Finance
A Kentucky lender issues a 'commitment letter' which means:
AThe appraisal has been completed
BThe lender has conditionally approved the loan subject to specific requirements✓ Correct
CThe loan has fully closed and funds are disbursed
DKREC has approved the loan terms
Explanation
A loan commitment letter is the lender's conditional approval to make the loan, typically subject to conditions such as property appraisal, title review, and satisfactory closing documentation.
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