May 28, 2019
SBA Hot Topic Tuesday — Newtek Small Business Lending Assigned Business-Based Servicer Rankings by S&P Global Ratings, Revised SBA Form 1050 Settlement Sheet
By Bob Coleman
Editor, SBA Hot Topic Tuesday
Newtek Small Business Lending Assigned Business-Based Servicer Rankings by S&P Global Ratings
Barry Sloane, Chairman, President and Chief Executive Officer said, “We are excited that our wholly owned SBA 7(a) subsidiary Newtek Small Business Finance continues to be recognized by S&P as a primary and special servicer for government guaranteed loans. We are also thrilled that S&P has given our wholly owned portfolio company Newtek Small Business Lending a rating for servicing government guaranteed and conventional loans as well. We believe we are extremely well positioned to service the SBA 7(a), SBA 504 and non-conforming conventional loans we originate, as well as grow our lender service provider business for servicing third-party originated loans, which is an important component of our strategy for growth in the SBA 7(a) originations space.”
SBA Information Notice 5000-19010 — Revised SBA Form 1050 Settlement Sheet
The purpose of this Notice is to announce the issuance of a revised SBA Form 1050, Settlement Sheet (SBA Form 1050). All previous editions of this form are obsolete. Lenders are required to use the revised form immediately; however, for applications currently in process, Lenders may continue to use the previously approved version. Beginning on July 1, 2019, SBA will only accept the revised version of the form.
SBA Form 1050 is used to document and verify that loan proceeds have been disbursed in accordance with the Authorization and to document that the SBA Borrower’s contribution has been injected into the business prior to the Lender disbursing any loan proceeds.