RESPA and Obtaining Intent to Proceed

Financial Institutions

March 01, 2012
by John Moniak, CRCM

Bookmark and Share
John Moniak John Moniak, CRCM
Senior Manager - Regulatory Compliance

View Profile

In our recent mortgage file examinations at clients, we have noticed many lenders have not been obtaining an affirmation of intent to proceed with the mortgage loan that conforms to the July 11, 2011, HUD guidance published in the Federal Register. Many lenders have incorrectly assumed that since the loan closed, the applicant borrower expressed the intent to proceed with the loan.

Average Rating:

Length: 2 pages (PDF 83 kB)

Rate this Article
*  =  required fields
Your Rating*
E-mail Address*