The Wisconsin Department of Financial Institutions-Banking set forth the following definition of “Loan Commitment” in DFI-BKG 40.01(5):
“Loan commitment” means a written statement signed by a lender, setting forth the terms and conditions upon which the lender is obligated to make a particular residential mortgage loan to a particular applicant.
Since this definition includes “a written statement signed by a lender,” we are updating our WI Loan Commitment (Cx15918) to contain a lender signature line on the form.
This change will be in effect on December 24, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.