Definitions for "Firm Commitment"
A type of underwriting wherein the underwriter purchases the entire issue from the issuer in order to resell the securities in a secondary market.
An arrangement under which the underwriter of an issue of securities undertakes to purchase all of the issue not taken up by the general public.
Agreement between a company and its lead investment banker in which the latter is obligated to sell all the shares to be issued.
A written promise made by a lender to loan money for the purchase of property. Get Today's Mortgage Rates - Up to 4 Quotes - 50 States
A lender's irrevocable agreement to loan a specific sum of money at a specified interest rate for a definite term, subject to certain conditions.
(1) For multifamily housing, the HUD/FHA agreement to insure construction advances for multifamily housing projects subject to compliance with the terms of the commitment. HUD/FHA issues a firm commitment for mortgage insurance after accepting complete, final development drawings including complete specifications and firm costs. (2) The HUD/FHA agreement to insure a loan taken out by a borrower on a specific, previously approved single family property under specific terms. (3) For loans, a lender's agreement to make a loan to a specific borrower under specific terms and conditions within a given time. (4) In the secondary mortgage market, a buyer's agreement to purchase mortgage securities under specified terms.
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