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APRIL 10TH, 2024
ANNOUNCEMENTS
VENTURES
Credit Memo Menu Now Saves Previous Statement Selections For Generation
After our update last year to the Analysis > Credit Memo menu to allow lenders more flexibility to select and order financial statements within a credit memo, Ventures received feedback to bring back a previous feature that would save the most recent spread selection when coming back to the menu at a different time. We heard you and have brought this feature back. Users will now see their previously selected spreads and spread order listed in the “Financial Statements Selected” column (if any) when entering the Analysis > Credit Memo menu at a different time for the last 20 loan records they were in. Additionally, users previous selection of “Include Hyperlinks” checkbox will also be saved.
Temporary Citizenship Status Field Added
We've added a new field to cover temporary citizenship status circumstances. We now allow the selection of Temporary I-551, USCIS Form I-327, and USCIS I-797. In order to add this field, we reordered some existing fields in the Citizenship & Demographic section. We added Citizenship Status and Temporary Status fields to Reporting and Web Templates. We also renamed the current "Citizenship" field to "US Citizen" because it just provides a check indicating whether the person is a US Citizen.
*For SBA Lenders, if a value is selected in the Temporary Status field, that is the Citizenship value that we will send to ETRAN. If none is selected, we'll send the value from the Citizenship Status field.
SBA Lenders - Redwood Score Updates
We have updated our system to accept SBA Redwood score values. With the change in score type, we made some changes you may notice! What has not changed is the process to import the values, or when adding the values manually. For a refresher on how to import SBA Business Credit scores, please review our KB article here.
- Import Template changes - You will not be able to import an old SBPS template (9/30/2023 or earlier reports), only the new template starting with the most recent 12/31/2023 report.
- Menu and field name changes - The menus and fields previously referencing SBPS will now show "Business Credit Scores." There is a new field called "Score Type" to indicate which score the record is referring to within a loan.
- Report field name changes - The report category with related fields that referenced SBPS has been replaced with more generic labels, and the report field category renamed to "Loan Business Credit Scores."
- New Risk Rating formula - We added a “Servicing: Redwood Score” Risk Rating Formula Type. When used in a Risk Rating worksheet, it show the most recent “Redwood Score” within the record and ignore previous SBPS scores. The Servicing: SBPS Score formula will continue to pull in the most recent SBPS within a record. Your Site Administrator will need to create a new risk rating worksheet to include the new Redwood Score formula. The Site Administrator can review KB Creating a Risk Rating Template for more information on how to do this.
SBA Lenders - Key Missing Fields Added To Ventures Collateral Records Allowing Terms & Conditions Verbiage To Appear
We added checkboxes and a dollar amount field to the Lien Recording tab for the following ETRAN related Real Estate Collateral fields:
- Including Water Rights
- Including Assignment of Rents
- Shared Pari Passu
- Shared Pari Passu, Non-SBA Loan
- Pari Passu Amount
SBA Lenders - Financial Statement and Taxpayer Consent Certification Form Added
We added the Financial Statement and Taxpayer Consent Certification form to the document generation page of a loan. This form was previously only found on the NADCO website but is now available right within Ventures!
SBA Lenders - Update To Order Of Owners Sent To ETRAN
We updated our logic to be "smarter" when deciding which owners to send to CAFS. We now send owners starting with the highest percentage of ownership, and if they have a SSN identified. If they do not have a SSN identified, then we will skip to the next highest percent owner with SSN identified, until the 60% minimum requirement is satisfied. This will give lenders more flexibility in deciding which owners (typically smaller % owners) will be included in the application.
Tax Guard testers - Updated To Print Year Range On Form
When ordering a tax transcript using form 8821, you can enter the beginning year and the form will automatically print the through the current year to comply with IRS requirements.
FlashSpread V2 Clients - Bulk Import of Statements Now Supported
We've added the capability to import many tax return documents at the same time and a financial statement period is created for each loan where TaxID matches. You'll find this feature on the Utilities menu under Other Imports, labeled Financial Statements. We have an article covering the new bulk import feature here. For more information about FlashSpread 2.0, refer to the Flashspread Knowledge Base article.
Excel and PDF Report Export Formatting Has Been Updated
We've updated some formatting on Excel and PDF exports from Reporting to reduce the amount of manual edits necessary after you export the files.
PAYMENTS
Received Date Has Been Changed To Posted Date
We renamed any reference to "Received Date" to "Posted Date" to help clarify what data to expect in the Payments module and in Reporting.
NACHA Clients - ODFI Originator, ACH Batch administration, and Grid View Updates
- We have added the ability for a Site Admin to add an ODFI Originator to the NACHA file header. Previously, the Company Identifier could only be used in the file header. Please review our KB Article here for more information on how to set up and add ODFI Originator information to your batches.
- NACHA fields within ACH Batch records are now available in the grid gearwheel for selection, so that a Site Admin can see batch details in one summary view without having to click into each ACH Batch record.
- Within a batch record, we have enhanced the field names, added better help text, and added additional field values.
