The agent issued a check for the closing proceeds to the seller.  A few hours later, the seller returned to the agent, returned the check, and asked the agent to instead wire the proceeds to his bank account.  The agent did not realize that the seller had already deposited the check using the new technology.

The agent took the check back, voided it, and wired the proceeds as requested, causing a shortage in his trust account.

Protect yourself from this scam by refusing to exchange checks for other forms of payment once they have left your office.   Also, keep the signed checks within your sight during the closing.  Leaving the signed checks on the closing table while you leave for a moment may allow a party to take a picture of the check, deposit it, then ask for a wire instead when you return to the room.

If you have any questions, please contact The Fund's Underwriting or Risk Management Departments.