September 28, 2016
By Bob Coleman
Editor, C-Suite Wednesday
SBA has reversed its decision for mandatory use of SBA One for non delegated lenders beginning October 1.
SBA 7(a) GP Loans by non-delegated lenders can continue to be submitted using Etran.
Note PLP lenders must use SBA One for SBA 7(a) GP loans.
“Also, please note that the policy for over a year has been that SBA One GP submissions get preference for handling/processing over Etran submissions. This was implemented to help increase the volume of SBA One submissions going to LGPC by rewarding lenders that used SBA One with shorter processing times (based on feedback from our lenders this was/is a successful strategy).
“As of today for Etran submissions, the Average time to Assignment is 8 working days and the Average time to Process is 23 working days, for a total of 31 working days.
“As of today for SBA One submissions, the Average time to Assignment is 6 working days and the Average time to Process is 10 working days, for a total of 16 working days.
“On the average GP Loans submitted via SBA One are turned around in 16 working days versus Etran submissions are turned around 31 working days. A time savings of 3 weeks.