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 ?
Americans aged 50 and older -- including whites, blacks, and Hispanics in this age group -- are less likely to approve of these unions than those 18 to 49 years of age.
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.S.C.
Such scrutiny guaranteed front-page coverage for Waxman and his Naderite allies and gave the FDA big incentives to approve as few new drugs and devices as possible.
After a year of discussions with the Education Department, the Department determined in one instance that the Regents Rule was being violated and directed the engineering firm to approve the design submitted by Skyline Steel, but with respect to a second similar instance determined that the engineering firm had not violated the Regents Rule.
But according to Ed King, chief of housing standards at the California Department of Housing and Community Development, the state right now "does not have the authority" to approve the pipe.
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?
(7.) The authority to approve the establishment of the proposed agency parallels the continuing authority of the State of Florida to license offices of a foreign bank.
The Board also indicated that it stands ready to approve a further reduction of 25 basis points in the discount rate to 5 1/2 percent on the requests of Federal Reserve Banks.
In order to approve a proposal under section 4(c)(8) of the BHC Act, the Board also must determine that the proposed activities are a proper incident to banking, that is, the proposal must "reasonably be expected to produce benefits to the public ...
Commenter argues that the Board may not approve the proposal because, in the view of Commenter, the proposal is not permissible under applicable state law.
In January 1985, the Atlanta Reserve Bank recommended that the Board of Governors approve an application filed by NBG to convert an existing wholly owned service subsidiary to an Agreement Corporation, called NBG International Bank.
* The FDA approves the nucleoside reverse transcriptase inhibitor (NRTI), lamivudine (Epivir, 3TC), by accelerated approval.