508
AUGUST 2ND, 2023
Announcements
VENTURES
NEW ETRAN Status and Workflow For 504 and 7(a) loans: In Compliance Review (R0)
SBA will now be performing compliance checks for applications before moving them to Awaiting Documents / In Reviewer 1 / Funded status. The new status is "R0" within a CAFS record, and will show in Ventures as "In Compliance Review". Per the SBA, you should expect the compliance checks to be completed within 2-3 business days.
- Lenders will not be able to generate a Terms and Conditions document if they are in R0 - In Compliance Review status.
- If you need to check your application status or update the Ventures application status to match CAFS, use the Check Status feature. Review KB article ETRAN: Why is the status within CAFS different from what's in Ventures? for instructions.
- If you get a Withdrawn status in Ventures, this means your application did not pass the compliance checks. See below for steps to take when you see this status.
In Compliance to Withdrawn Etran Status: The Compliance upload bucket will only be visible if your status is Withdrawn for submissions on or after 8/1 and does not apply to applications that were lender withdrawn.
- Please do not disable and create a new application
- Access the loan in CAFS
- From the left side menu select Application Info (be patient) upper right will tell you "Loading"
- Scroll down to Compliance Check section and view the information. Right above the Gray box will be text advising who to email ([email protected] or [email protected]).
- Within the Gray box last column labeled Star Comments there is a 'i' symbol that you can click on to view the Compliance Checks.
- If the Compliance Checks are only a matter of providing documentation then you can upload supporting documentation directly from Ventures. Assuming this Compliance error is related to affiliation and assuming you have discussed it in the Credit Memo, please upload the pages from the CM explaining the affiliation.
- From Ventures: Access the application in question > SBA Submission > select the hyperlinked Etran App# Upload > Enter and validate your credentials > Select the Compliance Check Doumentation Submission Type > Enter your POC's and proceed through to upload. You will land in the Required Docments tab > Use the Compliance Support Document (1275) upload bucket to upload your supporting documents > Upload Files. If you are uploading documents to clear the Compliance check please note that they will likely not Export to the Center immediatley as this is a manual process for SBA. If you do not hear from them in 24 hours please send them a follow up email.
- Email the proper SBA processing center at either [email protected] or [email protected] with the Application #, screenshot of the Compliance error, and alerting them that documents have been uploaded to the Compliance Support Documents bucket for their review.
- When emailing SBA make sure to include the Application #, the status, and a screenshot of the Compliance check.
- If your response requires data changes then you will need to make your data changes, then disable the application in Ventures and Add a new application. This will require your status to go back into "In Compliance Review" which could take up to 48 hours to update.
- Only SBA can advice on the Compliance Check, Ventures does not have access to that information and cannot bypass or clear the checks.
7a CA SBLC lenders - New Processing Methods
If you are a CA SBLC lender please Contact Support and let us know so that we can enable the feature setting on your site.
- New Processing Methods are now available in Ventures for CA SBLC Lenders
- If you are submitting your loan using your CA-SBLC delegated authority you will want to use the Processing Method 7(a) Preferred Lenders Program (CA SBLC) and make sure to select the Delegated Authority checkbox.
7(a) Terms and Conditions Replacing Authorization
As of 8/1/2023 the 7(a) Authorization Wizard is no longer supported by SBA . A button for generating the new 7(a) Terms and Conditions has been enabled on 7(a) applications when submitting a loan to the SBA through Ventures. Please review our KB Article with video instructions on the new process for Generating the ETRAN SBA 7(a) Terms and Conditions from Ventures.
ETRAN Validations Update
Ventures has adjusted the minimum percentage of ownership required to submit an application to ETRAN from 100% to 60%. Ventures will also now only be sending owners/principals with ownership greater than 0.00% to ETRAN. Both these adjustments were based off SBA changes.
Note Date
The Closing Note Date is now a required field for Funded status loans. It will be renamed to "Note Date" and found on the Loan | General page in the Important Dates section. This field represents the date when the loan agreement was fully executed (signed by all required parties). The new field has been added to all existing loans in Funded status and prepopulated with the Funded Date, if there was no Closing Note Date value in the Loan Log (read below for more info). You can read more about this change in our KB article here.
The Note Date field is required when the loan is in Funded status. When you are changing a loan's status to Funded, you will be asked to enter the Note Date.
Loans that were already in Funded status will automatically have their Note Date field populated with data from the Closing Note Date field in the Loan Log.
- If you renamed the Closing Note Date field for your Loan Log, that won't effect the accuracy of the new field. The system will pull the date correctly if your Loan Log date had Closing Note Date assigned as a "Well Known Field" or "Standard Field".
- If the Closing Note Date field is empty, Funded Date will be used to fill in the new field instead.
The Well Known Field / Standard Field "Closing Note Date" has been removed from the Loan Log as a dropdown option to assign a custom date field. Lenders can now capture the data in the new Note Date field.
If you use custom web templates with your own custom note date field, make sure you review your templates to determine if your date field should be updated to map to the new Note Date field.
ETRAN Document Mapping - Map more than one ETRAN bucket to a document type
Site Administrators are now able to map more than one 504 or 7(a) category ETRAN bucket to a document type in the Administration > Reference > Documents > Document Types menu. Previously, you could only select one type for 504 and one type for 7(a). Now, you can select multiple types in the combined SBA categories dropdown. This can be useful, for example, if a Lender would like to map a document type to both the Appraisal bucket AND the SLPC PCLP Audit bucket; and have the document automatically pull in for either one that is requested for a submission type when in the SBA Submissions > ETRAN menu. For more information, read KB Article Assigning more than one ETRAN Bucket / Category to a Document Type.
GATEWAY (Formerly known as Apply+)
Messages character count has been increased
In the Messages section of Gateway, Lenders can now send messages up to 2,000 characters. Previously, it was restricted to 1,000 characters.
