This week we saw two more examples of how the lack of transparency across the entire mortgage closing process can lead to headaches, financial loss and reputational damage not only for lenders but even worse – home owners.
First Lien Mix-Up
In the first case, two lenders thought they had first lien positions because a title agent failed to pay off a prior mortgage, as explained in an article from the Title Report.
Mortgage Embezzlement Fraud
Consumers in our second case entrusted a private real estate attorney to pay off outstanding mortgages for real estate closings after he had accepted funds. Instead of paying off the mortgages, the attorney embezzled the funds and was convicted of taking more than $900,000 from his clients, leaving some of them financially devastated in the aftermath of foreclosures and bankruptcy.
Mortgages Need Transparency and Money Monitoring
Sadly, these situations are not uncommon. In fact, we see stories like this every week — and those are just the ones that surface. At ATS Secured, we believe in a process that allows all stakeholders involved in a real-estate transaction to have appropriate transparency. This transparency allows stakeholders to follow the money from end-to-end and will significantly reduce these too frequent, unhappy cases.
Want to make your mortgage process easier and more accurate? Contact ATS Secured today.