What does the borrower need to be informed about at or before the issuance of a loan commitment?

The requirement for borrowers to be informed about the expiration date of the loan commitment is crucial for ensuring that they clearly understand the time frame in which they must operate. This information allows borrowers to plan their next steps accurately regarding their mortgage process. Knowing the commitment's expiration date helps them understand how long they have to meet any conditions and proceed with the loan without the risk of the commitment becoming void.

The other options, while relevant to the mortgage process, do not carry the same legal necessity of being disclosed specifically at or before the issuance of a loan commitment. For instance, the lender's fees may be outlined earlier in the process, and while the closing date is important, it is often established later in the transaction. The appraisal amount is also significant but typically occurs after the loan commitment is issued, meaning it does not need to be disclosed at that particular stage.