271
DECEMBER 6TH, 2023
ANNOUNCEMENTS
VENTURES
504 Lenders - Pre-application option now sends all borrowers/principals to help with Pre-check's in ETRAN
Ventures has updated the current pre-application process to send all borrowers and all principals, along with tax ID's, on a Ventures record to ETRAN. Previously, the pre-application process would only send the Borrowers to ETRAN and principals would need to be added manually to the ETRAN application before doing the pre-check. Moving forward, after creating a pre-application in Ventures, the Lender will still need to go into ETRAN to perform the pre-check, but should not have to enter any additional data in ETRAN beforehand. View the Video on how to create a pre-application in Ventures HERE.
**Note: We are in the process of integrating the complete pre-check process in Ventures. Soon you will be able to complete pre-checks within Ventures without navigating to ETRAN.
Ventures and BMI Document Storage UI changes - New Entity/Contact column in Store
A new "Entity/Contact" column has been added to both Ventures and BMI Document Storage users' Store menu gridview. This column represents the entity or contact, from the record's Entities menu, that is associated with the uploaded file. There are a few functionality differences between Ventures and BMI users that are highlighted below.
- Ventures Document Storage Users
- The Entity/Contact can be set when adding a new document and the document type selected has been enabled to associate an Entity/Contact
- The Entity/Contact can be set/changed when editing an existing document record and the document type selected has been enabled to associate an Entity/Contact
- You can search for the Entity/Contact in the search bar at the top of the grid
- Previously, this value was being saved in the Document column above the file type and size information. If you still see an Entity/Contact saved in the Document column, then that means the name did not match an existing entity or contact in the Entities menu. This could happen if you have changed the name of an entity, for example, since initially saving the document file. Once you edit the file and save the correct entity/contact, then you will no longer see the name in the Document column.
- For a summary of the feature available in Ventures Document Storage, check out Document Storage in your Loan.
- BMI Users
- The Entity/Contact can be set when adding a new document and the document type selected has been enabled to associate an Entity/Contact by using the green " + " icon. You cannot set an Entity/Contact when using BMI Scan or BMI Web to upload a document, unless the BMI subcategory matches an existing entity or contact in the Entities menu.
- The Entity/Contact set in the column cannot be edited by BMI users at this time. The ability to edit this column is a scheduled future enhancement.
- You can search for the Entity/Contact in the search bar at the top of the grid
- Depending on your set BMI mapping, this information could have been saved in the Description column below the document type. If you still see an Entity/Contact saved in the Document column, then that could mean the name did not exactly match an existing entity or contact in the Entities menu. This could happen if you have changed the name of an entity, for example, since initially saving the document file. It could also mean your company does not sync the "subcategory" mapping. Reach out to support if you have any questions HERE.
- Ventures tried to match any previously uploaded file's subcategory to an existing entity or contact to set in the new column.
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.
Reports - Some Integer fields updated to produce blank value instead of 0
Some integer fields in Reports have been updated to return a null (blank) value, instead of 0, when there is no data saved in a record's field. Examples of some affected fields are: Jobs Created, Jobs Retained, and Jobs Existing. Previously, the report fields were showing a 0 value when a report was generated even though the record had no value saved. This update will help users understand when there is no value saved in a field on the record, or if it is actually a 0 value saved, and help the user identify any tasks they need to take.
All SBA Lenders - New: Terms & Conditions (T&C) Generate Button is now available for loans in Servicing
- 7(a) lenders will now be able to generate the Terms and Conditions document through Ventures from the servicing side of CAFS when the loan is in a servicing status. SBA considers the loan in a Servicing status once a loan number has been issued.
- 504 lenders will no longer have that option as the Terms and Conditions for 504 loans are not able to be generated from the servicing side of CAFS when the loan is in a servicing status (post SBA Approval #).
All 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.
7(a) Lenders - Interest Basis is now a required field
In order to capture and send information to ETRAN needed in the 7(a) Terms & Conditions, the “Interest Basis” field in a 7(a) record's Financing Source record is now a required field in order to save values in the record.
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 on the right hand side of the Release Notes page)
- 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.
GATEWAY
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.
