Q: How does a consumer indicate an intent to proceed with a transaction?
A: A consumer indicates intent to proceed with the transaction when the consumer communicates, in any manner, that the consumer chooses to proceed after the Loan Estimate has been delivered, unless a particular manner of communication is required by the creditor. (§ 1026.19(e)(2)(i)(A))
This may include:
Oral communication in person immediately upon delivery of the Loan Estimate; or
Oral communication over the phone, written communication, communication via email, or signing a pre-printed form after receipt of the Loan Estimate.
A consumer’s silence is not indicative of intent to proceed. (Comment 19(e)(2)(i)(A)-2)
The creditor must document this communication to satisfy the record retention requirements of § 1026.2