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May 10th, 2023
Announcements
VENTURES
ETRAN Loan Authorization - 504 Lenders
Did you know you will need to generate the ETRAN Loan Authorization and stop using the Wizard starting Friday, May 12th? You can generate the Authorization (soon to be known as Terms and Conditions) in ETRAN or you can generate it directly from Ventures! View the KB article and video labeled Generating the Etran SBA 504 Authorization from Ventures to learn more! Questions? Use the Contact Support widget located on the upper right portion of Ventures.
- Did you miss the live webinar training on 5/11 showing you how to generate the document directly in Ventures? Watch it HERE
- Important - The TPL Name on the Authorization will merge based on the Location ID and may be different than what you have input in Ventures. The SBA Etran team has received some other inquiries from CDCs on this exact situation and they are working with SBA to confirm the exact guidance on how to handle bank divisions for the ETRAN Loan Auth. SLPC does understand the limitations and should not screen it out if it is clear on why the Loan Auth is showing the difference. As far as closing is concerned, there may be some questions from CDC Attorneys and/or District Counsels if there is a discrepancy, so further clarification on that is something they are working on.
- Need to change your Document Type for Ventures/BMI Document Storage to update the name of the Authorization document to Terms and Conditions? Review our KB Article Document Tags and Document Types.
Credit Memo Personal Discretionary Income (PDI) Updates
Thank you for your patience as VLT corrects issues, and updates what gets merged to rows, when generating the credit memo from your Financial Statements. You can review the mapping of rows from PFS to the Credit Memo PDI section in KB article Credit Memo Personal Discretionary Income (PDI) section mapping to PFS. The following changes have been made:
- Income Section
- The “Other (see Comments)” income amount is the summation of row types “IRA, Pensions & Annuities” + “Social Security Benefits” + “Installment Sale Income (ongoing)” + “Income - Non Related Entities” + “Other Income” + Any additional “Income” group type rows added in PFS with our custom F/S feature. Previously, this row included an offset of the Rental income.
- Total Income will equal Total Income + [Rental Income + Int + Dep] in the PFS
- Expense Section
- The “Debt - Other existing obligations” expense amount is the summation of “Debt Service” Group Type rows, except “Personal Debt: Residence” row and “Proposed New Debt” row types.
- The “Other (see Comments)” expense amount is the summation of “Expense” Group Type rows, except Living Expenses Row Type.
Custom Financial Statements
Your Site Admins can customize Company Financial Statements Balance Sheet and Income Statement rows, and customize Personal Statement’s Personal Finances and Personal Cash Flow rows. We have also added some exciting analysis features, like Trend Analysis percentages and EBIT/EBITDA calculations, to name a few. Please visit our Custom Financial Statement Hub Page to find a complete overview of what’s new!
4506C Announcement
In the "Client Section" on NEW 4506C Form (5d i), do not list C/O, ISAOA, AKA, FKA, DBA, etc. It has been confirmed that the IRS cannot process forms with that additional verbiage. ONLY list one name on 5di as shown below. The data merged to this section is coming from the Organization name in the Ventures record, so you can make your edits in the vCard if necessary.
APPLY
Lender can "Preview" their application form(s)
Do you want to preview your application draft version, or preview your current published version without having to fill out a test application? We have a “Preview” function in the Site Settings > Application Settings menu that shows you a general view, from the perspective of the applicant, that includes the questions you are asking, help text, section titles, etc of the form version you are in. Please review our KB Article Previewing Forms in Apply and watch our great video HERE on how to use this feature.
Withdraw/Decline Internal Reason enhancement
The “Withdraw” and “Decline” Internal Reason dialogue box, which appears when you are changing the status of an application to Withdrawn or Declined, has increased the maximum characters allowed to 1,000 characters. Previously, it would only allow a maximum of 250 characters.
PAYMENTS
New System Reports added
Payments: Disbursements
- This report will show the disbursements made and reversed to payment accounts within a user defined date range. The beginning and ending principal balances refer to before and after the Disbursement transaction type was posted.
Payments: Disbursements (Owner/Participant)
- Ownership/Participant module needed - This report will show the disbursements made and reversed to payment accounts, separated out by owner/participants/pools/funds, within a user defined date range. The beginning and ending principal balances refer to before and after the Disbursement transaction type was posted.
Payments: Cash Receipts (Owner/Participant)
- Ownership/Participant module needed - This report shows the cash that was received from borrowers, broken down by assigned owner/participant/pool/fund within a user defined date range. Payments, payment reversals, and principal only payments are transactions included in this report.
New Ownership-related Report fields added
If you have the Owner/Investor module in Payments+, new report categories have been added to the Reports area. Payment Owner Account fields will provide high-level information about the owner/participant related portion of a loan record like current interest rate, current servicing fee, current principal balance, etc. Payment Owner Transaction fields will provide transaction related data on the owner/participant portion like transaction type posted, amount, P& I breakdown, etc.
