The rise in sophisticated cybercrime means that title escrow security wire fraud is an existential threat to the mortgage industry. Lenders have a critical responsibility to ensure that borrower funds and loan proceeds are protected by the highest standard of security in every transaction. Tier 1 Title provides this confidence by implementing uniform escrow security protocols across its entire national footprint.
Protecting Funds During Refinance Closing
Our defense strategy is centered on centralized control and rigorous adherence to standardized procedure, eliminating the variability inherent in relying on independent local escrow agents.
1. Centralized Funds Management: All escrow accounts are managed through a centralized, high-security banking structure, compliant with ALTA Best Practices. This prevents local branches from being targeted and ensures all funds are monitored under a single, institutional-grade security policy.
2. Mandatory Verification Protocols: We enforce mandatory multi-factor authentication and verbal callback procedures for all outgoing and incoming wire transfers. Our process strictly prohibits the acceptance of wire instruction changes via email alone, safeguarding against the most common form of title fraud.
3. Borrower Education: Our dedicated title team proactively educates every borrower about wire fraud risks, ensuring they are aware of security best practices, a vital step in protecting funds during refinance closing.
By standardizing and centralizing security, Tier 1 Title provides the necessary assurance that your funds, and your borrower’s sensitive financial information, are managed under an uncompromised level of security across all 45 states.
