Arizona LSU Form PDF Details

When navigating the complexities of purchasing a home in Arizona, the Loan Status Update (LSU) form emerges as a pivotal document, ensuring transparency and smooth communication between buyers, sellers, and lenders throughout the buying process. Updated in February 2013 by the Arizona Association of REALTORS®, this comprehensive form outlines a series of mandatory disclosures and procedures aimed at keeping all parties informed about the status of the buyer’s mortgage application. From the initial contract acceptance, it mandates the provision of loan status updates by the lender to both the broker(s) and seller within a specified five-day window, highlighting the need for rigorous adherence to deadlines. Information such as lender details, contact information, loan type, property being purchased, and pre-qualification details are meticulously detailed within this form. Furthermore, it documents the buyer's financial situation—detailing whether they are reliant on the sale or lease of an existing property and if seller concessions are expected to cover loan-related costs. The inclusion of pre-qualification information, initial requested documentation, and the requirement for loan approval updates encapsulates the LSU’s role in streamlining the purchasing process, ensuring all parties are abreast of any developments. This form not only simplifies communication but also enforces accountability among buyers and lenders, thoroughly outlining the process from contract acceptance to the close of escrow, making it an indispensable tool in the real estate transaction process.

QuestionAnswer
Form NameArizona LSU Form
Form Length2 pages
Fillable?Yes
Fillable fields169
Avg. time to fill out34 min 22 sec
Other namesarizona loan status update 2020, arizona loan status update form, az loan status update, az lsu form 2021

Form Preview Example

LOAN STATUS UPDATE (LSU)

Document updated:

February 2013

1.Pursuant to Section 2e of the Contract Buyer shall deliver to Seller the AAR Loan Status Update (“LSU”) describing the current

2.status of the Buyer’s proposed loan within five (5) days after Contract acceptance and hereby instructs lender to provide an updated

3.LSU to Broker(s) and Seller upon request. “Lender” is indicated on lines 4 and 5.

4.Lender:

COMPANYARIZONA LICENSE #

5.

LOAN OFFICERNMLS #

6.

ADDRESSCITYSTATEZIP

7.

EMAIL

PHONE

FAX

8. Closing Loan Documents Delivery Date:

 

Close of Escrow Date:

 

9.Buyer(s):

10.Seller(s):

11.Premises/Property Address or Assessor’s #(s):

12. City:

 

AZ ZIP Code:

PRE-QUALIFICATION INFORMATION

13.Buyer is:

14.Buyer

15.Buyer

18.Type of Loan:

19.Occupancy Type:

20.Property Type:

21.

YES NO N/A

N

N

N

N

N

N

N

Married

 

N

Unmarried

N

Legally Separated

is

N

is not

relying on the sale or lease of a property to qualify for this loan.

is

 

 

relying on Seller Concessions for Buyer’s loan costs including pre-paids, impounds,

N

is not

appraisal fees and Buyer’s title and escrow fees. (Note: The amount that the Seller agrees to contribute, if any, shall be established in the Contract).

Conventional N FHA

N VA N USDA

 

N Other:

 

 

Primary

N Secondary

N Non-Owner Occupied

Single Family Residence

N Condominium

N Planned Unit Development N Manufactured Home

Mobile Home

N Vacant Land/Lot

N Other:

 

22.

N

N

N

Lender has provided Buyer with the HUD form “For Your Protection: Get a Home Inspection” (FHA loans only).

23.

N

N

N

Lender has completed a verbal discussion with Buyer including a discussion of income, assets and debts.

24.

N

N

N

Lender has obtained a Tri-Merged Residential Credit Report.

 

 

 

25.

Based on the information provided, Buyer can pre-qualify for a loan amount of: $

 

,

26.

assuming a monthly principal and interest loan payment of $

 

 

, provided that the total monthly

27.payment (which includes principal, interest, mortgage insurance, property taxes, insurance, HOA fees, and flood insurance,

28.if applicable) does not exceed: $

29. Interest rate not to exceed

 

%

30.Initial Requested Documentation: Lender has received the following information from the Buyer:

31.(Additional documentation may be required).

YES NO N/A

YES NO N/A

32.

33.

34.

35.

N

N

N

N

N

N

N

N

N

N

N

N

Paystubs

W-2s

Personal Tax Returns

Corporate Tax Returns

N

N

N

N

N

N

N

N

N

N

N

N

Down Payment/Reserves Documentation

Gift Documentation

Credit/Liability Documentation

Other:

36.Additional comments:

37.Buyer has instructed, and Lender agrees to provide loan status updates on this AAR Loan Status Update form to Seller and Broker(s)

38.within five (5) days of Contract acceptance pursuant to Section 2e of the Contract and upon request thereafter.

