The phrase "approval status" refers to the state of being accepted, authorized, or given permission for something. It indicates whether something has been approved or not. Full definition
If your score is below 640, or you have no score at all, your lender will request extra documentation to determine approval status. (themortgagereports.com)
The credentials committee will contact the applicant with approval status via email within 7 - 10 business days of submission of these documents. (avtaa-vts.org)
To maintain approval status during this period, programs are asked to review their activities to ensure that standards are being upheld. (ncra.org)