It’s easier than you think to protect home buyers from wire fraud
By Ike Suri, FundingShield’s CEO
How secure is your business from scammers? On the frontend, you’re probably verifying the buyer’s income and employment, and the value of the home they’re buying. But what about the backend? Are you safeguarding borrowers from hacks that could compromise their data or cause their down payment to disappear?
Such a loss would be devastating to a buyer who’s saved up that money over years. But as a lender, you’ll pay a price too. If a loan closing is delayed (or permanently derailed) you’ll lose an average of more than $8,000, according to the Mortgage Bankers Association, and you’re likely on the hook to replace any lost funds.
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