The Arizona Loan Status Update (LSU) form is a required real estate document maintained by the Arizona Association of REALTORS. Updated in February 2013, it serves as a formal record of a buyer's mortgage application progress, giving buyers, sellers, and lenders a shared view of where the loan stands at each stage of the transaction.
The form captures loan information across several key sections. Lender contact details, loan type (conventional, FHA, VA, or other), and the property address appear at the top. The form then records whether the buyer is relying on the sale or lease of another property to fund the purchase, and whether seller concessions are expected to cover any loan costs.
A detailed YES/NO/NA checklist tracks each step of the loan process: receipt of initial documentation such as pay stubs and W-2 forms, appraisal order and payment, interest rate lock, underwriting approval, and final funding clearance. The loan officer dates and initials each completed milestone, creating an audit trail that all parties can reference. Related documents used in Arizona closings include the closing disclosure form and the gift letter for mortgage.
The LSU form gives sellers documented proof that the buyer's financing is moving forward. Sellers and their agents can track whether the loan has cleared underwriting, whether the appraisal has been ordered, and whether the lender anticipates any conditions that could delay closing. This visibility reduces uncertainty and helps both parties plan closing logistics with confidence.
For buyers, the form creates accountability. It commits the lender to reporting on each required step in writing, which reduces the risk of missed deadlines. Buyers who fail to submit the initial LSU within five days of contract acceptance may face contractual consequences under Section 2e, so timely completion is important.
The buyer's lender or mortgage broker completes the status checkboxes and milestone dates. The buyer signs the form to authorize the lender to share loan information with the seller and brokers. Listing agents and buyer's agents use the completed form to coordinate closing preparations. The form is a required part of the standard Arizona residential purchase contract package. For the broader context of an Arizona home purchase, see the Arizona real estate purchase agreement.
The first LSU is due within five days of contract acceptance. Additional updates are required upon request from the seller or broker at any point during the transaction. Most lenders provide updated forms at key milestones such as loan approval, appraisal completion, and final funding clearance. Keeping the LSU current reduces the risk of contract disputes and supports a smooth close of escrow.
| Question | Answer |
|---|---|
| Form Name | Arizona LSU Form |
| Form Length | 2 pages |
| Fillable? | Yes |
| Fillable fields | 169 |
| Avg. time to fill out | 34 min 22 sec |
| Other names | arizona loan status update 2020, arizona loan status update form, az loan status update, az lsu form 2021 |