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FEBRUARY 28TH, 2024
ANNOUNCEMENTS
VENTURES
Document Storage - Read Only setting update
There was an update to the user Read Only permission for Document Storage (Administration > User Access > Permissions > Entity > Document Storage dropdown). For both Ventures and BMI document storage, users that have Read Only set on the Entity > Document Storage permission will no longer see an upload or add button to upload documents. Please contact your Ventures Site Administrator if you need to upload documents so they can change your permission setting.
504 Lenders - CAA tab added for records in a specific approval date range
We have added the CAA tab back in the Financing menu > Financing tab > 504 Debenture Record > CAA Tab for 504 category loan records with SBA Approval dates on and after 12/27/2020 through 9/30/2021. It will be hidden for all other approval dates. We added the tab back in for Lenders to continue to record incoming payments from the SBA.
504 Lenders - Title Amount field added for T&C verbiage
The “Title Amount” field has been added in a 504 category record > Collateral menu > Real Estate Collateral Type Record > Real Estate Tab > Security Survey Questions section WHEN "Evidence based upon" field has “Mortgagee’s Title Policy insuring lender and assigns” selected. This field represents the title insurance amount. Previously, this field was only available when a lender had "ALTA Loan Policy, insuring lender and assigns" selected in the "Evidence based upon" field.
504 Lenders - Other Closing Costs added to the Debenture Pricing section in SLPC CM
CAFS displays Closing Costs and Other Closing Costs as separate line items. Ventures used to combine both of those values into a Closing Costs line item in our Ventures SLPC Credit Memo. Now, we split those two items into their own separate rows to match CAFS.
SBA Lenders - Send Service and Packaging Fees <=$2,500 to ETRAN
SOP 50 10 7.1 allows Lenders to charge a flat fee as much as $2,500 and report it through ETRAN without requiring a SBA Form 159. Lenders enter that information in the "Referral Fees for Services Rendered" section of a Referral Source for a Partner Contact record. Now, Ventures will send fee information totaling $2,500 or less to ETRAN even when the "159 Agreement Required" checkbox is unchecked. We have a KB article covering this update, please click here to view it.
SBA Lenders - Certification for ITIN tax ID type is now automatically being sent to ETRAN
If you select ITIN as the Tax ID type for an Entity or Entity Contact in your project, you are now also certifying that the ITIN you entered is valid when submitting to ETRAN (SBA Equivalent Field: Lender Certifies ITIN is Valid). This was added due to Lenders not being able to certify in CAFS after the information was sent from Ventures, and being forced to delete out the Entity or Entity Contact in CAFS and manually adding all the information back in to get the application submitted. We added examples from the SBA that show ways you can certify whether it is valid or not in the Tax ID Type help text section if you click on the ? next to Tax ID Type field.
PAYMENTS
New Account as of Date system report based off Effective Date of transaction
A new "As of Account Effective Date" parameter is available for Payments reports to capture certain values at a point in time based off the Effective transaction date. Previously, we only had an "Account As Of Date" parameter that capture certain values at a point in time based off the Posted transaction date (also known as Received Date). We renamed the "Account As Of Date" parameter to"As of Account Posted Date" in order to make the label more clear on what data it will return.
We renamed the "Payments Point in Time Reporting" system report to "Payments Point in Time Reporting (Posted Date)," and added a new system report that will behave in the same way but will use the new Effective date parameter. It is called Payments Point in Time Reporting (Effective Date).
