After delivering the signed Intent to Proceed, how long must a borrower wait to close on the loan?

The correct timeframe for a borrower to wait to close on the loan after receiving the signed Intent to Proceed is indeed 7 business days. This requirement is in place to ensure that borrowers have adequate time to review the loan terms and disclosures before finalizing the loan.

The 7-business-day waiting period helps protect borrowers by giving them the opportunity to consider their loan options without feeling rushed. This is especially important since the Intent to Proceed is a significant step in the mortgage process, indicating that the borrower wishes to move forward after being informed of necessary details, such as loan terms and costs.

By adhering to this waiting period, lenders help ensure compliance with regulations that promote transparency and fair lending practices, ultimately benefiting the borrower.