approval

Definition

A borrower's loan application acceptance, meaning that the borrower meets both qualification and underwriting requirements set forth by the lender. If approval is given via an automated underwriting system, the borrower may have to verify certain information before their application can be approved.

Use approval in a sentence

Now, with the approval of the manager, Jen could meet with the project director to discuss the next steps of the business merger.

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I did not think I would gain the approval of my friends because I was wearing a really long shirt and they all had short ones on.

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Erica immediately contacted her realtor when she received the phone call from the lending company regarding her approval on a small business loan.

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authorized stock prequalification