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

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.
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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.
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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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