Thank you kindly for sharing this information. I close on a home in a month and I'm taking extra precautions to endure my wire transfer is sent to the title company and not a criminal. Also, I'd like to note that title companies should be required to have an extra layer of email security that's used by banks and government agencies, or stop requiring title companies to only accept wire transfers. What I do appreciate about my title company is that they emailed me the wire instructions and pre-closure documents through a secure, encrypted software similar to DocuSign. Therefore, the instructions were not displayed in my email- I received an email notification that I had received an email from my title company and had to log in to gain access. Even before clicking on the link I contacted my title company and asked them to confirm if they had emailed me and what docs they sent.
Terrible. Rich I’d love to hear how your story was resolved. After 20 days I’d imagine it would be near impossible to sort anything out. I’m sorry this happened to you. Good learnings that I will pass on to my title companies.
Hi Irene - It took 18 months for my mortgage company, Wells Fargo, to reach an agreement with the title company in NJ. The title company's E&O carrier paid off the mortgage plus 18 months of interest. It was an unnerving 18 months. Over the past 4 1/2 years, I have been doing a bunch of things to educate agents and others about the problem. My website has a few articles I've written and I'll be uploading some wire fraud prevention videos over the next few weeks. Thanks for watching and commenting.
Thank you kindly for sharing this information. I close on a home in a month and I'm taking extra precautions to endure my wire transfer is sent to the title company and not a criminal. Also, I'd like to note that title companies should be required to have an extra layer of email security that's used by banks and government agencies, or stop requiring title companies to only accept wire transfers. What I do appreciate about my title company is that they emailed me the wire instructions and pre-closure documents through a secure, encrypted software similar to DocuSign. Therefore, the instructions were not displayed in my email- I received an email notification that I had received an email from my title company and had to log in to gain access. Even before clicking on the link I contacted my title company and asked them to confirm if they had emailed me and what docs they sent.
Terrible. Rich I’d love to hear how your story was resolved. After 20 days I’d imagine it would be near impossible to sort anything out. I’m sorry this happened to you. Good learnings that I will pass on to my title companies.
Hi Irene - It took 18 months for my mortgage company, Wells Fargo, to reach an agreement with the title company in NJ. The title company's E&O carrier paid off the mortgage plus 18 months of interest. It was an unnerving 18 months. Over the past 4 1/2 years, I have been doing a bunch of things to educate agents and others about the problem. My website has a few articles I've written and I'll be uploading some wire fraud prevention videos over the next few weeks. Thanks for watching and commenting.
Thank you for sharing this!