Title and Wire Transfer Fraud Prevention Policy and Procedures

Description

The Title and Wire Transfer Fraud Prevention Policy and Procedures is designed to identify practical strategies to protect both the mortgage company and its customers from wire fraud risks associated with mortgage transactions. Title and wire transfer fraud has become increasingly common in recent years, posing serious risks to consumers, mortgage professionals, and businesses involved in real estate transactions. This policy outlines the key risks associated with these types of fraud and provides practical strategies for identifying and preventing fraudulent activity.

The policy explains the most frequent causes of title and wire fraud and the potential impact on all parties involved in a mortgage transaction. It also details best practices that should be followed by consumers, title companies, and mortgage company staff members throughout the loan process—from application to closing—to help safeguard against fraud.

In addition, the policy includes recommended procedures for effectively responding to incidents of title or wire transfer fraud to minimize harm and ensure proper reporting.