39.Buyer intends to proceed with the above referenced Lender on the terms described herein. Buyer acknowledges receipt of a copy hereof.

40.

^ BUYER’S SIGNATURE

MO/DA/YR ^ BUYER’S SIGNATURE

MO/DA/YR

>>

Loan Status Update • Updated: February 2013 • Copyright © 2013 Arizona Association of REALTORS®. All rights reserved.

PAGE 1 of 2

 

 

Page 2 of 2

Loan Status Update (LSU) >>

 

 

Premises/Property Address or Assessor’s #(s):

 

 

 

DOCUMENTATION

 

YES NO

DATE

LENDER

 

COMPLETED

INITIALS

41.

42.

43.

44.

45.

46.

47.

48.

49.

50.

51.

52.

53.

54.

55.

 

N

 

 

 

 

 

N

Lender has received the Contract and all Addenda

 

/

 

/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has sent initial Good Faith Estimate and Truth in Lending (TIL) Disclosures

 

/

 

/

 

 

 

 

N

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has received a signed Application/1003 and disclosures

 

/

 

/

 

 

 

 

N

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has identified down payment source

 

/

 

/

 

 

 

 

N

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has received and reviewed the Title Commitment

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment for the appraisal has been received

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has ordered the appraisal

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buyer has locked the interest rate and points with Lender

 

/

 

/

 

 

 

 

N

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lock expiration date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has received the Initial Requested Documentation listed on lines 32-35

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appraisal received and the Premises/Property appraised for at least the purchase price

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNDERWRITING AND APPROVAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has submitted the loan package to the Underwriter

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lender has obtained loan approval with Prior to Document (“PTD”) Conditions

 

/

 

/

 

 

 

 

N

 

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appraisal conditions have been met

 

/

 

/

 

 

 

 

N

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buyer has loan approval without PTD Conditions

 

/

 

/

 

 

 

 

N

 

 

 

N

 

 

 

 

 

 

 

 

 

 

CLOSING

56.

57.

58.

59.

60.

61.

62.

63.

64.

65.

N N N N N N N N N N N N N N

N N N N

Lender has ordered the Closing Loan Documents (“DOCs”) and Instructions

 

/

/

 

 

 

 

 

 

Lender has sent the DOCs to the Escrow Company

 

/

/

 

 

 

 

 

 

Lender has received the pre-audit from Escrow Company

 

/

/

 

 

 

 

 

 

Lender has approved the pre-audit from Escrow Company

 

/

/

 

 

 

 

 

 

Lender has received signed DOCs from all parties

 

/

/

 

 

 

 

 

 

All lender Quality Control Reviews have been completed

 

/

/

 

 

 

 

 

 

All Prior to Funding (“PTF”) Conditions have been met and buyer has obtained

 

/

/

loan approval without conditions

 

 

 

 

 

Funds have been ordered

 

/

/

 

 

 

 

 

 

All funds have been received by Escrow Company

 

/

/

 

 

 

 

 

 

66.Close of escrow occurs when the deed has been recorded at the appropriate county recorder’s office.

67.

^ LOAN OFFICER’S SIGNATURE

MO/DA/YR

Loan Status Update • Updated: February 2013 • Copyright © 2013 Arizona Association of REALTORS®. All rights reserved.

PAGE 2 of 2

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loan status update arizona completion process described (portion 1)

2. Now that the last part is done, you're ready insert the required particulars in Property Type, n Single Family Residence n, n Vacant LandLot n Other, YES NO NA n n n Lender has, Based on the information provided, Initial Requested Documentation, YES NO NA n n n Paystubs n n n Ws, YES NO NA n n n Down, Additional comments, and Buyer has instructed and Lender so you're able to move forward to the third step.

loan status update arizona completion process outlined (stage 2)

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Part # 3 for filling in loan status update arizona

4. This fourth section arrives with the next few blanks to complete: Loan Status Update LSU , PremisesProperty Address or, YES NO, n n Lender has received the, DATE, COMPLETED, LENDER INITIALS, n n Lender has sent initial Good, DOCUMENTATION, n n Lender has received a signed, n n Lender has identified down, n n Lender has received and, n n Payment for the appraisal has, n n Lender has ordered the, and n n Buyer has locked the interest.

Guidelines on how to complete loan status update arizona step 4

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Stage no. 5 of filling in loan status update arizona

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