April 5, 2016
By Bob Coleman
Editor, SBA Hot Topic Tuesday
SBA Hot Topic Tuesday — SBA One Mandatory for PLP Lenders on July 31st.
PLP lenders must use SBA One for non-delegated loans processed through Citrus Heights beginning July 31, 2016.
All SBA 7(a) lenders will be required to use SBA One for non-delegated loans by September 30, 2016.
Processing loans through E-Tran will not be an option.
Other SBA One Q&A’s.
Q: Will Lender Service Providers who currently enter applications for the lender also be required to use the SBA One platform?
A: Yes for non-delegated loan processing.
Q: We have heard that 504 loans will also be processed using SBA One at some point. Is this correct? If so, what is the targeted rollout date?
A: OCA and the 504 industry are working together on automation for 504 loans starting with the recent publication of a Sources Sought. We don’t expect this to affect third party lenders in the 504 program at all. Additionally, because there are only a handful of software vendors providing 504 accounting services to the nation’s couple hundred CDCs, we expect the automated process to work differently than SBA One for 7a.
If you want to know more about SBA One, register for Coleman’s SBA One webinar on May 10th.