Skip to content
GeoDataVision
Thread Options
#1650283 - 01/12/12 07:02 PM After GFE is signed......
MiMi Offline
Gold Star
MiMi
Joined: Mar 2002
Posts: 364
After customer signs the GFE, do you obtain a document from customer that states their intent to proceed with loan? If so, what do you have them sign? Thanks

Return to Top
Lending Compliance
#1650433 - 01/12/12 09:00 PM Re: After GFE is signed...... MiMi
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
This process is left up to you, RESPA doesn't regulate how you document the customer's intent to proceed...just that you do!

We have incorporated language into our disclosure cover letter that basically says that if you sign and return you are giving us your intent to proceed with the processing of your loan. For customers that do not sign and return we make a written note to the file indicating when and how the intent was given.

Return to Top
#1651216 - 01/13/12 11:29 PM Re: After GFE is signed...... MiMi
AKA nan Offline
100 Club
Joined: Mar 2008
Posts: 156
California
Ummm, You have them sign the GFE? I thought there couldn't be signature lines added to the GFE.
_________________________
>^..^<

Return to Top
#1651242 - 01/14/12 04:36 PM Re: After GFE is signed...... MiMi
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,355
There canNOT be any signature lines added to the GFE.
Lots of software companies added a seperate addendum that borrowers can be asked to sign but signatures are not a requirement.
Come banks use an Intent to Proceed document that they include in the package of info they deliver with the GFE & TIL. Others simply make a note to the file.

Return to Top
#1651405 - 01/17/12 02:44 PM Re: After GFE is signed...... MiMi
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
As stated in my post, we ask them to sign our cover letter that included the verbiage regarding intent to proceed. As also stated in my post, if the customer doesn't sign and return (which is not required) we document the method of obtaining their intent to proceed. Our process seems to cover all the "have to's" and avoid all the "can't ever's" in a streamline and consistant method that auditors can follow.

Return to Top
#1651438 - 01/17/12 03:14 PM Re: After GFE is signed...... MiMi
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,893
Galveston, TX
RF - What was that about?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1651459 - 01/17/12 03:33 PM Re: After GFE is signed...... MiMi
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
The facts, sir....just the facts.

Return to Top
#1651464 - 01/17/12 03:37 PM Re: After GFE is signed...... MiMi
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,893
Galveston, TX
Well, you just restated something that you already stated, so I was just curious smile Was just wondering what triggered the "As stated in my post" and "As also stated in my post" as no one disputed anything that you said.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1651474 - 01/17/12 03:45 PM Re: After GFE is signed...... MiMi
M Cockrell Offline
Diamond Poster
M Cockrell
Joined: Jan 2003
Posts: 1,038
Dallas, TX
I think the confusion may have been caused by the title of the post.
_________________________
"Remember no man is a failure who has friends." - Clarence (the Angel) Oddbody - It's a Wonderful Life

Return to Top
#1651479 - 01/17/12 03:33 PM Re: After GFE is signed...... AKA nan
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Originally Posted By: AKA nan
Ummm, You have them sign the GFE? I thought there couldn't be signature lines added to the GFE.


Probably this statement is why RF re-stated. I'm assuming the above statement came from [paraphrased from memory] "Your process is whatever you choose it to be...", which could have been misconstrued as you 'could' have them sign a GFE.
Last edited by RR Joker; 01/17/12 03:34 PM.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1651547 - 01/17/12 04:45 PM Re: After GFE is signed...... MiMi
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
I just hope the original poster got their question answered through all of this. It seems that this discussion site has become less about actually answering a question and more about personalities and ego.....my opinion only so no response is required, thanks.

Return to Top
#1651827 - 01/17/12 08:53 PM Re: After GFE is signed...... MiMi
buggs Offline
Power Poster
Joined: May 2005
Posts: 8,487
It was perfectly obvious to me that RF said as he already posted because someone misunderstood his statement and thought he was saying he had consumers sign the GFE. I followed the thread just fine. laugh

Return to Top
#1651884 - 01/17/12 10:06 PM Re: After GFE is signed...... MiMi
Combustible Offline
Diamond Poster
Joined: Dec 2008
Posts: 1,268
Me too, and I can see how it would be frustrating for someone to respond without understanding the post. Egos and personalities are overrated!

Return to Top

Moderator:  Andy_Z