You will need to be able to access the Payments main menu tab in order to generate a1502 report. You will be able to generate a report filtered by different loan programs and report types.

 

***This KB article is for Payments clients that use the 1502 Reporting module***

 

How to Generate a 1502 report

• Click on the Payments main menu tab on the upper right hand site of your Ventures site
• Click on Reports
• Click SBA 1502 Report or SBA Pilot 1502 Report

 

 

 

• Select a Report Type

 

      A. Month End- Captures loan portfolio activities and payments received within a month through Period End Date. The report does not include Sold late payments or Sold loan payoffs

      B. Sold Late Payments- Captures Sold late payments

      C. Sold Prepayments and Payoffs- Captures Sold prepayments and payoffs

      D. Month End with Sold Late Payments, Prepayments, and Payoffs- Month End Report for internal auditing purposes only to include all activities 

      E. Month End with Sold Prepayments and Payoffs- Month End Report for internal auditing purposes only to include Sold prepayments and payoffs 

 

 

• Select Period End Date- The report will show activity through selected date
• Select Organization- This will filter the report to only include loans that have the selected Organization assigned in the loans' Overview Menu > General Tab > Lender Information > Organization field. This selection will also flow through to the 1502 filling out the Lender's  Name, Lender's Street Address, and Lender's City, State, and Zip field. This field is optional.
• Select Office- This will filter the report to only include loans that have the selected Office assigned in the loans' Overview Menu > General Tab > Lender Information > Office. This field is optional.
• Select Loan Type- This will filter the report to only include loans with the selected Loan Type. This field is optional.
• Select Lender Contact- This selection will flow through to the 1502 and show selected contact as Lender's Contact Person, Contact Person's Telephone No., and Contact Person's Fax No if present on contact's VCard. This field is optional.
• When you finish filling out the field click Run Report

 

 

 

9) Checkboxes 

      A. Include additional data- This will add additional data (sold, unsold, unguaranteed principal, etc) past Column P in your 1502 report for each loan.  You do not need to remove the additional information when submitting to the FTA

      B. Include empty rows between loans- This will add an additional column in between each of your reported loan data

10) Click Generate

 

After Generating a 1502

• Review generated 1502 and make any corrections
• Click on the loan's name hyperlink in Column Q of the 1502 report to open up a browser and go directly to the loan in Ventures
• You will need to send the 1502 report to the FTA, Ventures will not send it to the FTA for you

What if I do not see a record on the 1502 that should be in the report?

• Check if the record has an SBA Loan number entered in the Overview menu > General tab
• Check if the record has an SBA Approval date entered in the Overview menu > General tab
• Both fields will need the respective data entered in order for the record to appear on the 1502

 

What if I the report does not show the sale/ says unsold and reports $0.00 for the amount?

• Check the sold date. If the sold date is after the last posted payment date, you will get this result. For example: The sold date is June 15th, and you have not yet posted the July payment.

 

Also review 7A Community Advantage Loan Sale to make sure you're reporting your sold loans correctly.