Loan Status Update Form PDF Details

Facilitating transparency and ensuring a smooth transaction in the realm of real estate, the Loan Status Update (LSU) form serves as a critical tool in the home buying process. Updated in February 2011 by the Arizona Association of REALTORS®, this document lays out a structured procedure for buyers to communicate the progression of their loan application to sellers. Within five days of contract acceptance, the buyer must provide the seller with an LSU that outlines the current status of their proposed loan, thereby effectuating a mandate for the lender to update both the broker(s) and the seller upon request. The form delves into specifics, listing lender details, including licensing information and contact points, and underlines the operational timeline from closing document delivery to the escrow date. It incorporates pre-qualification information—shedding light on the buyer's status, the type of loan applied for, property, and occupancy details. Essential components such as the HUD form advisory for prospective FHA loan buyers, the initial documentation requirements from paystubs to tax returns, and a thorough underwriting and approval process are highlighted. This ensures all parties are adequately informed every step of the way—from the initial documentation to closing the loan, thus underscoring the importance of this comprehensive form in bridging communication between the various entities involved in a real estate transaction.

QuestionAnswer
Form NameLoan Status Update Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesaz lsu form 2020, loan status update 2017, loan status update form, arizona lsu form 2021

Form Preview Example

LOAN STATUS UPDATE (LSU)

Document updated:

February 2011

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 Address:

 

 

 

 

 

 

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 Married

 

n

Unmarried

n Legally Separated

 

 

n

is n is not

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

nis n is not relying on Seller Concessions for Buyer’s loan costs including pre-paids, impounds, 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).

nConventional n FHA n VA n USDA n Other:

n Primary

n Secondary

n Non-Owner Occupied

n Single Family Residence

n Condominium

n Planned Unit Development n Manufactured Home

n Mobile Home

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 housing

27.payment (which includes principal, interest, mortgage insurance, property taxes, homeowner’s 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.

n

n

n

Paystubs

n

n

n

Down Payment/Reserves Documentation

33.

n

n

n

W-2s

n

n

n

Gift Documentation

34.

n

n

n

Personal Tax Returns

n

n

n

Credit/Liability Documentation

35.

n

n

n

Corporate Tax Returns

n

n

n

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 2011 • Copyright © 2011 Arizona Association of REALTORS®. All rights reserved.

PAGE 1 of 2

 

 

Page 2 of 2

Loan Status Update (LSU) >>

 

 

 

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

/

/

 

n n 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

/

/

 

Lock expiration date

 

 

 

 

 

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

/

/

 

n n Appraisal received and the Premises appraised for at least the purchase price

/

/

 

 

UNDERWRITING AND APPROVAL

 

 

 

n n 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

/

/

 

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 2011 • Copyright © 2011 Arizona Association of REALTORS®. All rights reserved.

PAGE 2 of 2

How to Edit Loan Status Update Form Online for Free

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1. The arizona loan status update form will require certain details to be typed in. Make certain the next blanks are filled out:

Completing segment 1 of arizona loan status update

2. Once your current task is complete, take the next step – fill out all of these fields - PREQUALIFICATION INFORMATION, Buyer is Buyer Buyer, n Unmarried, n Married n is n is not relying on, n Legally Separated, n Conventional n FHA n VA n USDA n, Type of Loan Occupancy Type n, n Secondary, n NonOwner Occupied, Property Type, n Single Family Residence n, n Other, YES NO NA n n n Lender has, Based on the information provided, and Initial Requested Documentation with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

How one can complete arizona loan status update stage 2

3. In this specific step, have a look at YES NO NA n n n Paystubs n n n Ws, YES NO NA n n n Down, Additional comments, Buyer has instructed and Lender, Buyer intends to proceed with the, BUYERS SIGNATURE, MODAYR BUYERS SIGNATURE, MODAYR, Loan Status Update Updated, and PAGE of. These are required to be filled in with greatest accuracy.

arizona loan status update conclusion process shown (part 3)

4. To move forward, this next form section involves completing a couple of form blanks. These include YES NO, n n Lender has received the, DATE, COMPLETED, LENDER INITIALS, n n Lender has sent initial Good, 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, n n Buyer has locked the interest, Lock expiration date, n n Lender has received the, and n n Appraisal received and the, which are vital to moving forward with this process.

arizona loan status update conclusion process detailed (step 4)

5. This document needs to be finalized by dealing with this part. Further there is a detailed listing of form fields that require appropriate information to allow your form usage to be complete: n n Buyer has loan approval, n n Lender has ordered the Closing, CLOSING, n n Lender has sent the DOCs to, n n Lender has received the, n n Lender has approved the, n n Lender has received signed, n n All lender Quality Control, n n All Prior to Funding PTF, loan approval without conditions, n n Funds have been ordered, n n All funds have been received, Close of escrow occurs when the, LOAN OFFICERS SIGNATURE, and MODAYR.

Filling in part 5 in arizona loan status update

Regarding n n All Prior to Funding PTF and n n Buyer has loan approval, ensure you get them right in this current part. Both these are considered the most significant fields in this file.

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