Below is a list of SBA Loan Servicing Software FAQs sent to DISC. The answers explain how LOANLEDGER(sba) comprehensively helps manage and service SBA loans.
SMALL BUSINESS ADMINISTRATION REQUIREMENTS
Form 1502 is mandatory for all 7(a) loans with an outstanding SBA guaranty, regardless of payment activity on the note.
The reporting period on Form 1502 includes the first calendar day through the last calendar day of the previous month.
Lenders must notify SBA promptly of any cancelled or withdrawn loans.
Form 1502 includes:
- Secondary Market Payment
- SBA Status Codes
- Amounts Undisbursed
- Guaranteed Payment Portions
- Floating Interest Rates
- Calendar Basis Points
SBA LOAN SERVICING SOFTWARE SOLUTIONS
LOANLEDGER(sba) is an excellent solution for both unsold SBA loans and secondary market loans.
We know that small business loans are not the only loans your loan department handles. LOANLEDGER(sba) dramatically reduces the time you spend calculating, often manually, the data necessary for Form 1502 right beside all the necessary and desirable functions for participations and secondary market. The software completes the necessary calculations for you, populates the form and allows for convenient upload with, literally, the touch of a button.
Yes, the software does a complete audit of transactions in the loan cycle for pre-payment, late payment and pay-off.
LOANLEDGER(sba) can store any document you save into the LOANLEDGER Database Files for that loan.
LOANLEDGER(sba) integrated tickler system generates automated reminders for every SBA loan servicing requirement, taking the worry out of managing your portfolio.
LOANLEDGER(sba) will generate reports on screen or on paper and, importantly, in either PDF or Excel format. It’s simply amazing to watch it work so hard so quickly.
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A system that provides you with every loan management function crucial to your business.
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