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 ?
CNN/USA Today/Gallup - Strongly approve, 22 percent; moderately approve, 18 percent; moderately disapprove, 24 percent; strongly disapprove, 35 percent.
The council's pay will jump to to $107,390 if the state Judicial Council on April 24 approves a pay hike for judges as expected.
The FDA approves the chemotherapy agent doxorubicin liposome injection (Doxil) for the treatment of Kaposi's sarcoma (KS) in patients with AIDS whose disease has progressed on prior chemotherapy or in patients who cannot tolerate these other chemotherapy agents.
The FDA approves the PIs ritonavir (Norvir) and indinavir (Crixivan).
The FDA approves the viral load test, a new diagnostic test that measures the level of HIV in the blood.
The FDA approves the NNRTI delavirdine (Rescriptor).