Fix Clerical Errors by 8/30 or Lose the Guaranty on your SBA 7(a) Stimulus Loans
Time: 2:00 p.m. Eastern
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Use Coleman’s 20-step checklist to verify clerical errors have not canceled your SBA 7(a) loan guaranties.
SBA’s July 26th notice says lenders must submit clerical error corrections to SBA by August 30th. SBA will be unable to reinstate canceled SBA 7(a) loan guaranties after that date.
Lenders, and CDCs, must also correct any SBA 7(a) and 504 loan balance discrepancies by the same date.
Loans approved under the Small Business Jobs Act of 2010 are affected. Lenders must review their portfolio and 1502 reports to verify any loans require reinstatement of the guaranty, or balance corrections.
Corrections and reinstatements must be submitted to SBA for approval.
No SBA 7(a) stimulus loan guaranties can be reinstated after 8/30. Loan balances in SBA’s database will be considered accurate and cannot be changed.
- Don’t waste time creating a checklist — we’ve done that for you
- Since time is of the essence, know how to complete your portfolio review promptly and efficiently
- Rest assured the SBA 7(a) loan guaranties on your books are in SBA’s database
- Eliminate loan balance discrepancies that will delay loan guaranty purchase repayments
- Identification of impacted SBA 7(a) and 504 loans
- How to review the SBA 1502 report
- How to use SBA One to complete this review
- How to determine if a 7(a) guaranty has been inadvertently canceled
- How to reinstate a canceled 7(a) guaranty
- What to do with undisbursed loan funds
- How to correct loan balances
- What to do if you have a loan balance and SBA shows the loan paid-in-full, or vice versa
Former SBA Deputy Director, Little Rock Commercial Loan Servicing Center
Lance 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.
He has served as Vice President, Senior Vice President, and Executive Officer of three community banks building and managing SBA portfolios at each bank. Lance also was a faculty member of the Sam M Walton College of Business at the University of Arkansas teaching entrepreneurship courses.
Certificates of Participation
All Coleman Webinar attendees will receive a certificate of participation. This documents your continuing education history for SBA and your regulators.
We will automatically forward a certificate of participation for those who are registered to attend the webinar via GoToWebinar.
If you have purchased the unlimited site license and would like certificates for all who attend simply forward their names and email addresses to email@example.com. She will email the certificates to all attendees.
Questions are strongly encouraged. There are two ways to ask a question. The first is to ask the question via the chat box on the GoToWebinar dashboard. The second way is to send an email to firstname.lastname@example.org. Also, feel free to ask pre-webinar questions.
About Coleman Webinars
Coleman is the largest producer of small business banking video webinars and online training for the banking industry.
Our faculty are professional instructors are the absolute experts in their fields.
Why a Coleman Training Webinar?
It’s very cost effective. No airfare, no hotels. Just cram as many people as you wish into your conference room and turn on the computer. You have several options to view the program. You may watch on screen, or listen in on your phone.
You can choose to have any many connections nationwide as you wish when you purchase unlimited access for only $489.
A great benefit of the program is that you may have your questions answered by the faculty. All of our webinars are recorded. Buyers of the unlimited site license option will receive a DVD recording of the event to share with anyone you wish.
A transcript of the program is also provided to purchasers of the unlimited site license.
How it Works
We use GoToWebinar for the webinar platform. You will receive a link that will direct you to an Internet site to view the presentation. If you would like to test this process to make sure you will be able to access the link through your system’s firewall, just send an email to email@example.com, and he will schedule a test run.
There are two ways to access the webinar. The first is to simply click on the link we will provide when you register.
If you have a firewall issue, or you can’t get the GoToWebinar link to work, don’t panic!
The second way to access the webinar is directly from the GoToWebinar website. You will simply need to input the webinar ID and access code. These will also be provided when you register, and again the day before the webinar when we distribute the handouts.
Note we will open the webinar for attendees to join at 12:00pm ET. This will give each attendee two full hours before the webinar begins to troubleshoot any technical issues. Call (818) 790-4591 if you need assistance.
All Coleman Webinar Speakers are seen Live via Video Stream
You will see our speakers live through a video feed. You may customize the size of the speaker and powerpoint presentations by clicking on the webcam button on the GoToWebinar dashboard. You may position the speakers at the top, bottom, right or left hand sides. You may also choose to eliminate the video stream and just view the powerpoint.
Telephone Only Option
You may also choose to listen to the program on your telephone. The phone number will be provided with the handouts.
You will receive the pdf handout via email the day before the event. These may be distributed to all of your attendees.
If something comes up and you miss any part of the webinar, or there are technical issues such as a power failure, Internet dropout, fire alarm drills, actual fires or, earthquake (yes that has happened!) simply email firstname.lastname@example.org and he will send you a link you may watch all or part of the webinar at your leisure. There is no charge for this service.
Complimentary Coleman Report Live! News Show with Bob Coleman from 1:50 p.m. to 2:00 p.m. Eastern
Log and dial in ten minutes before each Coleman webinar to hear the “Complimentary Coleman Report Live! News Show” with Bob Coleman.
We do this for two reasons. First, the pre-show confirms you are successfully connected to the webinar. Second, we provide you a synopsis of the current news to help you place what is happening to the small business lending industry in context. Join us for this free feature!
The Fine Print
1) The single user registration fee of $389 is based on location not attendance. You may have as many people in one location attend. You may distribute the materials to anybody in your company.
2) For only $100 more ($489), you may invite as many people from your institution from as many locations as you wish. (You also get the reply link and transcript!) We will forward you a link that allows you to sign up as many people as you wish.
3) Substitutions are allowed at no charge.
4) Cancellations receive a 100% credit for any Coleman product.
5) As with all our products, we offer a 100% money back satisfaction guaranty — no questions asked.
1) Previous customers need only to send an email to email@example.com with “Register Mandates Webinar” in Subject Line. We will do all the paperwork and charge your credit card on file, or send you a PayPal request.
2) Call Joseph Coleman at Customer Service at 818-790-4591 extension 1
3) Fax the order form to: 818-790-7859
4) Mail the order form to: Coleman Publishing, 607 Foothill Blvd., # 546, La Cañada, CA
5) Click here for paying using PayPal
Editor, Coleman Report
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