Answer:
There are no federal regulations that specifically require this. Reg B does require that you notify the applicant of your decision, and the commitment letter fulfills this requirement. This notice must be sent within 30 days of taking a completed application. In all other respects, the commitment letter functions as an offer to enter into a contract, so state law would dictate any requirements.
First published on BankersOnline.com 3/13/06
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