<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=331510594798275&amp;ev=PageView&amp;noscript=1">
Skip to Content Oregonians Credit Union Oregonians Credit Union
  • Save & Spend
    Save & Spend See an Overview
    • Current Rates
    • Disclosures
    • Fee Schedule
    • Credit Calculators
    • Savings
      • Regular Share Accounts
      • Youth Savings
      • Homebuyer Savings
      • Money Market Accounts
      • Club Accounts
      • Share Certificates
      • IRA Accounts
    • Checking
      • My Rewards Checking
      • My Interest Checking
      • Checking Comparison
    • Credit
      • Credit Cards
      • Overdraft Line of Credit
    • Digital
      • Digital Banking Online
      • Mobile App
      • Digital Payments
      • Mobile Wallets
  • Borrow
    Borrow See an Overview
    • Current Rates
    • Mortgage Rates
    • Loan Calculators
    • Mortgage Calculators
    • Auto
      • New & Used
      • First Time Auto Buyer
      • Local Car Search
    • Home
      • HELOCs
      • Fixed Rate Equity
      • Mortgages
      • Home Improvement
    • Personal
      • Personal Loans
      • Line of Credit
      • Share Secured Loans
    • Recreational
      • Bicycles & Electric Bikes
      • RVs & ATVs
      • Motorcycles
  • Plan
    Plan See an Overview
    • Retirement Calculators
    • Financial Planning
    • Insurance
      • Auto
      • Home
      • AD&D
      • Life
    • Protections
      • Guaranteed Auto Protection (GAP)
      • Mechanical Repair Coverage (MRC)
      • Debt Protection

    Featured Program

    Oregonians Financial Planning image with father and baby walking

    Oregonians Financial Planning

    Plan for the road ahead and manage your wealth along the way.

    Learn more
  • Business
    Business
    • Current Rates
    • Disclosures
    • Fee Schedule
    • Business Checking
      • Business Membership
      • Small Business Checking
      • Business Interest Checking
    • Business Loans
      • Commercial Real Estate
      • Investment & Rental Property
      • Equipment Loans
      • Term Loans
      • Credit Cards
      • Line of Credit
    • Business Resources
      • See all
  • Learn
    Learn See an Overview
    • Education Explore videos, blogs, fraud prevention tips, and our knowledge base of information..
      • InfORmed Blog
      • FAQs Knowledge Base
      • Fraud Watch
    • Financial Tools Browse calculators, applications, disclosures, and apply for hardship assistance.
      • Resources & Disclosures
      • Calculators
      • Hardship Assistance

    Featured Resource

    It’s a Money Thing

    Get money savvy fast with fun videos and lesson plans on earning, saving, and more!

    Learn more
  • About
    About
    • About Us
      • Who Can Join
      • Community Involvement
      • Scholarships
      • Latest Annual Report
      • Careers
    • Locations
      • Beaverton
      • Gresham
      • Milwaukie
      • NE Portland
      • Oregon City
      • Prineville
      • St. Johns

    CO-OP logo

    30,000+ fee-free ATMs

    Get cash at 30,000 fee-free ATMs nationwide, many of which will take deposits into your Oregonians accounts.

    Find an ATM
  • I want to...
    • Become a Member
    • Talk to Someone
    • Apply for a Loan
    • Open an Account
    • Check Loan Status
    • See Current Rates
Account Access
  • Forgot Password
  • Forgot User Name

Don't have an account?

Enroll
Routing #: 323075709
  • Locations
  • Rates
  • Contact
Call or Text: 503-239-5336
Join
  • I want to...
    • Become a Member
    • Talk to Someone
    • Apply for a Loan
    • Open an Account
    • Check Loan Status
    • See Current Rates
  • Locations
  • Rates
  • Contact
Account Access
  • Forgot Password
  • Forgot User Name

Don't have an account?

Enroll
Blog
    • Everyday Finance
    • Budgeting
    • Fraud Prevention
    • Finances
    • Savings
    • Holidays
    • Scams
    • Home Financing
    • Debt
    • Saving
    • Credit Cards
    • Investing
    • Car Buying
    • Fraud Watch
    • Home Improvement
    • Community
    • Homeownership
    • identity theft
    • Taxes
    • bills
    • Insurance
    • Travel Tips
    • Financial Wellness
    • Mortgage
    • retirement
    • vacation
    • Financial Security
    • shopping
    • Credit
    • General Health
    • Home Loans
    • car
    • house
    • investment
    • marriage
    • school
    • summer
    • 401(k)
    • Cash
    • frugal living
    • heloc
    • interest
    • job hunting
    • parenting
    • thanksgiving
    • winter
    • Auto Loans
    • DIY
    • Debit
    • First-Time Homeowner
    • Home Equity Loan
    • Home Inspection
    • Housing Market
    • Mobile Wallets
    • Mortgages
    • Personal Loans
    • Scholarships
    • Selling Your Home
    • Share Secured Loans
    • Spending
    • Student Loan
    • Telemarketing
    • Your Credit
    • camping
    • credit card
    • financing
    • gas
    • goals
    • grant
    • hacker
    • health insurance
    • heritage
    • insurance myths
    • insurance policy
    • kids and money
    • life insurance
    • malware
    • medical history
    • money management
    • mother's day
    • motorcycle
    • mutual funds
    • rv
    • samsung pay
    • security
    • single parents
    • skip payment
    • skipapay
    • spanish
    • stimulus
    • technology
    • thriving
    • trade in
    • wellness

