Asked by Alan Openshaw, Southampton, PA • Wed Feb 22, 2012
It is illegal for a Pennsylvania broker it is illegal to issue a mortgage commitment. Department of Banking regulations specifically forbid it. Also many of the lenders we deal with purposefully have removed the word commitment from all of their documents. So how does a buyer get a commitment if a broker can't issue one and his broker's bank refuses to provide one. I think it is time for the Agreement of sale to be re-worded to allow a buyer to provide something other than a commitment but which satisfies the sellers requirements of getting a loan approval.
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