Sorry, We Don't Accept Cashier's Check For Mortgage Loan Closing
This may soon to be what you hear from title companies all over the country.
Title companies may soon require funds for loan closings to be wired prior to closing.
Why, you ask? For goodness sakes, certified funds are as good as cash! Well, not anymore!
With the advent of smart phones and mobile banking applications with remote check deposits, unscrupulous buyers can re-deposit the check into their own account at closing just before handing it over to the title officer. The title company may not get notified of the bad check for days or even weeks. What a mess! This is the latest in mortgage loan fraud.
Technology is a wonderful thing, but too often there are new challenges that arise as a result!
Don't be surprised when your title company says "Sorry, we don't accept cashier's checks for mortgage loan closings".
Warm Regards,
Bridget McGee Maryland Mortgage Mama NMLS# 196068 SWBC Mortgage. 410-960-2061 EHO bridget.mcgee@swbc.com or www.marylandmortgagemama.com
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.
