Posts Tagged ‘SBA Performance Audit’
SBA Hot Topic Tuesday – SBA 7(a) Loan Guaranty Denied when Lender Failed to Disclose Material Fact
July 8, 2014 By Bob Coleman Editor, Coleman Report Last month, SBA’s Inspector General released a performance audit critical of the SBA 7(a) guaranty approval process. The report recommended ways for SBA to do a better job in approving SBA 7(a) loans. It’s attached if you want to delve into the operational weeds of SBA…
Read MoreFraud Friday – Bank Settles with Department of Justice, SBA for Failing to Follow Prudent Lending Standards
April 25, 2014 By Bob Coleman Editor, Coleman Report I found this explosive piece in the just released SBA Inspector General March 2014 newsletter. I don’t know who the bank is, or what exactly occurred, but the bottom line is a “large” bank with branches in Utah paid $212,920 to settle claims with DOJ and…
Read MoreSBA Hot Topic Tuesday – Part 3 or 3, SBA Denies 7(a) Loan Guaranty for “Disconcerting” Credit Underwriting
April 8, 2014 By Bob Coleman Editor, Coleman Report The lender’s credit memo stated, “The past two years of insufficient cash flow have caused deferred maintenance and past due taxes, both which will be remedied with loan proceeds.” Uh oh. Not the type of analysis one learns in SBA Credit 101 which requires positive cash…
Read MoreSBA Hot Topic Tuesday – SBA Denys 7(a) Guaranty for Faulty Cash Flow Underwriting
April 1, 2014 By Bob Coleman Editor, Coleman Report Part 2 of 3 of our coverage of the January 2014 SBA Inspector General audit denying three SBA 7(a) guaranties. Today, Florida Community Bank is the OIG target of an early-default loan of 10 months. Florida Community Bank had acquired the loan from the failed First…
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