So, what would you consider evidence of intent to proceed? I don't want add yet another piece of paper to the file, and the law doesn't explicitly say get it in writing, but rather the borrower expresses intent to proceed.
Do you not use a disclosure letter? We use the following and I know others use something similar. The 0s are check boxes. Once the applicant provides us the check for the appraisal they have given their intent to proceed.
City State Zip
May 19, 2014
Thank you for choosing The Peoples State Bank for consideration of your home financing needs.
We are providing, or have already provided you the following disclosures to help explain the terms of the proposed financing. If you have any questions after reviewing these disclosures please contact me and I will be glad to go over the details with you.
0 The Preliminary Truth-In-Lending Disclosure
0 The Good Faith Estimate
0 Written List of Settlement Service Providers
0 Servicing Transfer Disclosure
0 Notice of the Right to Receive Copy of Appraisal
0 HUD’s booklet “Buying Your Home”
0 The Notice to Home Applicant / Credit Score Disclosure
0 Homeowner’s Counseling Notice
0 Federal and State Sales of Insurance Disclosure
0 Notice to Borrower / Prospective Borrower (form HPU-01) as required by Indiana Code 24-5-23.5-8(a))
0 The Peoples State Bank’s Privacy Disclosure
If your proposed financing is an Adjustable Rate Mortgage (ARM) the following disclosures have been or are being provided:
0 HUD’S booklet “Consumer Handbook on Adjustable Rate Mortgages (ARM)”
0 Our 1-1, 3-1 and 5-1 Adjustable Rate Mortgage Disclosures
If after reviewing these disclosures you wish to proceed with the loan request please return your check for $375.00 to cover the cost of the appraisal in the enclosed envelope. If we do not receive your check on or before _______ we will assume you have chosen not to proceed with the loan request and no further action will be taken.
We look forward to serving your home financing needs.