FTA 1502 Reporting: In Sync or Not In Sync?
Do you have FTA sync issues that you may not be aware of?
If any of your 7(a) loans have gotten out of sync with the FTA (Fiscal Transfer Agent), you’re inevitably headed for problems.
And it’s all too easy to slide out of sync without noticing. Especially since we’ve seen some unexpected glitches with the transfer from Colson Services to Guidehouse as the FTA servicing agent. Many of the glitches have been worked out but we’re still hearing about Lender’s that remain out of sync.
So, how do you know if you’re out of sync?
There are several reports available in the FTA Portal section of CAFS as follows:
Initial or current messages
Initial or current errors
Guar. Portion Payment Discrepancy Report
In addition, in Etran Servicing section of CAFS you’ll find:
1502 Rejects Report
We’re currently working with several clients to help them fix sync problems. Here are some of the issues we’re seeing between our clients’ records and the FTA.
The current month’s closing balance doesn’t match.
The date interest is paid to doesn’t match.
The status of the loan – regular servicing, in liquidation, paid in full, and so on – doesn’t match.
The Lender is reporting loans that the SBA has previously marked as paid in full.
SBA repurchased a loan, so it shouldn’t be on the 1502 report – but the Lender included it.
The Lender is not reporting all loans with an SBA guaranty each month
These are the most common discrepancies; there are, of course, others that might crop up – including issues with late penalty fees, unpaid ongoing servicing fees, and so on.
If you’ve had to deal with these syncing issues in the past, you know what a headache they can be to resolve.
So why not let us help?
As consultants to SBA 7(a) Lenders, we offer support, advice, and direct assistance to you and your staff. Request a free consultation and see how we can help you – whether with FTA sync discrepancies or any other 7(a) question you may have.