Definition of "Approval"

Leila Harvey real estate agent
Leila Harvey, Real Estate Agent Texas Connect Realty

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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