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#144589 - 12/31/03 04:36 PM Loan Proceeds Disbursement
jnj Offline
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Joined: Aug 2002
Posts: 3
We issue Cashiers Checks for loan proceeds. With this procedure we cannot place a stop payment on the Cashiers Check. Will someone please share with me the procedure they use for disbursement of loan proceeds?

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#144590 - 12/31/03 04:39 PM Re: Loan Proceeds Disbursement
Andy_Z Offline
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Typically I've seen Cashier's Checks, Loan Checks and direct deposit to the borrower's account. The first and last being the most prevalent.
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#144591 - 12/31/03 06:54 PM Re: Loan Proceeds Disbursement
Rocky P Online
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Joined: Jun 2003
Posts: 7,423
Florida
For mortgage lending, we use settlement agents. We send them closing documents and net fund by wire. They are responsible for all distributions.

The only challange is where the settlement agent might have a change to the HUD-1, and then we require the HUD-1/a be faxed to us for TiL recalculation.
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