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#2229751 - 01/28/20 03:56 PM Intent to Proceed - signed?
mdog76 Offline
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I have always thought that Intent to Proceed was one of the disclosures that required a signature. Have I been mistaken in that belief?

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#2229755 - 01/28/20 04:00 PM Re: Intent to Proceed - signed? mdog76
Skittles Offline
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It does not require a signature (few disclosures do). The applicant can verbally given intent and the employee receiving that intent should document the file (i.e. notate the customer called on 1/28/20 and gave intent).
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#2229757 - 01/28/20 04:12 PM Re: Intent to Proceed - signed? mdog76
mdog76 Offline
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Thanks for the help!

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#2229759 - 01/28/20 04:35 PM Re: Intent to Proceed - signed? mdog76
Skittles Offline
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Now - secondary market investors may have other requirements. What I outlined above is the regulatory requirement.
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#2229761 - 01/28/20 04:40 PM Re: Intent to Proceed - signed? mdog76
Truffle Royale Offline

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No secondary we work with requires a signature on the intent to proceed. They recognize that intent only has to be documented.

That said, the form we use as a spot for borrower signatures and a space the LO can use to document verbal communication of intent. One or the other must be completed on our form. We send the form with the LE so it's easy for the applicant to return along with the other documentation required to underwrite the loan.

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