FHA Reminder: Wire Transfers Not Accepted to Pay Off Reverse Mortgages, Partial Claims
On Dec. 8, the Federal Housing Administration (FHA) issued a bulletin reminding lenders and settlement agents that it does not accept wire transfers to pay off Secretary-held Home Equity Conversion Mortgages (HECMs) and partial claims. The announcement was made after the FHA noticed an uptick in fraudsters attempting to use business email compromise to steal reverse mortgage payoffs.