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.
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.
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.
Well, you just restated something that you already stated, so I was just curious 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.
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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; 01/17/1203:34 PM.
My opinion only. Not legal advice.
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.