In this article, we will describe setting the report status for the Form 1502 within Payments. This article will focus on how some statuses will be automatically set. For a full definition of 1502 statuses, please refer to the SBA 1502 Instructions.

The 1502 Status within Payments > Loan Details is set to -Not Set- once a loan has been boarded into Payments. Each status will place the correct code into the report. Some statuses may require additional action by the user for the status to be reflected correctly in the 1502 Report.

• Deferred, In Liquidation, Transferred - Please refer to the Form 1502 Field Descriptions for definitions and use of these statuses.
• Exclude from Report - Use this option if you wish to exclude this loan from the monthly 1502 report for any reason.
• Fully Undisbursed - This status will be set automatically if your loan status is approved or funded but has not been boarded in Ventures Payments. 
• Paid in Full - This status will be set automatically when your account balance is zero. The Out of Portfolio Date on the General screen must also be within the same month as the last payment/payoff transaction. 
  
• Purchased by SBA - This status will be set automatically when you enter a SBA Repurchased Date on the General screen. The status will only show for that month's report and will fall off any future reports.