Corporations and small businesses borrow loans from banks for various reasons. A banking office that accepts loan applications from companies, in order to review their eligibility for availing a loan, is known as a Loan Production Office (LPO). However, an LPO does not accept monetary deposit. It only processes the loan applications received and assesses their eligibility. The entire process involves a lot of paperwork, which has to be processed accurately within a short turnaround time.
A bank's Loan Production Office (LPO) in Las Vegas
- Voluminous paperwork had to be managed efficiently
- The turnaround time had to be improved
- The peak load of loan applications had to be managed properly
Flatworld Solutions' Back-Office Services Provided
- Flatworld Solutions offered services such as purchasing, refinancing, cash out refinancing, loans for construction or expansion - Conventional, SBA 7(A), Conventional 504 and Conduit loans
- Loan eligibility reports were developed once all the following source documents were checked and verified: Forms 1003, 1040, 413, 4506T, financial statements, business credit report, DNBI, etc.
- Once the source documents are verified, loan eligibility reports were prepared in Microsoft Excel.