Lean on Us When…

We often see Lenders forget to take advantage of the support a Lender Service Provider (LSP) can offer.

So, when should you lean on an SBA LSP?

Let us count just a few of the ways!

1. Being audited? An experienced LSP can be a great help for reviewing and responding to SBA audit findings.

   
   

2. Eligible? Maybe yes. Maybe no. There’s a lot of fuzzy gray area when it comes to eligibility – and that’s where an LSP can be immensely helpful.

   
   

3. Got SBA Servicing Actions? They range from a simple need to update a mailing address, all the way to SBA loan liquidation. Of course, the simpler actions are no big deal (as long as you remember to cross-check that all changes are made in all the necessary locations, from your in-house loan file on to updating ETran). But transactions such as changes to loan terms, or the unhappy need for complete liquidation, are more complex. If your SBA team is understaffed or already overwhelmed with work (it happens!), an LSP can be a lifesaver.

   
   

4. Need training? LSPs often offer SBA training customized to your specific needs, from in-depth SBA loan processor training to a guided review of your in-house processes and checklists. This is also a great way to get everyone up to speed on changes in SBA regulations.

   
   

5. About those regulations… LSPs are experienced in every detail of the complex (to say the least) SBA regulations. And they keep on top of the changing SBA landscape in ways that a busy SBA Lending department can’t always manage. As we’ve said before, it’s helpful to have an “SBA geek” in your back pocket to support your team, whether it’s clarifying gray areas around eligibility, handling complex servicing, or supporting new team members in coming up to speed.

Not all LSPs offer the same set of services. If you have an existing relationship with an LSP, take a moment to review what they can help you accomplish; there may be more there than you realize.

And of course if you’ve not yet established such a relationship, let’s talk about it. Give us a call at 877-576-0819, or reach out through our website. You might be surprised by some of the options we offer for supporting your SBA lending team to be efficient, accurate, and on top of things!