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#1990545 - 01/22/15 10:16 PM Intent to Proceed documentation
ADN Offline
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Joined: Mar 2007
Posts: 205
Can a loan originator start ordering verifications and requesting documentation from the borrower without documentation of the borrower's intent to proceed? (as a practice our bank does not charge any fees until loan closing)

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#1990551 - 01/22/15 10:31 PM Re: Intent to Proceed documentation ADN
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,939
Idaho
You can begin order outs as soon as the borrower receives the GFE and indicates their intention to proceed. If it's verbal, the LO should document it in the file. I don't think I would hold up a file just to have the borrower sign an intent to proceed form.
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#1990552 - 01/22/15 10:56 PM Re: Intent to Proceed documentation ADN
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
Unless policy says you have too, but that would be a foolish policy in my opinion.
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