Buying a home is one of life’s biggest milestones. It should feel exciting, rewarding and full of possibility. Unfortunately, it’s also a time when scammers try to take advantage of buyers during one of the most critical steps in the process: closing.
What Is Mortgage Wire Fraud?
Mortgage wire fraud, also known as real estate wire fraud, happens when a scammer tries to trick you into sending your closing funds to a fraudulent account instead of the correct one.
Here’s how it typically works:
- A scammer impersonates a trusted party in your transaction, such as your lender, title company or real estate agent
- They send an email, text or even call you with “updated” wiring instructions
- They create urgency, pushing you to act quickly
Once funds are wired, they can be very difficult to recover. That’s why awareness and verification are so important.
What Is a Wire Transfer?
A wire transfer is a secure way to send funds electronically from one account to another. During the mortgage process, it’s commonly used to send your down payment and closing costs.
Because large sums of money are involved, it’s essential to confirm you are sending funds to the correct recipient.
How to Protect Yourself from Wire Fraud
The best defense is being informed and proactive. Here are key steps you can take to stay protected.
-
Understand the Closing Process
Knowing what to expect can help you spot anything that feels off.
Before closing, your lender will walk you through:
- When you will receive your closing disclosure
- What your final costs will be
- How and when funds will need to be sent
At PrimeLending, your loan officer will provide your closing disclosure at least three days before closing. This gives you time to review the details and ask questions.
-
Never Trust Last-Minute Changes to Wiring Instructions
One of the most common fraud tactics is sending “updated” wiring instructions shortly before closing.
A simple rule to follow:
- Do not trust any wiring instructions sent by email without verification
- Be extremely cautious of any last-minute changes
If anything changes, always confirm it using a trusted phone number.
-
Verify Everything Using a Known Contact
If you receive wiring instructions or any request involving money:
- Call your loan officer, title company or agent directly
- Use a phone number you already have on file
- Do not use contact information provided in the suspicious message
Taking a few minutes to verify can protect you from a costly mistake.
-
Double-Check Details Carefully
Scammers rely on small details going unnoticed.
Watch for:
- Misspelled names or company information
- Slightly altered email addresses
- Incorrect account or routing numbers
- Messages that feel urgent or unusual
If something doesn’t look right, pause and verify before taking action.
-
Clarify Who You’ll Be Communicating With
Early in the process, make sure you know:
- Who your main contacts are
- Their correct phone numbers and email addresses
- Which parties will send important information
This makes it much easier to recognize legitimate communication versus a potential scam.
-
Slow Down and Ask Questions
Scammers rely on urgency and emotion. Closing day is exciting, and they know that.
If you feel rushed, take a step back.
A trusted mortgage professional will never pressure you to act without giving you time to confirm details and feel confident in your next step.
How PrimeLending Helps Protect You
At PrimeLending, protecting our customers is a priority throughout the entire homebuying journey.
We take every precaution to help you stay informed and secure by:
- Clearly explaining what to expect at each stage of the process
- Communicating when and how you will receive important documents
- Encouraging you to verify any financial instructions before taking action
- Being available to answer questions and confirm details at any time
Our goal is simple. We want you to feel confident not only in your loan, but in every step it takes to get there.
When in Doubt, Reach Out
If you ever receive a message, call or email that doesn’t feel right, stop and verify before doing anything else.
It is always better to double-check than to take a risk.
Buying a home should be a positive and memorable experience. With the right awareness and a trusted partner by your side, you can focus on what matters most—getting the keys to your new home.
