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.
New Fraud Trend: Cash-out Mortgage Refinances are Targets of New Fraud
Tom Cronkright, Published on August 28, 2019