommends that lenders do the following:
and most importantly…
You may read the bulletin here: http://www.state.nj.us/dobi/bulletins/blt18_04.pdf
At Secure Insight our closing agent risk management platform not only verifies the source and ownership of an agent’s trust account, we also verify the status of the account and ensure it is a true trust account. To find out more about our solutions visit: www.secureinsightsales.com