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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.

Collateral Oversight and the Cost of Missed Recoveries When a Borrower’s loan is in trouble, collateral is a whole lot more than a checkbox on your to-do list. It’s a foundational element in SBA’s expectation that you, as a Lender, will take appropriate action to maximize recovery and minimize loss. If you’re not careful to safeguard collateral and manage liquidation, you risk losing out on expected financial recovery. And when SBA reviews your servicing practices and decides

As an SBA Lender Service Provider, we are asked to perform annual loan reviews for many of our clients. With each one we add to our...