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 ?
Unlike other operations certifications, the M&O Stamp of Approval is specifically designed for data center operations.
We believe the same stamp of approval will provide the same level of safety,'' said Kelly, who also is chairman of the Reusable Launch Vehicles Working Group of the Transportation Department's space advisory committee.
Dentist Kimberly Harms recommends looking for brands with the American Dental Association's stamp of approval.
Existing diagnostic products, without the EU stamp of approval, can remain on the market only until 2005.
It's also giving homosexual behavior an implied stamp of approval from a tax-supported government institution.
Under the new standards, facilities seeking JCAHO's stamp of approval must, among other requirements, assess and assure staff competency in pain assessment and management, establish policies and procedures that support the administration of effective pain medications, and educate patients and their families about pain management.
Rather it came from an American source with episcopal approval attached, was slightly touched up by personnel of the Institute for Catholic Education (ICE), after which it received the stamp of approval (Imprimatur) from the chairman of the Bishops' Education committee, Bishop James Doyle of Peterborough.
Ordinarily, a product that sails through two levels of FDA review would almost certainly win Kessler's stamp of approval.
93-12, claiming minority interest discounts on gifts of noncontrolling interests to family members has been perceived by many as a technique that has the IRS's stamp of approval.
Of course, the typewriter and then the word processor became essential office equipment, so eventually a simple autograph put the stamp of approval on that piece of paper.
The CCHIT stamp of approval has demonstrated our commitment to provide state-of-the-art solutions and will allow us to leverage new technology offerings to a broader client base" added Mindermann.
Now Mayor Michael Bloomberg must first get the stamp of approval from the City Council to use those funds.