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Loan Status Update Form
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People also ask az lsu form 2021
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What is a loan status update?
A Loan Status Update, also known as a LSU, is a document specific to the state of Arizona that shows updates to the transaction between a buyer and a seller. It helps real estate agents communicate with the buyer and seller realistic expectations, as well as other details throughout the entire process of the loan. -
What does LSU mean for mortgage?
When opening escrow one of the important documents to provide to your Escrow Officer is the Loan Status Update aka “LSU”. The LSU allows for delivery to the Seller within five days after contract acceptance. Since escrow is oftentimes opened prior to those five days the transmittal to escrow of the LSU is overlooked. -
What does LSU stand for in real estate?
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. -
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 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. -
What is an LSU in AZ real estate?
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.
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