Bureaucracy necessitates precision and meticulousness.
Unless you manage filling out documents like the Notice Default Intent With Proceed With Loan Application on a daily basis, it may lead to certain misconceptions.
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Notice of Intent to Proceed with Loan Application (NIPLA) is a letter signed by the loan applicants to inform the lender of their intention to proceed with the loan application and their acceptance of the terms and fees listed in the Good Faith Estimate (GFE).
It might help to know that the Intent to Proceed isn't a binding document. You can switch lenders anytime. In fact, none of the loan disclosures or the mortgage documents you sign are binding until you get to the closing.
If you can't go to the lender's office and express your intention to proceed in person, you can communicate it over the phone, through email, or by submitting a signed pre-printed form. For recordkeeping purposes, the lender must document your intention to proceed to officially move forward with your application.
Federal law gives borrowers what is known as the "right of rescission." This means that borrowers after signing the closing papers for a home equity loan or refinance have three days to back out of that deal.