Arizona loan status update 2025

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The document is a Loan Status Update (LSU) form, updated in February 2013, which outlines the requirements for buyers to provide their loan status to sellers and brokers within five days of contract acceptance. It includes sections for lender information, buyer and seller details, loan type, occupancy type, pre-qualification information, required documentation, and a checklist for the loan approval process. The document emphasizes the need for timely updates on the loan status and acknowledges the buyer's intent to proceed with the lender.

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Click ‘Get Form’ to open the Arizona Loan Status Update in the editor.
Begin by filling in the lender's information, including the company name, Arizona license number, loan officer details, and contact information. Ensure accuracy as this is crucial for communication.
Next, provide buyer and seller details along with the property address. This section is essential for identifying the parties involved in the transaction.
Complete the pre-qualification information by selecting options regarding marital status and occupancy type. This helps lenders assess eligibility.
Indicate whether the buyer is relying on seller concessions or other properties to qualify for the loan. This impacts loan approval processes.
Fill out documentation received by the lender, ensuring all necessary documents are checked off. This step confirms that all required paperwork is accounted for.
Finally, review all entries for accuracy before signing. Once confirmed, add signatures and dates where indicated to finalize the document.

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What is an LSU in Arizona?

Pursuant to Section 2e of the Contract, Buyer shall deliver to Seller the AAR Loan Status Update (LSU) describing the current status of Buyers proposed loan within ten (10) days after Contract acceptance and hereby instructs lender to provide an updated LSU to Broker(s) and Seller upon request.

What is a loan report?

Most lenders report information about each account you have established with them. They report the type of account (credit card, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance, and your payment history.

Is a loan status update required in Arizona?

📜 The Arizona Association of Realtors (AAR) requires LSU forms, just like purchase contracts and pre-qualification forms. ✅ LSU Timeline: The contract requires buyers to send at least one LSU to the seller. Due within 10 days of contract acceptance (but many lenders send them much earlier).

What is a loan status report?

Loan Status Reports . The form of reports to be submitted by Primary Servicer with respect to reporting about the status of real estate taxes, status of insurance and status of UCC financing statement for the Mortgage Loans as more particularly described and set forth in Exhibit B-3.

What is a status report letter?

In simple terms, a status report is a regular update shared daily, weekly, or monthly. It outlines whats been completed, whats in progress, whats causing delays, and whats planned next. Its a handy way to keep everyone in sync, whether its your team, your manager, or a client.