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New Fraud Trend: Cash-out Mortgage Refinances are Targets of New Fraud

Tom Cronkright, Published on August 28, 2019

Historically low interest rates have resulted in a surge of mortgage refinance activity in recent weeks. According to recent data, as many as 10 million borrowers may be able to save at least 0.75 percentage points by refinancing at current rates. As homeowners flock to take advantage of this opportunity, fraudsters are implementing new strategies to divert wire transfers away from borrowers in connection with a cash-out mortgage refinance transaction.

AUTHOR

Tom Cronkright

CEO and Co-Founder @ CertifID

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