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Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/there-are-two-categories-of-30766107.aspx

Subject:  Re: Chase no longer issues commitment letters? Date:  7/8/2013  12:10 PM
Author:  CCinOC Number:  125736 of 127684

There are two categories of "conditions"--prior-to-doc and prior-to-funding.

A conditional loan--all loans without exception come out of underwriting with conditions--is one that is fully approved IF you supply Item X, Y or Z.

PTD (prior-to-doc) conditions are items the lender must receive and review before the file is cleared for loan documents to be printed.

PTF (prior-to-funding) conditions are items the lender must receive and review before the lender flips the switch (so to speak) and allows its money to be wire transferred to escrow.
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