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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
"The Seal of Approval Service Provider status is a signal to our customers that we care to use only the best cleaning products.
Bright Futures Treatment Center, a drug and alcohol rehab center based in Boynton Beach, Fla., announced it has earned The Joint Commission's Gold Seal of Approval accreditation for behavioral healthcare and for opioid addiction treatment.
Bioness previously earned the Gold Seal of Approval from The Joint Commission in 2012.
DONCASTER: 1.40 Mary McPhee, 2.10 Joyeuse, 2.40 Seal of Approval (nap), 3.15 Lexington Times, 3.45 Long Cross, 4.25 Blue Waltz, 5.00 Kitten's Red, 5.35 Shore Step.
Seal Of Approval went on to score in an Ascot Group One after her Doncaster tumble but she has not been in quite the same form this term, with her unplaced effort in the Lancashire Oaks back in July particularly disappointing.
James Fanshawe, trainer of Seal Of Approval This is her time of year and she's improving all the time.
Allergy UK's Seal of Approval is an endorsement given to products which have passed the charity's high standards of scientific testing and have proven efficiency at reducing or removing allergens.
Fanshawe said: "All season we have been working back from the Qipco British Champions Fillies and Mares Stakes with Seal Of Approval as it is such a fantastic prize to win.
The reliability of the seal of approval is particularly valued because it is not the company, but each individual yarn grade that is tested and certified.
"We're delighted the new play equipment has been installed in time for Christmas, and has already secured Santa's seal of approval."
But Whole Foods, whose commitment to the highest-quality natural and organic products is its core positioning, shook up the personal care business in 2008 when it published its premium body care standard and seal of approval, thereby setting a new industry benchmark.
A NEW green energy plant powered by a Birmingham university has been given the royal seal of approval by Princess Anne.