Liquidate Your SBA 7(a) Loans in Two Years or Lose the Guaranty
Date: Tuesday, August 30, 2016
Time: 2:00 p.m. Eastern
Go to Registration and Payment | Download a Registration Form
Learn to Spot Liquidators’ Deadline Violations in Defaulted SBA 7(a) Loans — and How to Prevent Them from Jeopardizing Your Guaranty and PLP License — a 75-minute webinar that allows your staff to earn e-certification.
Did you know that If you have an SBA 7(a) that defaulted prior to December 1, 2015 it must be liquidated by December 1, 2017 in order to have SBA honor the purchase guaranty? And do you know the deadlines for defaulted loans post December 1, 2015?
Denial of 7(a) guaranties and the suspension of your PLP license are the risks you face if you fail to adhere to recently imposed SBA deadlines on completing liquidation procedures for your defaulted loans. Know the deadlines and learn how to clean up your backlog of SBA special assets to eliminate the risk of being suspended from SBA’s lending programs.
Ominously, legislation passed out of the Senate Small Business Committee last month will give SBA the ability to impose civil fines and PLP program suspensions to lenders who fail to meet agency “prudent lender” deadlines.
SBA has stated a major initiative this year is to clean up its books of charged-off loans. Your PARRiS score will be negatively impacted by the number defaulted loans that have not been submitted on a “wrap” up report and removed off SBA’s books.
Proactive lenders will take the steps to avoid these risks. Lenders who wait to address this problem next year expose their SBA lending program to unnecessary risks.
A clean-up list of SBA 7(a) liquidating loans is a sign of SBA loan department management excellence, and will be reflected positively in your institution’s PARRiS score.
Poor attention to detail of your SBA 7(a) special assets will bring a higher level of SBA review. WIth new proposed SBA loan review regulations, this will add tens of thousands of dollars in future oversight fees to lenders with low PARRiS scores.
Former SBA Loan Servicing Center Deputy Director Lance Sexton will explain to SBA managers and liquidators how to exactly to meet SBA’s exacting standards at the least amount of time and cost.
- Adopt best practices to meet and beat SBA lender liquidation deadlines
- Comfortably know when to pursue collateral recoveries, or when to abandon collateral
- Management will know their liquidators are SBA compliant with critical deadlines
- Management will know guaranty purchase package submissions on time will be paid by the SBA
- Senior managers can comfortably read each monthly report showing progress before the December 1, 2017 implementation deadline
- Managers and the C-Suite, as well as SBA, will be able to track your compliance with SBA’s new prudent liquidation definition.
- What SBA is telling lenders when they use the term “prudent liquidation.”
- Threatened “Enforcement Actions” to be issued by SBA to SBA 7(a) lenders for not completing their current liquidation caseload by December 1, 2017.
- Threatened “Enforcement Actions” to be issued by SBA to SBA 7(a) lenders who do not complete liquidation of collateral within two years of the guaranty purchase.
- New rules in preparing SBA 7(a) wrap-up reports.
- How to calculate the SBA 7(a) lender annual servicing fee when the loan during the liquidation process.
- New rules and clarifications for SBA 7(a) revolving lines of credit.
- Special liquidation rules for SBA 7(a) small loans less than $350,000.
- Mandatory use of e-Tran for certain SBA 7(a) servicing and liquidation actions.
- New credit bureau reporting rules for SBA 7(a) loans.
- New SBA 7(a) Liquidation status reporting requirements.
- New rules for returning a SBA 7(a) loan from liquidation to regular servicing status.
- The new rules about receiverships and liquidations.
- Specific guidance when you need to submit liquidation expenses to SBA.
- What to do with the 1099-C.
Lance Sexton served as Deputy Director of the SBA Little Rock Commercial Loan Servicing Center managing the Servicing of SBA Loans, the liquidation of SBA Express Loans, and the Liquidation of SBA 504 loans in a 24 state area. Lance has 30 years of experience in the origination, servicing, and liquidation of SBA Loans, ten years of experience directly managing portfolios of SBA loans that are both performing and nonperforming, and six years of experience as a small business owner.
Bob Coleman is the Author of “Money Money Everywhere and Not a Drop for Main Street.” He is the Publisher of the Coleman Report, a trade newsletter and website for SBA and small business lenders. He produces online training videos and webinars for small business lenders to teach them to make less risky loans to Main Street.
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