Scammers are diverting home purchase money by posing as one of the settlement service providers in residential transactions. They succeed by hacking into the email account of the consumer or lender or title agent and learning transaction details. Then they set up a false email and trick the buyer into sending the money to them. The scams are a top story in The Voice for Real Estate for the week of April 4. Other stories: how accounting changes could help commercial practitioners, why NAR has concerns with FHA single-family handbook changes, and where home sales are heading.
Published on Apr 5, 2016