loan commitment
Defined in 1 place of the United States Code.
the term “loan commitment” means a prospective mortgagee's written confirmation of its approval, including any applicable closing conditions, of the application of a prospective mortgagor for a residential mortgage loan.
Source
- 1998–present12 U.S.C. § 4905Banks and Banking · Disclosure requirements for lender paid mortgage insurance · for purposes of this section