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.