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VENTURES
7(a) Lenders - ETRAN Related updates
With recent SBA changes, we have made some updates to rate indexes and adjustment periods to be aware of.
- In the Financing menu > Financing Sources > Financing Source record > a new field called “Adjustment Period Months” was added. The field is locked until the user selects "Other" in "Adjustment Period" dropdown field. The user would then select the number of months for adjustment periods.
- 5 Year Treasury (T-Note) and 10 Year Treasury rate index types have been mapped to their appropriate ETRAN code. If you choose either of these rate indexes, then your "Adjustment Period" should be set to "Other" and your "Adjustment Period Months" should be equal to or greater than 12 months to avoid an ETRAN validation error. (Note - SOFR rate index type was already available and mapped previously)
PAYMENTS
Metro2 Credit Reporting Updates
What's changed?
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We have changed the way payment accounts are included or excluded from Credit Reporting in the Metro2 feature. Previously, you had to set BOTH Account Type and Account Status to be included. Moving forward, when adding new payment accounts to be included in Credit Reporting, you will want to follow these instructions Payments Metro2 Credit Reporting Cheat Sheet. You do not need to do anything to your current payment accounts set up for Credit Reporting. Ventures has marked these accounts to be included in Credit Reporting automatically.
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Now, when you mark a payment account with a Paid in Full Account Status (Account Status 13, or 61-65) or DA/DF Account Status, the next report you generate will report that status, and then the account will automatically drop off future reports and mark the account to be excluded from future reporting. Previously, after setting those statuses and generating the report, you had to then manually remove the account from future reporting.
API Payment Related Updates
You can now post a Principal Only Payment Transaction type through the API. Previously, you could only post a Payment Transaction Type.
