The Threat

A nightmare scenario for any lender or homebuyer: right before closing, a scammer manages to trick the homebuyer into wiring the down payment, and the lender’s mortgage loan proceeds to a bogus account. Neither party realizes the hacker has misdirected funds. The deal is lost and the misdirected loan proceeds as an immediate financial hit to equity.

For more information, visit the FBI Internet Crime Complaint Center for news on internet fraud warnings and reported trends.

The Solution

Dytrix provides customized solutions for lenders, giving them the ability to organize and qualify their closing agents. This ensures safe business online and mitigates risk with each transaction. Because Dytrix manages lender/client requirements, there are significant cost savings.

By assuming every internet-based communication involving the transfer of funds is fraudulent and requires validation, Dytrix has prevented nearly $5 million in lender losses from potential wire fraud. 

Closing Agent Qualification Process:

• Agent background review
• E&O insurance review
• License verification
• Lender exclusionary list check
• OFAC check
• Compliance with ALTA’s best practices framework

Wire Validation Process: 

• Authentication of recipient’s identity, address, email, and telephone number
• Confirm that the ABA routing is a valid US Bank
• Verify that the account number is associated with named bank
• Account type is acceptable
• Validation occurs on recorded line

What Makes Dytrix Unique