Tom Cronkright, CEO of Certifid is warning mortgage lenders of a serious new fraud trend. Certifid provides a secure platform to enable businesses and consumers to safely and securely wire funds to avoid fraud by third parties. They also offer up to a $1,000,000 guarantee against fraud.
Due to the drop in interest rates, borrowers are flocking to refinance their properties at low rates and in many cases, they are cashing out on equity to improve the property.
As we know, fraudsters love to follow the volume and apparently that is just what they are doing.