Approval


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Approval

An acceptance of an application. For example, an insurance company may give approval to an application for a policy, and a bank may do the same for a loan application.

Approval

Acceptance of the borrower's loan application.

Approval means that the borrower meets the lender's Qualification Requirements and also its Underwriting Requirements. In some cases, especially where approval is provided quickly as with Automated Underwriting systems, the approval may be conditional on further verification of information provided by the borrower.

References in periodicals archive ?
This is compared to 145 approvals in the same month last year, marking a 85% increase, said Qabil.
Sherman explained the approval process for the bond application had been set in three stages because of the size and complexity of the project.
We can assess the causal relationship between foreign (and economic) approval and general presidential approval by regressing current values of general approval on lagged values of general approval and lagged values of foreign (economic) policy approval and also by regressing current values of foreign (economic) approval on lagged values of itself and lagged values of general approval.
But presidential approval also became a surrogate measure of national unity and patriotism.
2002-38 lays out the automatic approval procedures for partnerships, S corporations, electing S corporations and personal service corporations (PSCs) to change annual accounting periods.
Rhetorically, it sounded much like today's accelerated approval, but HIV public policy groups were split on the proposal, with some prominent organizations arguing against it as a "sellout to the pharmaceutical industry.
In order to gain FDA approval for a drug, a company or researcher submits a package of data from a series of clinical trials.
In this regard, Bigmar plans to apply for ANDA approvals in the United States as well as various approvals from European regulatory authorities for the above-mentioned generic oncology drugs in IV bags during the first half of 2000.
manufacturers from exporting devices that are approved for use in other countries but not yet approved here, and allow "breakthrough" drugs to be approved after one set of clinical trials, cutting approval times for those drugs by years rather than months.
Two different approval processes--the premarket approval (PMA) and the premarket notification of 501(K) process-are available to Class III devices.
This has been one of the most onerous approvals processes this firm has ever experienced, but we trusted the Town and were determined to work with them at every juncture to create the type of high quality mixed use development, which they encouraged us to build on the site," explained Harvey Schulweis, the managing partner of Putnam Seabury.
Form 1128, Application To Adopt, Change, or Retain a Tax Year, is used to apply for expeditious approval.