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Home > E-Blast Archives - FY2019 > 2018-October Announcements
2018-October Announcements
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3rd Update

504 Lenders - 1098 

The IRS Form 1098 requires reporting on data fields related to real property. In order to fulfill this requirement, the CSA, at the direction of the SBA, is requesting that the CDCs return the additional data fields to the CSA for all loans funded between December 2017 and November 2018 

Action Items for lenders

Provide data to the CSA for all loans funded between December 2017 and November 2018 via a report within Ventures.  Join us for a webinar on October 30th @ 10am Pacific or on October 31st @ 1pm Pacific to learn what report to run from Ventures to provide to the CSA.   Click HERE to register.

 

7a Lenders - NEW Field - Opportunity Zone

For your reporting purposes Ventures has added the Located in Opportunity Zone field to the 7a platform's Eligibility > Policy tab. Please note that SBA's ETRAN platform does not have a field for tracking Rural or Opportunity Zone type loans rather they're using a table lookup based on your project address.  A portion of the notice is being provided as reference. Refer to the initial email (below) on how to track Rural loans within Ventures.

 

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Retained Justification > Text field to Snippet
We have made the Retained Justification into a snippet for your Site Administrators to add text to the drop-down, if needed.  We have also activated this field in the Commercial loan type templates.
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2nd Update

 

IRS Form 4506 (September 2018)

The new IRS form has been released in Ventures as a System document. If you have customized the form on your platform please be sure to update it to the more recent version.

 

SBA form 159

Ventures has deployed the new SBA Form 159.  You can find the form within the Referral Fee record and within Documents.  Please refer to the SBA Informational Notice for more information.  A snapshot is below for your reference.

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New Feature:  Vendor LINKS tab

You may have noticed a new main menu item labeled Links.  This menu will show several vendors in various categories to help you in just about any area.  We're in the beginning stages of this helpful tool.  More names to be added specifically in the Life Insurance and Appraiser areas. 

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1st Update

Ventures Office Closure

Slight clarification on Ventures office closures in October:

 

  • Ventures will be closed on Monday October 8th in observance of Columbus Day.
  • We will be closed on Friday October 26th from 12-5 pm Pacific Time
Questions/Comments?  Please reply back.  Thank you. 

 

Ventures Office Closure
Our office will be closed on Friday October 26, 2018 for an all-day staff meeting.
 
504 and 7a Effective Fees going into effect October 1, 2018
The evening of September 30, 2018 the Ventures development updated all sites  to reflect the new fees within the Administration > Default Organization record.  Any NEW loans enrolled on or after October 1st, 2018 will reflect the fee.  Any existing loans in the pipeline that are not SBA approved will need to be manually updated within each loan's Financing > Financing record.  We suggest having the Allow Servicing Fees to be Modified checkbox within the Organizational record checked to allow for updating.
 
7a Fee Relief going into effect October 1, 2018
Various lenders were asking how Ventures would handle the Authorized Fee Relief for FY2019 for 7a loans.  For your reference that portion of the notice has been copied below. 
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If your 7a loan is $150k or less AND has Rural selected (Eligibility > Occupancy) OR HUBZone (Eligibility > Policy) the fees within the lender's Financing > Financing record will update the fees accordingly.
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NEW Form:  IRS Form 4506

The IRS released an updated version of its 4506 form (version September 2018).  Ventures will be updating the form by the end of this week.  Please watch the Announcements widget for its official release on the platform. 

 

NEW Form:  SBA Form 159

Ventures will be releasing the updated Form 159 by the end of this week.  Please watch the Announcements widget for its official release on the platform. 

 

Payments+

For those who didn't attend our Payment Tracking webinar on Thursday September 27th the attached handout was shared.  We will also be showing the platform at our LIVE Training in Fort Lauderdale on Tuesday October 16th, 2018. 

 

Featured 3rd Party Vendor that integrates with Ventures:  BCR (Business Credit Reports)

Ventures is pleased to announce the newest integration within its platform.  You can now order Business and Personal credit reports within your Ventures platform.  Watch this video HERE to view the ease of ordering within Ventures.  Interested in the integration?  Please contact Julie Middleton @ [email protected] for information on the Ventures cost and Debbie Golbach @ [email protected]businesscreditreports.com for information on the services/fees charged by the BCR organization.

 

Lastly...A message from our Support Team

Did you know the Knowledge Base articles/videos are a great resource for information?  To access the site go to ventures.happyfox.com.  If you haven't already created an account we encourage you to do so.  

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