The lender spoke with confidence, maybe even a bit of swagger, when I asked early in the transaction if my clients could wire money from a US bank account to a California escrow company from China. "No problem," came his quick reply. The same information was repeated to my client. It would be handled with security questions and the use of a private banker familiar with the client.
Wrong. Big problem. Exactly one week before the scheduled close of escrow I received the 'bad news' call. Even though my client has a long banking relationship (both business and personal) with the bank, he was never assigned a private banker. At the eleventh hour we were told it could not be done due to an increase in fraud. Two weeks prior I asked the lender if arrangements were in place to transfer funds. He said it was 'being taken care of."
Bad information from a lender made my clients fly halfway around the world. They arrived in the US yesterday, went to the bank and completed the wire transfer of funds. Oh, they transferred a bit more than required--now, no loan is needed.
I suppose the lender was not expecting this tidbit of news either.