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Here a checklist, there a checklist, everywhere a checklist! Department-specific checklists are essential. They focus on the specific responsibilities of that specific department or team. So an underwriting checklist focuses on eligibility, repayment ability, and collateral. Closing verifies documentation and funding conditions. Servicing monitors insurance, payments, reviews, and modifications. And so on.

Lori’s current SBA-geek fun: facilitating a monthly SBA Form 1502 Roundtable, with over 50 participants from 25 different Lenders. From our experience working with clients and from what we hear from Lenders at the Roundtable, there are four primary early-warning signs of SBA Form 1502 reporting trouble. All of them relate to mismatches between Lender and FTA records.

Banks have a deserved reputation of being traditionalists, slow to adopt new technologies and often bound up in “how we’ve always done it...

Do you remember our article back in 2022 on Electronic Loan File Stacking , a.k.a ELFS? Maybe not – 2022 was a long time ago! In that...