New Document: AL Commitment Agreement (Cx17166)
Ala. Code § 5-25-21(b)(3) & (b)(5) prohibit a licensee under the Mortgage Brokers Licensing Act from failing “to disburse funds in accordance with a written commitment to make a mortgage loan” and from collecting “any mortgage broker fees before a conditional commitment is obtained from the lender by the mortgage broker.”
Alabama law further defines a commitment as follows:
“COMMITMENT….