NOVEMBER 27TH, 2023
Generating a Credit Memo UI changes
We have updated the look and feel of making your Financial Statement selections when generating a credit memo! You'll now see a list of each existing financial statement in the loan with buttons to select all, select one, or select many statements to include in the credit memo. You can also set the order the financial statements will print in the memo. These changes will give you more control when deciding which Financial Statements you want include or exclude in your credit memos. Check out KB article Generating a Credit Memo for a summary of the changes, along with a helpful video highlighting the new process!
**SBA Lenders: The Financial Statements Available column lists the statements in the order as they used to appear in SLPC/7(a) system credit memos. If you would like to maintain the same order moving forward, then keep the order of the statements as presented when moving them over to the Financial Statements Selected column.
FlashSpread V2 Updates
We have a few exciting updates to our FlashSpread V2 functionality!
- You can now select documents from the document store of the loan to process with FlashSpread.
- We now support the Schedule 1 for a 1040. We add sum Lines 9, 7, 6, 2a, and 1 and put that total in the Other Income row of the Personal Financial Statement Period. (see attached mapping document)
- Added detail to the status message for documents that were imported and a more recent copy of the same document was uploaded afterwards.
- The tax ID validation no longer considers dashes. It will only compare the numbers of the EIN or SSN. That will help reduce manual adjustments that aren't as critical.
- Improved the clarity and consistency of the messages throughout each step of the process.
SBA Lenders - "Other Details" fields enabled for Business Asset collateral types
The "Other Details" section has been enabled for Business Asset collateral types within 504/7(a) category records. These fields are important if you want to send the data to ETRAN for personal property type collateral. Previously, this section was not visible in Business Asset collateral types and the lender could not send this information to ETRAN. For more information on how collateral types are set up on your site, please review our KB article with attached video and workbook - Foundational Webinar: Ventures Administration.
SBA Lenders - "Error communicating with SBA Etran Service (https://caweb.sba.gov/elend/ws/elend.cfc). The service did not respond after waiting 15 minutes."
If you have seen this error when trying to submit an application from Ventures to ETRAN, please do not immediately try to submit your application again. You will risk creating duplicate applications in ETRAN. Please wait 15 additional minutes after receiving the error, and then confirm in CAFS if the application was actually created. For instructions on what to do after receiving this error and instructions for how to check CAFS for an application, please review KB Article Error communicating with SBA Etran Service (https://caweb.sba.gov/elend/ws/elend.cfc). The service did not respond after waiting 15 minutes: Confirm application was not created.
7(a) Lenders - CA Pilot processing methods have been removed
Due to the sunsetting of the Community Advantage Pilot program, Ventures has removed the following processing methods from being available in the Processing Method dropdown for 7a category loan records:
7(a) - Community Advantage Initiative
7(a) - Community Advantage International Trade
7(a) - Community Advantage Recovery Loan
IMPORTANT: 504 Lenders - CDC Action on Data Requirements for IRS Form 1098
***The CSA requires receipt of this data no later than November 30, 2023 at 11:59PM***
The IRS Form 1098 requires reporting on data fields related to real property. In order to fulfill this requirement, the CSA, at the direction of the SBA, is requesting that the CDCs return the additional data fields to the CSA for all loans funded between December 1, 2022 and November 30, 2023.
Action Items for lenders - The report is due no later than November 30, 2023
- Provide data to the CSA for all loans funded between December 1, 2022 and November 30, 2023 via "Data Requirements for IRS Form 1098" report within Ventures. Review KB article 1098 CSA Reporting (504 Lenders) to access the Video and Handout that include the steps to produce the report in Ventures and send to the CSA.
- Email the report to [email protected]
504 Lenders - CDC Closing Fee
The CDC Closing Fee maximum amount validation has been increased to $10,000.00 to be aligned with SBA's recent updates. If your organization wants to update their CDC Closing Fee default amount, your Site Administrator can go to Administration > Organizations menu > Organization record > Fees tab and update the CDC Closing Fee field. After making this change, any new 504 records created will have the new default amount listed in the Debenture record > Closing Fees & Costs tab. Any existing records will need the fee to be manually updated.
504 Lenders - CAA 2021 tab
Because the CAA 2021 tab in the Financing menu > 504 debenture record is no longer relevant to SBA 504 lending, the tab has been hidden. Lenders may have used this tab to track the SBA fee payment to the Lender for approved loans from date of the Act through September 30th, 2021. Lenders can still run a report using the SBA Fields category > CAA 2021 fields to pull in the recorded date and amounts, if needed.
New KB Article showing where application fields map to in a Ventures record
Ever wonder what application fields in your Gateway application can be mapped to in an existing Ventures field? Check out KB Article Gateway mapped Ventures fields matrix for a list of mapped values and where the field lives in a Ventures record.