Skip to content
BOL Conferences
Thread Options
#2229751 - 01/28/20 03:56 PM Intent to Proceed - signed?
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
I have always thought that Intent to Proceed was one of the disclosures that required a signature. Have I been mistaken in that belief?

Return to Top
Lending Compliance
#2229755 - 01/28/20 04:00 PM Re: Intent to Proceed - signed? mdog76
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
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).
_________________________
My Opinions Only

Return to Top
#2229757 - 01/28/20 04:12 PM Re: Intent to Proceed - signed? mdog76
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
Thanks for the help!

Return to Top
#2229759 - 01/28/20 04:35 PM Re: Intent to Proceed - signed? mdog76
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Now - secondary market investors may have other requirements. What I outlined above is the regulatory requirement.
_________________________
My Opinions Only

Return to Top
#2229761 - 01/28/20 04:40 PM Re: Intent to Proceed - signed? mdog76
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
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.

Return to Top

Moderator:  Andy_Z