I wonder, if a loan applicant chooses not to accept or go any further with a loan application, would you describe that act as cancelling or lapsing the application?, i.e., is the application cancelled or lapsed?
To emphasise: This is specifically related to loan applications, and in Norwegian we use the expression "bortfalle", which literally means "fall away", to refer to both the passive and the active case when it comes to loan applications. The verb usually is a "timeout lapse" in other uses. Are you positive to "lapse" cannot be used transitively in this particular context in English? Would "withdraw" be the financially correct term to use here?