§ 01The brief
The closing agent's email had been compromised, and a fake payoff letter with new bank details was sent in its place. The $1,020,000 payoff never reached the old lender, which then reported the loan as unpaid.
§ 02What I did
- 1.
Had the closing agent's bank start a recall within the hour and called the receiving bank's fraud team.
- 2.
Sent both banks the fake and genuine payoff letters side by side.
- 3.
Filed the CCS report and helped the couple ask the old lender to hold off on late-payment reporting while the case was open.
§ 03The outcome
The receiving bank returned $968,000. The closing agent's insurer covered the rest and the old loan was paid off in full.