Approval
Definition
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.
Related Terms Other terms related to 'Approval' starting with the letter 'A' Accrued interest, Application, Assumable mortgage, Automated underwriting system, Acceleration clause
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