Question: 20 (2 points) A buyer completes a loan application in person with a lender, and submits supporting documentation. The lender evaluates the application and states

20 (2 points) A buyer completes a loan application in person with a lender, and submits supporting documentation. The lender evaluates the application and states that it will lend the buyer up to a specified amount. What is this phase in the lending process called? Question 20 options: a) Preallocation b) Preapproval c) Predetermination d) Prequalification

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