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#2219121 - 08/05/19 06:46 PM Intent to proceed
Nicole Offline
100 Club
Joined: Nov 2018
Posts: 158
is the intent to proceed required on loans secured by vacant land and also are they required to sign vacant land or can we just document the file

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TRID - TILA/RESPA Integrated Disclosures Rule
#2219124 - 08/05/19 06:57 PM Re: Intent to proceed Nicole
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,108
OK
Intent to proceed is required for any loan subject to TRID, so if the vacant land loan isn't otherwise exempt (open end credit, business or ag. purpose, etc.), yes you must have intent to proceed. Whether you have a signed form for that or document it otherwise is up to you. There's no requirement to have a form, or to have that form signed.
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#2219127 - 08/05/19 07:09 PM Re: Intent to proceed Nicole
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,108
OK
We don't sell loans (anymore), so my mind never goes there. If you do, your investor may have more stringent requirements than the regulation does.
_________________________
I'm fixin' to fix that.

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