Are You Ready for the 1502 Report Submission Changes?
Are your 1502 reports in balance with Colson Services and SBA?
Or do you cringe on the 20th of each month, hoping you don't receive a discrepancy or exception report from Colson Services?
As you know if you’ve received one, these reports are sent out when something is amiss with your most-recent 1502 report.
You’ll get a Discrepancy report if your 1502 report is out of balance with SBA’s
Current principal balance OR
Current interest-paid-to date
Exception reports are usually because
The loan status doesn’t match SBA’s records
Loans that were approved by SBA didn’t appear on your report
Loans that SBA’s records show were marked paid in full, cancelled, withdrawn, or otherwise no longer guaranteed are still on your report
Loans on your report were repurchased by SBA
Of course there are other exceptions; these are just the most common.
If you need more information about an error, you can hover your mouse over the error code in either Etran or Colson’s 1502 dashboard, the error code definition will appear, providing you with a starting point for correcting the problem.
Addressing these reports can overwhelm your SBA team. Depending on the exception or discrepancy, your people can spend hours trying to unravel the problem. And if their corrections don’t resolve the underlying cause, they’re just a band-aid, inevitably creating future issues.
With the upcoming change in Fiscal Transfer Agent (FTA) from Colson Services to Guidehouse, it’s more important than ever to ensure you’re in sync with SBA.
For additional tips on the importance of accurate 1502 reporting, please refer to our recent article, Five 1502 Reporting Errors That Could Affect Your Bottom Line.
For the most recent timeline provided by SBA (as of this writing) on the move from Colson Services to Guidehouse, see below:
For the FTA WIKI site, where the FTA updates can be found, click here. Important information is uploaded often, so make sure you bookmark the site and visit frequently!
Got 1502 reporting issues? We can help! Call us now for a free 30-minute consultation.