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Arizona loan status update

Loan status update form 2017-2025

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The document is a Loan Status Update (LSU) form created by the Arizona Association of REALTORS®, outlining the requirements for buyers to provide their loan status to sellers within ten days of contract acceptance. It includes sections for buyer and lender information, pre-qualification details, documentation received, underwriting and approval processes, and closing procedures. The form emphasizes the need for legal and professional advice regarding its contents.

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What is a loan status report?

Loan Status Report means a report in a form, as mutually agreed to by Lender and Borrower, which sets forth, among other things, each Advance and the accrual of interest with respect to each Advance.

What is LSU in AZ real estate?

1. Pursuant to Section 2e of the Contract, Buyer shall deliver to Seller the AAR Loan Status Update (\u201cLSU\u201d) 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.

Is a loan status update required in Arizona?

The purchase contract prepared by the AAR requires the buyer to have a lender provide loan status updates to the seller and the real estate agents involved in the transaction using the specific Loan Status Update form.