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#1673565 - 03/06/12 02:20 PM Going Green? Transferring proceeds to customer
RaesPlace Offline
100 Club
Joined: Mar 2011
Posts: 230
Real Estate Loan proceeds-are there any regulations that prohibit us from transferring loan proceeds to the customer's account, or do we have to cut a paper check? What about for escrow surplus/refunds?

Thanks!

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Lending Compliance
#1673697 - 03/06/12 04:10 PM Re: Going Green? Transferring proceeds to customer RaesPlace
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I don't know of any problems so long as the customer is okay with it.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1673761 - 03/06/12 05:19 PM Re: Going Green? Transferring proceeds to customer RaesPlace
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Loan proceeds - no problem providing the money is deposited to an account that is the name of all borrowers, otherwise the borrower not on the deposit account did not get consideration of the loan proceeds.

Escrow - Probably OK but I would not do so without the expressed (written) consent of the borrower.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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