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SEPTEMBER 13th, 2023
ANNOUNCEMENTS
VENTURES
Environmental Investigation Reports section added to Commercial category
We have added the Environmental Investigation Reports section of a Real-Estate-related Collateral record > Environmental tab to Commercial Category type loans. Previously, this section was only available in 504 and 7a Category type loans.
Project Property Loan Collateral Report fields added
The below two fields have been added to the Loan Collateral Project Property report category. This could be helpful to you if you want to run a report to see if an Environmental or Valuation report has been received on the Project Property collateral record. These fields could reduce the amount of records returned in a report when compared to the same "Loan Collateral" report category field.
- “Environmental Report Received” field from Collateral > Project Property record > Environmental tab
- “Valuation Report Received” field from Collateral > Project Property record > Valuation tab
Renaming of Note Report Category and field for more clarity
The report category “Loan Notes” has been changed to “Loan Notes Tasks.” This change was made to make it clearer to the user that the category includes both Notes and Tasks related fields. In this category, the field “Comment Type” was changed to “Note Task Type” to make it clearer to the user that this field will pull in the Note or Task Type that was set in the record.
504 Lenders: Borrower Certification as an Addendum to Form 1244 as per SOP 50 10 7 (Effective 8/1/2023)
Per the NADCO Tech Brief 13-23 issued on September 7, 2023, Ventures has added the form "Borrower Certification as an Addendum to Form 1244 as per SOP 50 10 7 (Effective 8/1/2023)" as a System Web Template. The form is currently set up to merge based on the signers selected for the Borrower and Operating Companies. If you prefer to have the form signed by other entities/principals/guarantors please copy the Web Template and further customize.
7a CA SBLC Lenders - IMPORTANT PLEASE READ
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.
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. There is no need to perform a Pre Check Compliance Review if you are ready to submit the loan application.
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.
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 (Ventures will be support the compliance check upload in the future). 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.
- 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.
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.
