One SBA Checklist to Rule Them All

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.

So, yes, we love checklists.

And we’re not suggesting that you need more checklists.

We’re suggesting that you need to corral all those checklists into one Master Checklist. Because it’s only then that you’ll have a complete picture of what’s happening with a loan. No matter how good each functional area is in completing their individual checklists, you still need the overview to ensure nothing’s overlooked, there’s no time-wasting duplicate effort, and that there’s a smooth, efficient handoff between teams.

Introducing the Master Checklist

The Master Checklist is the connecting thread through a loan’s lifecycle.

It doesn’t replace departmental checklists. It coordinates them, tracking major milestones from initial application through final payoff or liquidation in one place.

This gives you visibility into each loan’s status, better communication between departments, and fewer missed requirements during handoffs.

Who's Responsible?

A Master Checklist identifies who’s responsible for each milestone – primary responsibility as well as supporting roles.

And it tracks current status.

Now everyone knows who’s supposed to do what and when

Improved Efficiency

There are always delays and holdups in any loan process.

The Master Checklist calls this out. Is something waiting on the Borrower? Are third parties holding things up? And what about internal bottlenecks or duplicated effort?

The Master Checklist tells the story – and allows you to streamline those internal issues as well as follow up more effectively on external delays.

Happier Borrowers

Borrowers don’t care which department does what. They just care that their loan gets approved and funded.

The Master Checklist means everyone knows the status, and can easily, quickly, and accurately communicate with the Borrower.

Which makes everyone’s life easier.

And SBA Compliance

No matter how many SBA loans your institution processes each year, every loan should follow the same workflow – and that’s exactly what a Master Checklist supports.

From consistent application of internal procedures, to documentation supporting SBA Lender requirements, to better preparation for internal audits and SBA loan reviews – the Master Checklist tracks every step. It doesn’t, in and of itself, satisfy regulatory requirements, but in the event of an external audit or review, it demonstrates a disciplined process for documenting completion of required activities under the current SBA SOPs.

Many lenders discover through SBA lender training classes that a Master Checklist is one of the simplest ways to improve consistency across departments while strengthening operational controls.

Final Thoughts

Department checklists tell each team what to do, in detail. They’re still essential.

The Master Checklist tells everyone where the loan stands, who’s up for the next steps, and where the delays are happening.

And that improves efficiency, strengthens communication, reduces operational risk, and creates a better experience for all involved – staff and Borrowers

We Can Help

Whether you’re building your Master Checklist from scratch, or you’re looking to streamline and improve your current workflow, LRM Lender Consultants is here to help. As an experienced lender service provider, we offer process reviews, customized workflow development, and SBA loan training for lenders tailored to specific to your needs. We also provide customized SBA lender training classes designed to strengthen processes, improve consistency, and support ongoing SBA Compliance.

Improving efficiency while supporting SBA compliance – what could be better?

Give us a call today at 877-576-0819, or drop us a line through our website here.