The Arizona Loan Status Update form, known as the LSU, is a standardized Arizona Association of REALTORS document that the buyer’s lender fills out to show the seller where the mortgage stands. The lender completes the header information, loan program, rate-lock status, and a yes/no documentation checklist, then signs it; the buyer signs to acknowledge the terms; and the buyer’s side delivers it to the seller within ten days of contract acceptance.1Arizona Association of REALTORS. Loan Status Update
Where to Get the Form
The current LSU is the February 2017 version published by the Arizona Association of REALTORS. Licensed agents pull it from the AAR member portal or from the transaction management platform their brokerage uses, and AAR hosts a fillable PDF on its website.2Arizona Association of REALTORS. Fillable Forms Buyers do not need to find the form on their own. The real estate agent or loan officer supplies it.
What the Lender Fills In
The loan officer handles the bulk of the form. The header identifies the players and the deal: lender’s company name, Arizona license number, NMLS number, loan officer contact information, buyer and seller names, property address, and close-of-escrow date.1Arizona Association of REALTORS. Loan Status Update
Loan Program and Rate Lock
The lender indicates the type of financing (such as FHA, VA, or conventional) and whether the interest rate is locked. If it is, the form captures the lock date and the expiration date. A locked rate tells the seller the buyer’s payment is fixed; a floating rate means it could still move before closing.1Arizona Association of REALTORS. Loan Status Update
Documentation Checklist
A grid asks the lender to mark yes, no, or not applicable for each category of documents the buyer has provided:
- Pay stubs and W-2s showing current income
- Personal and corporate tax returns verifying income history
- Down payment and reserves documentation (bank statements)
- Gift documentation when a family member contributes to the down payment
- Credit and liability documentation from the pulled credit report
Each yes or no gives the seller a concrete snapshot instead of a general assurance that things are moving.1Arizona Association of REALTORS. Loan Status Update The form does not ask the lender to write in a credit score.
Signatures
The loan officer signs and dates the form to certify the information is accurate as of that moment. The buyer signs to acknowledge receipt and commits to working with the named lender on the terms shown.1Arizona Association of REALTORS. Loan Status Update There is no seller signature line. The seller’s acknowledgment happens through the delivery itself.
The Ten-Day Delivery Deadline
The LSU must reach the seller within ten days after contract acceptance. That deadline is written into the form’s preamble, which references Section 2e of the Arizona Residential Resale Real Estate Purchase Contract.1Arizona Association of REALTORS. Loan Status Update After that first delivery, the buyer instructs the lender to send updated versions to the seller and brokers on request.
If the Buyer Misses the Deadline
If the LSU does not arrive within ten days, the seller can issue a cure notice under Section 7a of the purchase contract. The buyer then has three days to deliver the form. Failure to cure becomes an actual breach, and the seller can cancel the contract, though cancellation requires the seller to affirmatively act. The contract does not cancel on its own.3Arizona Association of REALTORS. The Non-breaching Party Must Affirmatively Cancel the Contract After the Three Day Cure Period Expires
How the LSU Fits With the Pre-Qualification Form
Offers in Arizona often come with an AAR Pre-Qualification Form giving the seller an early look at the buyer’s financial standing. Once the LSU is delivered within the ten-day window, it governs over the pre-qualification form for describing the buyer’s loan going forward.4Arizona Association of REALTORS. A Loan Status Update Provided Within 10 Days of Contract Acceptance Governs Over a Pre-Qualification Form The loan terms on the LSU become the baseline the contract’s loan contingency measures against.5U.S. Securities and Exchange Commission (SEC). Residential Resale Real Estate Purchase Contract
Delivering the Form
The usual delivery chain runs lender to buyer to seller. The loan officer completes and signs the form and sends it to the buyer for signature. The buyer or the buyer’s agent then forwards the signed LSU to the seller and listing agent. Electronic delivery through secure email or a digital signature platform is standard practice in Arizona transactions, and a paper copy delivered in person works too.
File the LSU with the escrow company so the transaction record is complete. Keep every version. If the loan terms change between the initial submission and closing, the most recent LSU is the one that defines the loan the contingency applies to.
Practical Tips
Buyers avoid most LSU problems by giving the lender every requested document before the ten-day clock starts. The more items the lender can mark yes on the checklist, the more confidence the seller has in the deal. Switching lenders partway through creates complications, because the new lender needs to produce a fresh LSU that may reset assumptions about the loan program and terms.
Sellers who receive an LSU with several “no” entries should not read it as a crisis right away. Early in escrow, some items simply have not been submitted yet. Request an updated LSU closer to closing. If the gaps have not been filled by then, that is the moment to raise the buyer’s ability to perform with the listing agent.