Closing week creates a perfect pressure point for scammers. Buyers are watching the final cash-to-close number, waiting on title, checking lender conditions, and trying to move money quickly. A fake email or changed wire instruction can look routine when everyone is rushing.
The CFPB has warned borrowers about mortgage closing scams and the need to confirm closing-fund instructions. The practical BankPricer point is simple: treat wire instructions like a loan condition. They need to be verified before money leaves your account.
1. Verify the title-company contact before the wire day
Do not wait until the final hour to figure out who controls the wire instructions. Save the settlement agent's phone number from an independently verified source early in the transaction. If a new email gives different wiring details, call the verified number before taking action.
A scammer may copy names, logos, signature blocks, and timing language from a real closing thread. The detail that matters is whether the instructions can be verified outside the suspicious message.
2. Match the wire amount to the latest closing documents
The amount you wire should tie back to the final Closing Disclosure, settlement statement, earnest-money credit, seller credits, lender credits, prepaid taxes, insurance, and escrow setup. If the number changes suddenly, slow down and ask which line changed.
A real change should have a paper trail. A vague request to “send the updated amount now” is not enough.
3. Keep source-of-funds documentation clean
Moving closing funds between accounts at the last minute can create mortgage documentation questions. Before you consolidate cash, ask whether the lender needs bank statements, transfer records, gift documentation, sale confirmations, or explanation letters.
Check the verified phone number
Use a known title-company or attorney phone number, not a number pasted into a new wire-instruction email.
Check the final cash-to-close math
Compare the requested wire amount with the final disclosure package before sending funds.
Check timing before bank cutoffs
Wire deadlines, bank security reviews, holidays, and settlement appointment times can all affect closing. Do not build the plan around a last-minute rush.
4. Ask what happens if the wire is delayed
A fraud check, bank callback, wrong amount, typo, or missed cutoff can delay settlement even when the loan is otherwise clear. Ask the title company, lender, and agent what the backup timing looks like before the contract is under pressure.
5. Know the emergency steps before you need them
If you think funds went to the wrong place, contact your bank immediately. Then notify the title company, lender, and transaction team. Fast reporting does not guarantee recovery, but waiting makes the problem harder.
What to ask before wiring closing funds
- What phone number should I use to verify wire instructions?
- Will wire instructions ever change by email?
- Does the wire amount match the latest Closing Disclosure and settlement statement?
- Are seller credits, earnest money, and lender credits reflected correctly?
- Does the lender need documentation for any account transfers?
- What is the bank cutoff time for same-day wires?
- What is the backup plan if the wire is held for review?
Closing soon and not sure the cash-to-close path is clean?
Send Jeff the latest Closing Disclosure, estimated wire amount, source-of-funds plan, settlement date, and any changed instructions. He can help pressure-test the mortgage-side questions before you move money.
FAQ: wire fraud and closing funds mortgage checks
How should I verify mortgage wire instructions before closing?
Call a known, independently verified phone number for the title company or settlement agent before sending funds. Do not rely only on email instructions, changed wiring details, or a phone number inside a suspicious message.
What if the wire amount changes right before closing?
Pause and verify the Closing Disclosure, settlement statement, lender contact, title contact, and reason for the change before moving money. A real change should be explainable and documented.
Can wire fraud delay or kill a mortgage closing?
Yes. Missing or misdirected funds can delay settlement, create contract risk, and trigger extra documentation. Build verification time into the closing plan instead of wiring under pressure.
What should I do if I think I sent closing funds to a scammer?
Contact your bank immediately, then notify the title company, lender, and appropriate fraud-reporting channels. Speed matters because recovery is harder once funds move through the system.
Source note: this article uses CFPB public consumer guidance on mortgage closing scams and conservative mortgage-file documentation principles for closing funds, disclosures, and source-of-funds review. It does not provide legal, cybersecurity, banking, or fraud-recovery advice.
This article is for educational purposes only and is not a loan approval, legal advice, cybersecurity advice, fraud-recovery advice, banking advice, financial advice, rate quote, or commitment to lend. Wire procedures, settlement practices, closing disclosures, cash-to-close amounts, source-of-funds documentation, title-company instructions, bank cutoffs, fraud-review timing, pricing, and underwriting decisions vary by borrower, property, title company, lender, investor, program, and timing. Equal Housing Lender. NMLS #1041652.