In Jacques v. First Nat'l Bank, 307 Md. 527, 515 A.2d 756 (1986), a bank was held liable for negligently processing the Jacques' loan application. The Court of Appeals concluded that the bank had a duty that supported the negligence claim, even though there was only economic loss involved, for several reasons. First, for consideration, the bank made two express promises to the Jacques: one to process their loan application, and another, to lock in the interest rate for 90 days. See 307 Md. at 537. Second, the agreement "to process the loan application was intended to and did result in a business advantage to the bank." 307 Md. at 537-38. Third, the bank expressly undertook to process the application, which implied that it would do with reasonable care. See 307 Md. at 540. Fourth, under the provisions of their contract to purchase a residence, the Jacques were "particularly vulnerable and dependent upon the Bank's exercise of due care," because they might lose their deposit or the benefit of their bargain. See 307 Md. at 540-41. Fifth, "the banking business is affected with the public interest." 307 Md. at 542. In Jacques v. First National Bank, the plaintiffs, a married couple, entered into a residential sales contract to purchase a house. Under the contract, the Jacqueses were to make a cash down payment and obtain financing for the balance of the contract price. The contract was contingent upon the Jacqueses obtaining financing through a conventional 30-year loan bearing a fixed interest rate of 12-1/4% or less, and secured by a deed of trust. In a handwritten addendum to the contract, however, the Jacqueses agreed to "increase the down payment to whatever amount is necessary to qualify for a mortgage loan." Id. at 529. The Jacqueses submitted an application to First National Bank ("the Bank") seeking a loan in accordance with the terms of the sales contract. They attached a copy of the contract and its addendum. By letter, the Bank acknowledged receipt of the application, locked in a rate of 11-7/8% for 90 days, and agreed to process the application. Several weeks later, the Bank informed the Jacqueses that they only qualified for a loan in an amount significantly less than the amount to be financed. Despite the Jacqueses's protests, the Bank refused to revisit its determination in that regard and also refused to issue an "outright refusal" of the loan application. Id. at 530. As required by the addendum to the sales contract, the Jacqueses accepted the loan the Bank was willing to give them and otherwise financed the purchase with personal loans from family members and an additional short-term personal loan from the Bank. They then sued the Bank for, among other things, negligence in the processing of their loan application. The case was tried to a jury, which returned a verdict in favor of the Jacqueses, awarding them $10,000 in compensatory damages. Unhappy with the amount of the verdict, the Jacqueses noted an appeal, arguing that the trial court had erred in instructing the jurors on their (the Jacqueses') duty to mitigate their damages. The Bank cross-appealed, arguing that it did not owe any duty of care to the Jacqueses, as a matter of law. The Court reversed the judgment, holding that the Bank had no legal duty to use due care in evaluating an application for a loan. Jacques v. First National Bank, 62 Md. App. 54, 488 A.2d 210 (1985). The Court of Appeals granted certiorari and reversed. As noted above, the Jacques Court enunciated the principle that, when conduct creates the risk of economic loss (as opposed to the risk of personal injury), a tort duty of care will be found to exist when, and only when, there is an "intimate nexus" between the parties. Jacques, 307 Md. at 534. A showing of "contractual privity or its equivalent" satisfies the "intimate nexus" requirement. Id. at 534-35.