Frank Pellegrini, past president of the American Land Title Association and Illinois Land Title Association, as well as CEO of Oak Park’s Prairie Title, appeared in a WGN-TV investigative report that warned the home buying public about real estate wire fraud. The FBI estimates there were 17,000 cases of wire fraud in 2017, and the problem is growing.
“It affects consumers and everyone in our business, realtors, lawyers, lenders and title companies,” Pellegrini said.
Prairie Title, like title companies across the nation, has been taking steps to prevent wire fraud in real estate transactions, a phenomenon that has touched every corner of the residential real estate transaction market. For instance, Frank notes in the report that Prairie Title does not ever amend wire instructions once they are received by their client.
If you have questions about this important issue, Frank can be reached at 708-386-7900, or email@example.com.