Avoiding Mortgage Closing Scams

Oregonians Credit Union Oregonians Credit Union Feb 14, 2024 2 min

Closing on a home is an exciting and often stressful time. There’s so much to do, and emotions are running high. Unfortunately, one slip-up opens a door for scammers to destroy it all. Here’s what to know about mortgage closing scams and how to avoid falling victim.

How the scams play out

In a mortgage closing scam, scammers send spoofed emails to homebuyers, appearing to represent a real estate agent, legal representative or another trusted entity. It will arrive just days before the scheduled closing and direct the homebuyer to wire the closing funds to a specific address. Of course, if the homebuyer follows through, they wire the money directly to the scammer. 

In a variation of this scam, a homebuyer is contacted by an alleged mortgage lender with a new loan offer. The loan features lower rates, but demands an upfront fee. Unfortunately, the “lender” is a scammer who will simply pocket the money and/or commit identity theft.

Protect yourself

Here’s how to avoid falling victim to a mortgage closing scam:

  • Choose two trusted people in the mortgage closing process to be your professional contacts throughout. They can be anyone from your real estate agent and mortgage lending teams. Discuss all details of the closing process with these individuals, including the transfer or funds and the exact protocol for payments. Choose a specific phone number for each of you to use for contacting the other about the mortgage process.
  • Before wiring any funds as part of the closing process, confirm instructions with your designated trusted individuals. 
  • Never follow changes in instructions sent by email without confirming these changes with your trusted contacts. 
  • Avoid using phone numbers or clicking on links in emails from unknown sources. 
  • Never agree to pay upfront fees on a loan.
  • Be wary of unsolicited loan offers. Research every potential lender by looking for proper documentation and a positive BBB rating.
  • Never email sensitive info. Share this documentation in person instead. 
  • Never share personal information over the phone with an unverified contact. 

Red flags

Look out for these red flags that can indicate a mortgage closing scam:

  • A sudden, unexplained change for the transfer of funds during the closing process.
  • A lender demands up-front fees before the loan process can ensue. 
  • A lender asks you to share sensitive data early in the application process.

If you’re targeted

If you think you’ve been targeted for a mortgage closing scam, contact your credit union and/or the wire-transfer company immediately. Explain the situation and ask for a wire recall. Reporting the error as quickly as possible makes it more likely for you to reclaim the funds. 

It’s also a good idea to file a claim with the FBI and the FTC. 

Follow the tips outlined here to avoid falling victim to mortgage closing scams. 

Topics Covered

  • Mortgage
  • Fraud Prevention
  • Scams
  • Home Financing
  • Homeownership

Subscribe to our Blog

Get the latest insights sent directly to your inbox.

Related Posts

Nov 16, 2022 2 min
What do I Need to Know About Escrow?
Home Loans
May 20, 2020 2 min
All You Need to Know About Closing Costs
Home Financing
Oct 30, 2024 2 min
Understanding Key Mortgage Terms
Mortgage
Jun 29, 2022 2 min
Should I Buy Out My Lease?
Car Buying
Oregonians Credit Union

6915 SE Lake Road, Milwaukie, OR 97267 

Call or Text

503-239-5336

Out of Area

800-982-2974

Routing #

323075709

Download our App

  • App Store Download
  • Google Play Store Download
  • Save & Spend
    • Open a New Account
    • Savings
    • Checking
    • Credit
    • Digital Banking
  • Borrow
    • Apply for a Loan
    • Vehicle Loans
    • Home Loans
    • Recreational Loans
    • Personal Loans
    • Business Loans
  • Plan
    • Insurance
    • Protections
    • Financial Planning
  • Learn
    • Informed Blog
    • Fraud Watch
    • It's a Money Thing
    • Calculators
    • Hardship Assistance
  • Business
    • Business Accounts
    • Business Loans
    • Business Resources
  • About
    • Become a Member
    • About Us
    • Contact Us
    • Locations
    • Careers
    • Privacy & Disclosures
    • Accessibility Policy
    • Site Map
    • Digital Banking Login

  • NCUA
  • Equal Housing Opportunity
©2025 Oregonians Credit Union All rights reserved.

You are leaving OregoniansCU.com

By accessing this link, you will be leaving Oregonian Credit Union's website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Oregonian Credit Union's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Oregonian Credit Union.

 

Subscribe