The Arizona Loan Status Update (LSU) form is a document that provides a detailed account of a buyer's loan status during a real estate transaction. Buyers are required to submit this form to sellers within five days of contract acceptance, ensuring that all parties are informed about the loan's progress. This form serves as a communication tool between the buyer, lender, and seller, facilitating a smoother transaction process.
The Arizona Loan Status Update (LSU) form serves as a vital tool in the real estate transaction process, particularly for buyers and sellers navigating the complexities of securing financing. This document, updated in February 2013, outlines the necessary steps and requirements for buyers to communicate their loan status to sellers after a contract has been accepted. Within five days of contract acceptance, buyers must provide an LSU that details their loan's current status, ensuring transparency and facilitating a smoother transaction. The form includes critical information such as the lender's details, the type of loan being pursued, and the buyer's financial qualifications. It also captures essential pre-qualification data, including the buyer's marital status and reliance on seller concessions. By documenting the buyer's financial readiness and the lender's actions, the LSU helps all parties stay informed about the loan process, from initial documentation to closing. This form not only fosters communication between buyers, sellers, and lenders but also serves as a safeguard, ensuring that all necessary steps are taken to secure financing in a timely manner.
LOAN STATUS UPDATE (LSU)
Document updated:
February 2017
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 Buyer’s proposed loan within ten (10) 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:
COMPANY
ARIZONA LICENSE #
NMLS #
5.
LOAN OFFICER
6.
ADDRESS
CITY
STATE
ZIP
7.
EMAIL
PHONE
FAX
8.
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:
Married
Unmarried
Legally Separated
14.
Buyer:
is
is not
relying on the sale or lease of a property to qualify for this loan.
15.
relying on Seller Concessions for Buyer’s loan costs, impounds, Title/Escrow Company
16.costs, recording fees, and, if applicable, VA loan costs not permitted to be paid by Buyer. (Note: The amount that Seller agrees to
17.contribute, if any, shall be established in the Contract.)
18.
relying on down payment assistance to qualify for this loan.
19.
Type of Loan:
Conventional
FHA
VA
USDA
Other:
20.
Occupancy Type:
Primary
Secondary
Non-Owner Occupied
21.
Property Type:
Single Family Residence
Condominium
Planned Unit Development
Manufactured Home
22.
Mobile Home
Vacant Land/Lot
YES NO N/A
23.
Lender has provided Buyer with the HUD form “For Your Protection: Get a Home Inspection” (FHA loans only).
24.
Lender has completed a verbal discussion with Buyer including a discussion of income, assets and debts.
25.
Lender has obtained a Tri-Merged Residential Credit Report.
26.
Based on the information provided, Buyer can pre-qualify for a loan amount of: $
,
27.
assuming a monthly principal and interest loan payment of $
, provided that the total monthly
28.payment (which includes principal, interest, mortgage insurance, property taxes, insurance, HOA fees, and flood insurance,
29.if applicable) does not exceed: $
30. Interest rate not to exceed:
%,
Fixed Interest Rate
Adjustable Interest Rate
Pre-Payment Penalty
31.Initial Documentation Received: Lender received the following information from Buyer (Additional documentation may be requested.):
32.
33.
34.
35.
Paystubs
W-2s
Personal Tax Returns
Corporate Tax Returns
Down Payment/Reserves Documentation
Gift Documentation
Credit/Liability Documentation
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 ten (10) days of Contract acceptance pursuant to Section 2e of the Contract and upon request thereafter.
39.Buyer commits to work 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 2017 • Copyright © 2017 Arizona Association of REALTORS®. All rights reserved.
PAGE 1 of 2
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Loan Status Update (LSU) >>
DOCUMENTATION
DATE
LENDER
YES NO
COMPLETED
INITIALS
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
Lender received the Contract and all Addenda
/
Lender received Buyer’s name, income, social security number, Premises address,
estimate of value of the Premises, and mortgage loan amount sought
Lender sent Loan Estimate
Buyer indicated to Lender an intent to proceed with the transaction after having
received the Loan Estimate
Lender received a signed Form 1003 and Lender disclosures
Payment for the appraisal has been received
Lender ordered the appraisal
Lender identified down payment source
Lender received and reviewed the Title Commitment
Buyer locked the loan program and financing terms, including interest rate and points
Lock expiration date
Lender received the Initial Documentation listed on lines 32-35
Appraisal received
Premises/Property appraised for at least the purchase price
Closing Disclosure provided to Buyer
Closing Disclosure received by Buyer
UNDERWRITING AND APPROVAL
59.
60.
61.
62.
Lender submitted the loan package to the Underwriter
Lender obtained loan approval with Prior to Document (“PTD”) Conditions
Appraisal conditions have been met
Buyer has loan approval without PTD Conditions
CLOSING
63.
64.
65.
66.
67.
68.
69.
Lender ordered the Closing Loan Documents and Instructions
Lender received signed Closing Loan Documents 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
70.Close of escrow occurs when the deed has been recorded at the appropriate county recorder’s office.
71.
^ LOAN OFFICER’S SIGNATURE
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