This Just In — SBA Announces a New Loan Servicing SOP 5057 3
Some of the August 1, 2023 changes that are important to lenders in the new SOP 50 57 3 include:
The requirement for lenders to include an assignment of the 7(a) Loan Documents to SBA in the Wrap-up Report they submit.
The need for prior SBA approval to sell a 7(a) Loan Note for less than the full amount owed on the Loan, in accordance with offer in compromise guidelines.
Procedures for appealing SBA decisions involving lender Litigation Plans.
The SBA will apply the requirements of SOP 50 10 and SOP 50 57 in effect at the time of SBA’s guaranty purchase review.
The expanded System for Award Management (SAM) requirements to include lender employees who are directly involved in the processing, closing, servicing, or liquidation
of 7(a) Loans.
The need for SBA written approval for changes in a borrower’s business ownership that occur within the first 12 months after final disbursement of a 7(a) Loan (for
consistency with SOP 50 10).
The new Chapter 14 for the servicing and liquidation of special purpose loans including SBA CAPLines, International Trade, EWCP, and SBA Export Express and Paycheck
Protection Program (PPP) Loans.
We will forward the pdf version of the SOP when available. Also, a hard bound copy of the SOP 5057 3 will be available on Amazon shortly.