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 ?
The Valencia-based company received an AS9100 certification, an industry stamp of approval.
For the first time, an earthquake forecast has been given an official stamp of approval.
Hemor-Rite(R) boasts a series of key benefits such as the Cryotherapy technology for prompt relief, anatomic design for comfort, and unlimited daily usage all with the FDA stamp of approval.
This is a stamp of approval from the academy that suggests that everyone should see it,'' Viane said.
We have worked hard to ensure that all our loans are of the highest quality, and we're pleased that Fannie Mac considers them deserving of their stamp of approval.
El Pollo Loco is the first restaurant chain to receive Lindora's Lean for Life Certified stamp of approval, which guides the public in making healthy food choices.
Both Huizar and Tokofsky would like to see any upcoming retroactive contracts get audited before they receive the stamp of approval.
Blom ASA Chief Operating Officer (COO) David Critchley said, "This agreement with Ordnance Survey gives our Pictometry program the stamp of approval from one of the world's most highly respected geospatial organizations.
Gaining the association's stamp of approval is crucial to the zoo's ability to participate in animal conservation programs with other nationally recognized zoos.
In the oil and gas industry, it is our opinion that ExxonMobil's selection gives us the highest stamp of approval," said Jon Gilbert, president and CEO of Blue Sky Network.
Franzen, whose third novel, ``The Corrections,'' has emerged as the literary sensation of the fall season - it's received almost uniformly ecstatic reviews, many proclaiming it that ever-elusive ``great American novel,'' and has been nominated for the National Book Award - felt that Winfrey's stamp of approval compromised the book's literary integrity, and groused, however good-naturedly, about the Oprah insignia appearing on his book's cover.
Nowhere is this more apparent than in Rhode Island, where our zero-premium Medicare Complete product includes both the new Medicare prescription drug benefit and the stamp of approval of AARP, the nation's most respected senior organization.