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#63614 - 02/25/03 08:11 PM LOAN PRODUCTION OFFICE

When opening a Loan Production Office is it a violation to dispurse funds from a loan at the loan production office. Should the funds be dispursed at a branch office?

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Lending Compliance
#63615 - 02/25/03 08:22 PM Re: LOAN PRODUCTION OFFICE
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,630
Bloomington, IN
This would be a state specific issue.

As an example, (courtesy of Autumn)

An LPO is not a branch of the bank and cannot, therefore, issue proceeds. The Kentucky DFI told me that a cashier's check issued at closing would be acceptable as long as it wasn't prepared at the LPO.

You should be able to find other discussions by doing a search on LPO or Loan Production Offices.
The opinions expressed are mine and they are not to be taken as legal advice.

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#63616 - 02/25/03 08:31 PM Re: LOAN PRODUCTION OFFICE
Pale Rider Offline
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Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
In Texas, loan proceeds cannot be disbursed from the LPO.
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.

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