SBA is releasing what they’re referring to as a “modernized” Form 1502 and filing process – and yes, it’s a definite improvement over the old monthly reporting method.
It’s rolling out by district, with a target finish date of June 2025. Each district will receive SBA Lender Training from SBA directly, and in our opinion, the training is excellent. The state-by-state training schedule is listed in their “Coming Soon” announcement.
That document also lists the first required reporting date for each district, along with a brief overview of improvements, which include:
Loan data entry fields have been cut by almost half, from 16 fields to just 9;
The new portal calculates the guaranty for you, based on the 100% portion;
There’s up-front error checking;
And ACH payments are now available, versus wire transfers and their associated fees.
Lenders will now be able to use the 100% Lender Note information for balances, P&I spread, undisbursed and disbursed amounts, annual fees, and so on. No more need to go back to SBA’s guaranty balances in your reporting! Bear in mind, though, that you still need to make sure to catch any discrepancies between the FTA calculations and those provided by your vendor systems. Are they in sync, and if not, why not? (Sometimes figuring out what went awry can be challenging; as always, we’re here to help as your SBA consulting group.)
SBA’s documentation, available on the FTA Wiki site, is clear and simple – you can see the process overview in the PDF "1502 Reporting Module within MySBA Loan Portal" and then review the "User Guide and FAQ."
Between those three documents – the “Coming Soon” announcement, the “1502 Reporting Module” process overview, and the “User Guide” – you’ll have all you need to know before attending SBA’s training. And while you may choose to wait for your district’s turn – or attend training offered to districts other than yours, as they’ve indicated they’ll allow – SBA has said anyone can start using the new 1502 Reporting Module at any time, even before receiving training.
What more is there to say? We urge you to review the documentation and make sure your team knows the schedule – and that they’ve reviewed the documentation as well.
And as always, we’re here to help, whether that’s with updating your processes and checklists for the new form, conducting loan reviews, or any other aspect of SBA lending – just consider us your SBA consultants in your back pocket. Give us a call at 877-576-0819, or drop us a line through our Contact form here!
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