260
VENTURES
SBA Lenders - ETRAN Beneficial Ownership Updates
In order to be compliant with recent SBA updates:
- Ventures will now send "Secondary Principals" of a Borrower's entity owner to ETRAN.
- Ventures will now send Guarantor OC Principals.
- Ventures will attempt to send the new 81% minimum percentage of ownership for Borrowers, Borrower Entity Owners, and OC Guarantors to send to ETRAN.
- Lenders will need to answer the new Ownership Citizenship Eligibility Certification before submitting applications.
Screenshot of new certification:
The illustration below is an example of secondary principals provided by the SBA:
7(a) Lenders - Support added for submitting Working Capital Pilot (WCP) applications
You can now submit Working Capital Pilot loan applications through Ventures. Below are some important things to note.
-
Two new processing methods added - 7a with WCP and Preferred Lenders with WCP.
-
When processing methods for WCP are selected, additional WCP ETRAN questions become available in Financing | Project Costs | Additional Project Details | Working Capital Pilot Program Details section.
-
Record your Extraordinary Servicing Fee (ESF) and ESF Reasonable and Prudent Certification in the Loan | Financing | Financing Sources | (select the Primary Loan) | Servicing Fees tab
-
“Secured Overnight Financing Rate” option added to Rate Index Type dropdown in Administration | Reference | Loan | Types section. Your Site Administrator will need to enable this rate for your loan type to make it available in the Financing Sources record.
- SBA Form 2534 7(a) Working Capital Pilot Program Addendum to SBA Form 1919 available in Documents | Generate.
Ventures Document Type Administration - Replace with option
When document types in Ventures Document Storage are deleted, a replacement can now be specified so existing documents associated with the former type are then associated with the surviving document type. Your Site Administrator can use this feature. Previously, Site Administrators could only inactivate a document type that had documents associated to it.
Demographics as optional entity information on credit memo
The Entity Information merge field has an on/off option for demographic data in the Ownership section of the credit memo. When Demographics is "off", columns for gender, race, and ethnicity will not be included nor the rows for their corresponding code labels.
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.
Section 1071 Updates:
Added Legal Entity Identifier Field to Organization Records
Admins can add a Legal Entity Identifier to Organizations. 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 Total Broker Fees Field to Origination Fees Tab
There is a new "Total Broker Fees" field added to the Origination Fees tab. All lenders can use this field on all loan-type financing sources. For 504 loans, these fees may already be handled in the fees captured on the Closing Fees & Costs tab. 504 lenders should continue to fill out the fields on that tab but may also use this tab for 1071 reporting.
Added 1071 Tab and Credit Purpose(s) Fields to the Loan Overview Page
There is a new Section 1071 tab on the Loan Overview page. On that tab are two fields related to the 1071 Credit Purpose(s). The first is a multi-select field. The second is an explanation field for other scenarios.
