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Signature Required - Intent to Proceed

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Question: 
Is a customer required to sign an intent to proceed? I have not found that in the Reg.
Answer: 

No, it's not required unless your procedures require it.

(A) Fee restriction. Except as provided in paragraph (e)(2)(i)(B) of this section, neither a creditor nor any other person may impose a fee on a consumer in connection with the consumer's application for a mortgage transaction subject to paragraph (e)(1)(i) of this section before the consumer has received the disclosures required under paragraph (e)(1)(i) of this section and indicated to the creditor an intent to proceed with the transaction described by those disclosures. A consumer may indicate an intent to proceed with a transaction in any manner the consumer chooses, unless a particular manner of communication is required by the creditor. The creditor must document this communication to satisfy the requirements of ยง 1026.25.

First published on 11/26/2023

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