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AUGUST 31ST, 2023
ANNOUNCEMENTS
VENTURES
7A and 504 Lenders - Credit Elsewhere updates
We've added all the SBA's "Credit Elsewhere" reasons to Ventures. These values will be sent to ETRAN. Check out the KB article on it HERE.
SBSS Scoring - Threshold increased to $500,000
Users can score their 7(a) applications, up to the $500,000 maximum, in Ventures. This does not apply to Export Loans, SBA Express, and CAPLines processing methods. For more information, please review SBA Memo Business Loan Program Improvements.
FIPS Code field has been added to Addresses
A FIPS Code field has been added to the Project Property Address in the General menu and the Project Property Collateral record. It will be auto-populated if you select the Google-suggested address when typing in an address. FIPS Codes are 11-digit Federal Information Processing Standards codes which uniquely identify geographic areas. The FIPS Code is a combination of the State, County, and Tract Code. This code is useful to the CDFI industry.
7a CA SBLC Lenders
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.
In Compliance Review (R0): New ETRAN Status and Workflow For 504 and 7(a) loans
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.
- If you need to check your application status or update the Ventures application status to match CAFS, use the Check Status feature. Due to security reasons, this cannot be automated by Ventures and will need to be a manual check by a user. Review KB article ETRAN: Why is the status within CAFS different from what's in Ventures? for instructions.
- If you get a Withdrawn status, do not disable your application and create a new one until you review your compliance check result(s). Please follow the steps outlined below:
- Access the application 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.
- 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 in the CAFS record using the Compliance Support Document (1275) upload bucket. You can only upload one PDF to this bucket. Ventures will be support the compliance check upload in the future, once the SBA allows it.
- Email the proper SBA processing center at either 7a[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.
- If your response requires data changes then you will need to make your data changes in Ventures, then disable the withdrawn 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.
Pre Check Compliance in ETRAN
SBA has announced a Pre Check Compliance option lenders can use to check an application before submission. Lenders can access the Pre Check in CAFS after creating a pre-application from Ventures. Instructions on how to create a pre-app and Pre Check your application before submission is listed below. This feature is not available in Ventures.
From Ventures:
- Create a Pre Application (SBA Submission > Etran > Add > Select Pre Application > Create Pre Application)
- Return to SBA Submission > Etran > Click on Application # and walk through the submission screens as if you were submitting your Etran application. You will likely receive the same error. It's ok, the point is to send the data to CAFS/ETRAN
- Access the loan in CAFS and click on Pre Compliance Check - this should move your loan into RO status (In Compliance Review)
- Return to Ventures > SBA Submission > Etran > Click on the hyperlinked application # > Enter Credentials > Next to update your status to In Compliance.
Custom Fields now supported in Web Templates
When Site Admin users add custom fields to their site, both a report field and web template merge field will be automatically created. Previously, only report fields were automatically created. Please review the instructions and watch the video on how to add your custom field merge fields to your custom documents in KB article Custom Fields: Web Templates! Note- Company and Contact Objects' custom fields ARE NOW SUPPORTED.
All Loan Source Merge Fields now available in Credit Memos templates
Lenders can now add Merge Fields and Sub Template Fields from the Loan Source Type into their Credit Memo Data Source Type templates. This includes custom data fields! In the -Search Merge Fields- box of the credit memo template, simply type in the name of the merge field or sub template you want to add and click on it to add it to the template. The "Credit Memo Bookmark" section in the -Search Merge Fields- dropdown lists the current preformatted content blocks used in Credit Memos.
Gateway (formerly known as Apply+)
Apply+ references changing to Gateway
If you have not heard, the application portal previously known as Apply+, has been rebranded to Gateway in anticipation of future servicing capabilities. With this announcement in late July, we are beginning to update any references from Apply+ to Gateway, so you may see some changes along the way.
Site-Specific links for Privacy Policy, Terms of Use
Lender Admins can now optionally add a Privacy Policy and Terms of Use to their Gateway site. The applicant will see the links in the footer, and when clicking on the hyperlinks, will be redirected to your custom documents. For more information on how to add a custom Privacy Policy and custom Terms of Use, please review KB Article Apply Portal Text Customization.
