, Remembrance and Reflection

Remembrance and Reflection

Greetings!

"Never in the field of human conflict was so much owed by so many to so few." - Winston Churchill

Memorial Day. A day of remembrance and reflection. A time to remember those who have made the ultimate sacrifice for our country. Not just today, but every day.

The SBA Notice Nook

SBA Notices issued in May 2021:

Notice 5000-811236 on May 20, 2021, FY 2021 Updated Fee Schedule for SBA Oversight of 7(a) Lenders.

Notice 5000-811261 on May 14, 2021, Additional Guidance on Certifications of No Adverse Change for July 2021 Debenture Sales during the COVID-19 Emergency and Reminder About Catch-Up Plans.

Notice 5000-809242 on April 30, 2021, Extension and Revision of Guidance on Whole Loan Sales of Paycheck Protection Program Loans.

SBA SCREEN-OUTS...and how to avoid them.

By Rebecca Mendoza

Whether you’re using non-delegated (GP) or delegated (PLP) submission processes, be sure to keep SBA Screen-Outs in mind while putting together your files.

Why?

For a GP submission, SBA looks at the package you present, performs their own analysis, and potentially sends you a Screen-Out that will slow your loan closing.

For a PLP Lender, an OCRM review has the same guidelines for your audit as the LGPC has in reviewing a GP loan.

Here are some of the most-common reasons for loan Screen-Outs.

LEARN MORE

THE LATEST NEWS FROM OUR BLOG

Don't Miss these 5 Essential Steps

By Lori McCausland

There’s a lot of heavy lifting in processing an SBA loan. From initial application to Lender Approval takes time and concentration to analyze the data, then tell the story about the borrower - where they’ve been, where they are, and where they’re going.

And after approval and closing, the fun starts, right? Everyone’s happy. Lenders are ready to invest in the communities they serve. Borrowers are ready to provide products or services to benefit their communities.

All that’s left is – oh, yes, funding the loan!

As we start to turn our attentions towards PPP Forgiveness and 7a lending it is important to look at all we as a lending community have accomplished in the past year. It has been some time since 7a lending has been at the forefront and now is the time for review, reflection, and rebuilding your 7a programs.

LRM Lender Consultants can assist you with training your staff, reviewing your files and updating your SBA procedures. If you need support, we are here to help! Contact us at 877-576-0819 or visit us online to schedule a free 30 minute consultation today.

Your Team at LRM Lender Consultants,