5.7.10: Watch your Ps and Qs and SBA 1502s

Many lenders struggle with reporting their loans to SBA via the Fiscal Transfer Agent, Colson Services. Often, lenders with dedicated SBA departments can handle the responsibilities without much difficulty, but lenders that are only semi-active in SBA lending are sometimes not up to speed on SBA servicing requirements. “In order to be able to quickly collect on a guaranty purchase request, lenders need to be sure, among other considerations, that the lenders’ 1502 reports that have been submitted reconcile to the outstanding balance of the loan,” noted Jim Brett, an SBA servicing specialist at ValueXpress. “We use a web-based solution for our SBA bank partners in maintaining their SBA servicing files. Often, SBA loans are only a modest portion of their commercial origination business so as part of our bank partnerships that we have with community banks, we handle the SBA servicing reporting requirements and file maintenance so our partner does not have to staff up for SBA servicing.”

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