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 ?
APPROVe (Adenomatous Polyp Prevention on VIOXX) was a multi-center, randomized, placebo-controlled, double-blind study designed to evaluate the efficacy of 156 weeks (three years) of treatment with VIOXX 25 mg in preventing recurrence of colorectal polyps in patients with a history of colorectal adenomas.
CNN/USA Today/Gallup - Strongly approve, 22 percent; moderately approve, 18 percent; moderately disapprove, 24 percent; strongly disapprove, 35 percent.
The Los Angeles City Council's pay will jump by more than $9,000 if the state Judicial Council approves a pay raise for municipal court judges on April 24.
To approve an amendment to the Company's Articles of Association, which is required in order to comply with recent changes to the Israeli Companies Law.
In deciding whether to exercise its discretion to approve an application under authority of this exception, the Board shall also consider whether the foreign bank has adopted and implemented procedures to combat money laundering (12 U.
Imperfection has never sat well with the FDA, which gets a great deal of bad publicity if something it approves hurts someone but none at all if someone dies because of regulatory delay.
Episcopal Life newspaper reported that Josephine Hicks, a member of ECUSA's ACC deputation, had urged the council to approve the request saying it needed to make a "leadership statement.
But residents disagreed, saying all decisions related to the airport must be the subject of a public hearing before the council can decide to approve building permits, for example.
The committee voted to approve 16 out of 25 current grant applications.
For instance, the FDA's Center for Devices and Radiological Health takes more than three times longer to approve a Class III or "substantial risk" medical device (such life-saying products as heart valves or CAT scanners) than do the agency's counterparts in Europe.
The issue presented to the Court of Appeals was if at the time rezoning was approved there were no actual projects yet proposed for the Site and SEQRA review were premised on hypothetical uses, was it proper to approve the rezoning unconditionally, or should it have been subject to further review based on later specific projects?
If the state bond fails in November, the next opportunity for voters to approve state construction funds would come in March 2004.