, Quick Servicing Tips

Spring into Servicing!

Greetings!

Check out our blog posts for tips and ideas on how to keep your SBA loan servicing compliant. From 1502 reporting errors to servicing actions and beyond, we here at LRM Lender Consultants remain dedicated to our Lending Partners and work with you to address these issues and more.

SBA Notice Nook

Notice 5000-808946 on April 27, 2021 Extension of Previous Guidance on Acceptable Signatures for Applications and Loan Documents in the 7(a) and 504 Business Loan Programs through July 31, 2021.

Notice 5000-810037 on April 22, 2021 Extension of Temporary Changes to 4506 Tax Transcript Verification Procedures during the COVID-19 Emergency through June 30, 2021.

Notice 5000-809631 on April 20, 2021 Updated Notice on First Draw PPP Loan Increases After Enactment of the Economic Aid Act.

Notice 5000-808534 on April 14, 2021 Second Extension of Notice Providing Guidance on Underwriting 7(a) Loans during the COVID-19 Pandemic and Miscellaneous Related Matters.

Notice 5000-808756 on April 8, 2021 Second Notice on Modifications to SBA Forms 3506, 3507, and 750 CA (for purposes of PPP only).

Notice 5000-808582 on April 2, 2021 Updated Guidance Regarding No Adverse Change Certifications on 7(a) Loans during the COVID-19 Emergency.

How to Avoid 5 Common 1502 Reporting Errors

By Lori McCausland

Submission of the monthly 1502 report is one of the most important ongoing servicing tasks for Lenders. The deadlines are tight, and accuracy is essential.

And mistakes can effect a Lender's bottom line.

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THE LATEST NEWS FROM OUR BLOG

By Rebecca Mendoza

While still drowning in the world of PPP Lending, you're likely experiencing a growing 7a pipeline and receiving requests for Servicing actions from your legacy SBA borrowers.

During this time, leveraging your relationship with a Lender Service Provider can be the answer to staying on top of things and ahead of the curve.

Never have we seen such an upheaval to our way of life as individuals or to our way of business as SBA Lenders. COVID-19 has drastically changed, and will for some time, the way we analyze, lend and work with Borrowers.

LRM Lender Consultants has made a point of staying up to date on the changes, not just to PPP but to all of 7a Lending in general. It is our job to help our clients make quick sense of the changes and adapt their processes and procedures timely to ensure compliance.

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,