What is intent to proceed and why does it matter?

According to the Consumer Financial Protection Bureau, if you intend to proceed with a particular mortgage application, you must take the next step and tell the lender you want to move forward with the application for that loan. This is the step known as intent to proceed. The lender is required to honor the terms of the Loan Estimate for only 10 business days. If you decide to move forward more than 10 business days after you receive a Loan Estimate, the lender can revise the terms and estimated costs and provide you with a revised Loan Estimate.