Mortgage Lending · Closing & Post-Closing
Wire transfer and fraud prevention SOPs
Written procedures for safely sending and receiving closing funds by wire and for spotting attempted wire fraud.
What it usually contains
- Steps for verifying wiring instructions by callback to a known phone number
- Rules for who may approve, release, and confirm outgoing wires
- Warning signs of altered payoff or settlement instructions and spoofed emails
- Required borrower and settlement agent fraud warnings before closing
- What to do when a wire is misdirected, including recall and reporting steps
What the assistant uses it for
Answer questions about how closing wires are verified, approved, and released, and who to contact if instructions change at the last minute. Also use it for the steps to follow after a suspected or confirmed fraudulent wire.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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