This is a very timely subject. Imagaine you are going to a closing that is CASH and you are deciding between cashier's check or wired funds for the Buyer proceeds to be provided . Or you are calculating the days to settlement based on the Bank wire rules of cashier's check do not get cashed until Midnight which means the funds does not get wired to the Seller until the next business day. This one post explains some dynamics that may help make the decision easier for your Seller client.
Sorry, We Don't Accept Cashier's Check For Mortgage Loan Closing
This may soon to be what you hear from title companies all over the country.
Title companies may soon require funds for loan closings to be wired prior to closing.
Why, you ask? For goodness sakes, certified funds are as good as cash! Well, not anymore!
With the advent of smart phones and mobile banking applications with remote check deposits, unscrupulous buyers can re-deposit the check into their own account at closing just before handing it over to the title officer. The title company may not get notified of the bad check for days or even weeks. What a mess! This is the latest in mortgage loan fraud.
Technology is a wonderful thing, but too often there are new challenges that arise as a result!
Don't be surprised when your title company says "Sorry, we don't accept cashier's checks for mortgage loan closings".
Bridget McGee Maryland Mortgage Mama NMLS# 196068 CrossCountry Mortgage, Inc. 410-960-2061 EHO email@example.com or firstname.lastname@example.org
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.