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 ?
Textile production ranked fourth with 33 approvals, eight approvals were delegated to the mining sector, six for power projects and one approval for the minerals sector.
Following another three years of review and upon receiving most, if not all of its relevant approvals by 2001, the developers were required to go before the Town Board one last lime for supposedly a purely technical or ministerial cluster approval prior to receiving its final approval.
Many of the new recommendations will appear in a "guidance document" on the use of HIV RNA measurements to support accelerated and traditional approval for phase III trials.
In this regard, Bigmar plans to apply for ANDA approvals in the United States as well as various approvals from European regulatory authorities for the above-mentioned generic oncology drugs in IV bags during the first half of 2000.
But PhRMA would let the agency maintain its monopoly over approvals.