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VENTURES
SBA Lenders - Affiliates Marked Co-Borrower Will Be Sent as Borrower to ETRAN
Some changes have been made regarding the Co-Borrower check box and what gets sent to ETRAN. Below is the Borrower definition in Ventures:
- The EPC is always a borrower, if one exists.
- The Primary OC is always a borrower, if there is no EPC. If an EPC exists then the Primary OC is only a borrower if the Co-Borrower checkbox is checked. This is simply due to #3 below.
- Any entity is a borrower if the the Co-Borrower checkbox is checked.
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Exception: POC will need to be sent as a borrower when POC owns any percent of the EPC
When any entity (other than Related Non-Affiliate and Inactive) is marked co-borrower in Entities menu, the record will then show additional menus/questions for data entry:
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Entity > Conditions tab
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Entity > Eligibility > Ownership Demographic section
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Entity > Narratives > Management Narrative
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Entity Contact > 3 Financial History Owner questions
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Entity Contact > Conditions section fields
SBA Lenders - Added "Other" as a Mapping Option For SBA Agent Type
We now have all the mapping options from CAFS available in Ventures when mapping Referral Types (Administration > Reference > Loan > Referral Types).
SendNow Uploads to Specific Recipients
Admins can now add an email to send notifications to about SendNow uploads for a specific Recipient. When a SendNow upload is for a specific Recipient, this email address will receive a notification. This helps with non-Ventures user BDOs or Loan Officers who still want to be notified when a client uploads documents.
Loan Number is Now Available as a SendNow Field
Admins can now add Loan Number as a field to their SendNow Sites.
PAYMENTS
7(a) Lenders - Newest Version of SBA 1502 Report Available and New Menu to Generate Report From
The newest version of SBA Report 1502 is now available. Per SBA instruction, the report will no longer report Status Code 7 (Transferred) even if Ventures payment account is assigned that status. You will need to use the newest version when submitting your Month End August 31, 2024 report. We moved the report to the Payments > Reports menu, so moving forward you will generate the report from that menu. Previously, it had it's own separate SBA 1502 menu.
Statements - Calculated Total Amount Due not to exceed outstanding balances plus interest
When statements are generated the system will calculate the Total Amount Due not to exceed the sum of outstanding principal, interest, late fees, NSF, and other fees. Essentially, a payoff statement is created.
