Approval

(redirected from Stamp of approval)
Also found in: Dictionary, Thesaurus, Medical, Legal.

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 ?
For the first time, an earthquake forecast has been given an official stamp of approval.
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.