Finance
A North Dakota bank issues a 'commitment letter' to a mortgage applicant. This means:
AThe loan has been funded
BThe bank has conditionally agreed to lend a specified amount under certain conditions✓ Correct
CThe title has been cleared for closing
DThe borrower has signed the promissory note
Explanation
A mortgage commitment letter is the lender's formal agreement to provide financing under specified terms and conditions. It is issued after underwriting approval but before closing. The loan is not funded until closing.
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