Finance
In South Dakota, a 'commitment letter' from a lender means:
AThe lender has committed to offering the best available rate
BThe lender has approved the loan and commits to fund it, subject to specified conditions✓ Correct
CThe borrower has committed to accepting the lender's terms
DThe SDREC has approved the transaction for licensing purposes
Explanation
A mortgage commitment letter formally states that the lender has approved the loan and will fund it, subject to meeting any remaining conditions (appraisal, title, final verification of borrower information).
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