A. A commitment letter is generally issued to the broker/banker based on the loan being approved. Just because you have received a commitment letter this does not mean that the loan is guaranteed. It simply means that based on the information either inputted into the computer system or sent to the investor, that based on there initial findings the loan has been approved and they are committed to lend.
Many times when working with a realtor they will ask you if you have received a commitment letter. This is a word that is used improperly most of the time as you can typically only approve a commitment letter once you have submitted a complete loan application.