Definition of "Approval"

Christine  Stevens, <br>Associate Real Estate Broker<br> CBR, CHMS real estate agent
Christine Stevens,
Associate Real Estate Broker
CBR, CHMS, Real Estate Agent
Coach Real Estate - Smithtown

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.

 

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