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How long does the intent to proceed under RESPA typically last?
5 business days
10 business days
15 business days
30 business days
The correct answer is: 10 business days
The intent to proceed under the Real Estate Settlement Procedures Act (RESPA) typically lasts for 10 business days. This timeframe is established to provide consumers with a brief window in which they can review the loan estimate and decide whether to move forward with the mortgage process. During these 10 business days, borrowers have the opportunity to ask questions, compare offers, and gather necessary information before committing to the loan, ensuring that they make informed decisions. This regulation promotes transparency and helps protect consumers in the mortgage process by giving them a clear timeframe to assess their options before proceeding.