Closepin has enhanced its wire instructions verification tool with an additional feature to assist mortgage lenders in their effort to reduce the risk of fraud.
Closepin’s core business offers lenders automated compliance validation of closing agents, so developing a tool that helps prevent wire fraud through instant wire instructions verification was a natural next step, the company says in a release.
“Lenders are looking for ways to reduce the time and hassle of verifying closing agent wire instructions prior to sending their wire,” explains Ryan Peterson, executive vice president of Westcor Global, creators of Closepin, in a release. “Closepin is a partner to lenders and closing agents that reduces risk by retrieving, storing and updating closing agent compliance documents and data, and now we can verify the wire instructions for those closing agents as well.”
As of July 2018, the FBI has reported more than $12.5 billion in losses due to business e-mail compromise.
Many lenders who receive wire instructions from closing agents via email do not have an efficient solution in place for verifying that those instructions are not fraudulent.
Closepin offers an automated compliance and risk management program for its closing agent network. The company can now instantly verify wire instructions on the same platform in a way that is easy, reliable and insured.
Closepin is a cloud-based, automated closing agent compliance validation and wire instructions verification platform for a lender’s closing agent network.
The solution reduces risk for mortgage lenders, creates market exposure for closing agents, and provides a searchable closing agent database for consumers, real estate agents, and loan officers.