A true nightmare to be sure, but has anyone ever made a mistake of some sort where they go through the entire close of escrow, money is wired to the servicer(s) and then the lender finds some error on someone's part and they return the wire? Just curious - it hasn't happened to me luckily.
Once. We had a seller file BK the day before closing and he didn't tell anyone. About 2 months after closing WF sends back funds to title co. They wanted us to re-close, get new contract from buyers, new HUD-1s, etc. Fortunately buyers were understanding and we were able to finish it with supervisors. That was a little too exciting for me!
Wow, yes, a little too exciting for anyone! Thanks for sharing!
I've seen the wire returned on more than one occasion. Typically due to not having a complete closing package submitted to the servicer within a timely manner. If this happens you typically can just have the wire resent along with the complete closing package.
When I relied on the closing agent to do this- I got plenty of emails where the wire was going to be rejected. Never had it happen, but I have heard it occurs. Biggest things I see are the closing agents don't understand the HUD has to be signed by seller also and if by Power of Attorney the POA has to go with it.
I never trust the closing agent to send in the lender required docs - I always have them send to me and to check for accuracy and then send them in myself with the wire receipt....
That's a good practice!