May 4, 2015
By Bob Coleman
Editor, Coleman Report
SBA released the latest version of SBA’s 5010 today.
Note the SOP 5010 5 (H) is effective last Friday.
However, since most of the changes are in the streamlining/lender friendly mode this should not negatively impact the vast majority of lenders.
Just pay attention to the new real estate appraisal and business appraisal rules effective May 1st.
Other changes include:
Updated real estate appraisal requirements for SBA 7(a) and 504 loans
Updated business appraisal requirements for SBA 7(a) loans
The new streamlined, comprehensive SBA 7(a) debt refinance rules
Eligibility and Documentation Changes to Export Express Loans
When and how PLP lenders may obtain loan increases and decreases
SBA 504 Construction Loan Qualified Providers of Statement Changes
Other areas of change include:
Revised language regarding SBA 7(a) lender oversight and monitoring reviews
Regulatory changes to CDC governance
Clarified language regarding borrowed contributions for SBA 504 loans.
Required Use of E-Tran for all 7(a) Loan Applications