Mortgage Compliance - Spear Phishing for Mortgages — Hooking a Big One

Buying a house is one of the most important purchases people ever make, and often one they’ve been saving for years in order to finally place their signature on the closing documents. When you think about the amount of time and effort it takes to not only find the perfect house, get an offer accepted, and ultimately make it through the signing process—the deep breath at the end is truly refreshing. But, what if that breath got delayed, or worse—never came because a cybercriminal interfered with the process and had the loan payment wired to them instead of the seller? This nightmare scenario can have substantial financial consequences for the homebuyer. They could end up losing the house, a whole lot of money, personal information, and much more.