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Click ‘Get Form’ to open the LOAN STATUS UPDATE in the editor.
Begin by entering the contract date, buyer, seller, and premises address in the designated fields. Ensure all information is accurate for a smooth process.
In the DOCUMENTATION section, check 'YES' or 'NO' for each item listed. This includes confirming if the lender has received the contract and reviewed the title commitment.
Continue through the UNDERWRITING AND APPROVAL section, marking each step as completed by selecting 'YES' or 'NO'. This includes submitting the loan package and obtaining loan approval.
Finally, navigate to the CLOSING section. Again, indicate completion of each task with 'YES' or 'NO', ensuring all necessary documents have been ordered and approved.
Once all sections are filled out, sign and date at the bottom of the form to finalize your updates.

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What is a mortgage loan originator may not in Arizona?

A loan originator shall not receive or disburse monies in servicing or arranging a mortgage loan. I. A loan originator shall not make a false promise or misrepresentation or conceal an essential or material fact in the course of the mortgage broker or mortgage banker business.

What is LSU in mortgage terms?

We go through the LSU (Loan Status Updates) which is an Arizona specific form. This is an important form that lenders will need to send to the sellers throughout the purchase transaction. We give our insight on the form and highlight the items we think are important for seller, buyers, and Realtors to be looking at.

What determines if a loan is approved?

Generally, these factors include borrowers income and debt levels, credit score (if obtained), and credit history, as well as loan size, collateral value (including valuation methodology), and lien position.

Is a loan status update required in Arizona?

Pursuant to Section 2e of the Contract, Buyer shall deliver to Seller the AAR Loan Status Update (LSU) describing the current 2. status of Buyers 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.

What are PTD conditions?

Prior-to-Doc Conditions If and when you receive a conditional loan approval, youll also be given a list of conditions that must be met to get a final approval. These are known as prior-to-doc conditions, or PTDs for short. Before you can receive loan documents to sign, these need to be signed off.