VENTURES 1502 Report version update The SBA pilot for a modernized 1502 report is ready for general release. Ventures supports both versions as you transition to the new report layout and file submission portal. The modernized 1502 report is a payments report labeled SBA 1502 Report version 8/2024 . The cur…
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 …
In this article, we will describe setting the report status for the Form 1502 within Payments. This article will focus on how some statuses will be automatically set. For a full definition of 1502 statuses, please refer to the SBA 1502 Instructions . The 1502 Status within Payments > Loan Details is set to -No…
You will need to be able to access the Payments main menu tab in order to generate a 1502 report. You will be able to generate a report filtered by different loan programs and report types. ***This KB article is for Payments clients that use the 1502 Reporting module*** How to Generate a 1502 report * Click…
This article will show how to record a 7A Community Advantage Loan Sale on the Secondary Market within Ventures. For more information visit FTA Wiki page. If you have Payments and the 1502/Investor module, please follow the procedure below: STEP ONE: Add Ownership Transaction 1) Go to loan that has been sol…