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When reporting your 1502 reports to SBA you should be aware of the error codes and other common Submission and Reporting FAQs :
Here is the list of 1502 Enhancements: Lender Remittance Exception Codes:
1016 - Last Interest Paid can't be less than the approval date of loan.
1050 - Total Amount Undisbursed must be $0 for a loan in Liquidation.
1064 - Total Undisbursed Amount can't be increased after 48 months since approval date.
1065 - Disbursed Revolver Loan can't be undisbursed.
** Note: Line of Credit/ Revolver Loan is considered fully disbursed by SBA once the first dollar ($1) is disbursed.
2254 - Next Installment Date can't be later than the Maturity Date.
2256 - Interest Paid to Date can't be earlier than 1st Disbursement date or later than reporting as of date.
Common FTA Lender Exceptions are:
2(1035) - SBA's System will not update subject loan. Guaranteed Portion Closing Balance must be greater than zero.
13(1011) - Courtesy message that SBA System shows the loan as Cancelled, Paid-in-Full, Charged Off or Sold in Asset Sale.
** Note: Cancelled loans may be due to the expiration of SBA's guaranty.
*** Discontinue reporting if the loan is no longer active. If the loan is active, contact your SBA Servicing Center.
14(1042) - SBA's System will not update for subject loan. Outstanding balance plus amount undisbursed exceeds the net approval for loan.
** Note: Ensure the closing balance reported is for the guaranteed portion of the loan.
17(1030) - Warning message that Guaranteed Portion Principal was not reported, and the Guaranteed Portion Closing Balance was reduced from the last balance accepted by SBA.
** Note: Provide the Guaranteed Portion Principal to reduce the closing balance or if the reported closing balance is unchanged from the prior 1502 report, access SBA ETRAN Servicing/ 1502 Info to review loan rejection errors (ERR) triggered by prior reporting to prevented the loan balance to update.
21(1048) - SBA will not update this record since SBA's System shows this loan as Approval Fully Undisbursed.
** Note: If the loan is Fully Undisbursed, please report a Guaranty Service Status Code 9; otherwise, an Amount Disbursed this Period on Total Loan must be provided.
For more details and ways to clear these error codes, visit Lender Remittance Document on the FTA Wiki page.
1502 reporting errors are generated the night 1502 reports are processed by FTA and then available to Lenders the next business day for review and resolution.
Lenders should review and correct reported errors online. Use the 1502 Gateway Reporting Summary or Info Search.
Exceptions can only be corrected during the month incurred.
** Note: Data edits to clear/resolve 1502 exceptions should then trigger a "revised" ETRAN status update next day to "replace" prior rejected update.
1502 data elements used for the SBA Annual Servicing Fee calculations can't be updated after the 19th of the month.
** Note: Data elements are Interest Rate, Guarantee Portion Interest, Guarantee Portion Principal, Calendar Basis, Number of Days, Guarantee Portion Closing Balance.
