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VENTURES
Email notifications when you are assigned or removed from a record
You can now receive email notifications when you have been assigned or removed from a Ventures record as a Loan Officer, Loan Processor, Closing Processor, Credit Analyst, and/or Closing Analyst in Partner Contacts > Personnel section. You can turn on this setting by going to your profile > Notifications menu. In order to use this feature, your user account needs to have at least one of the following roles: Loan Officer, Loan Processor, Closing Processor, Credit Analyst and/or Closing Analyst. Roles are managed by your Site Administrator. You can find instructions in our KB article here.
SBA Lenders - At least 51% ownership sent to ETRAN
When submitting a project to ETRAN, Ventures will now require and send at least 51% or more ownership for Borrowers. Previously, this minimum was set to 60% ownership.
504 Lenders - Choose Authorized Signer on 1244
The Signer checkbox has now been changed to a dropdown with more options. You can choose a Primary Signer, Signer, or not a signer. Primary Signers will be the one selected for the Authorized Signer slot on the 1244. There can only be one Primary Signer per company. If no Primary Signer is designated, we'll use the same tie breaker logic we've always used. All current signers have been moved to Signer in the new list.
Section 1071 Updates:
Added Legal Entity Identifier Field to Company Records
You can add your Legal Entity Identifier to companies with the role of Certified Development Company, Lender, or Other. The Legal Entity Identifier (LEI) is a reference code — like a bar code — used across markets and jurisdictions to uniquely identify a legally distinct entity that engages in a financial transaction. The LEI is designed to be a linchpin for financial data — the first global and unique entity identifier enabling risk managers and regulators to identify parties to financial transactions instantly and precisely. Each LEI is a 20-digit alphanumeric code and associated set of reference data items to uniquely identify a legally distinct entity that engages in financial market activities.
Added Business Ownership Status
There is a new Section 1071 tab on a business entity page. It has a new section for Business Ownership Status. These can seem duplicative to other SBA fields, but these are specific to 1071 reporting and are considered separate from the SBA-defined fields.
Added 1071 Eligibility and Business Ownership Status to Loan Type Setup
There is a new Section 1071 tab on the Loan Type setup modal, we added a checkbox to identify whether the loan type is eligible for 1071 reporting and two fields for Credit Product Type.
Added Business Ownership Status
We added a Section 1071 tab on Loan Financing Sources. This tab will have a field for Initial Annual Charges. Initial Annual Charges are the total amount of non-interest charges that are scheduled to be imposed during the first annual period. For scheduled charges that may vary (for example if certain conditions are met), the financial institution reports the highest amount that may be imposed.
Payments
Report fields for demanded transaction dates
The following date fields have been added to reports under Payment Account: Demanded Date, Demand Cured Date, Last Demand Notice Sent Date.
Demanded fields for web templates
Merge fields have been added to web templates for a payment account Demanded Date and Demand Cured Date.
Reference field available in transactions history
The Reference field is now available to show in the loan payment transaction history grid and the payment bulk actions history grid.
