Washington Report

Advocacy Updates from Washington D.C.

CFPB Releases Updated Mortgage Fraud Consumer Tools

Earlier this month, the Consumer Financial Protection Bureau (CFPB) released its “Mortgage Closing Scams” tools to inform consumers about wire fraud scams that commonly occur during closings. The tools include a Mortgage Closing Checklist to help guide consumers through the home buying process, and things to beware of such as being mindful of phone calls and conversations that you have during the home buying process, and to never email any financial information. The tools were also developed to be shared by the real estate industry to improve consumer education on how to protect against mortgage phishing scams, which includes relying on your trusted real estate professionals, lenders, or settlement agents, to confirm any payment instructions. In the FBI’s recent 2018 Internet Crime Report, victims loss over $149 million as a result of fraud in real estate transactions.  Through the release of these tools, the CFPB is committed to alerting consumers about necessary steps to take during the home buying process and illustrates continued investment in consumer protection.