All 7(a) and 504 lenders will digitally submit E-Tran loan authorization application requests to SBA to screen for eligibility. From there, SBA determines whether the applicant is eligible by requiring the applicant to certify certain eligibility requirements and validate those certifications through a digital, real-time regulatory compliance framework.
When a discrepancy that affects eligibility is found in the loan authorization, the application will be flagged with one or more error codes. Lenders can resolve the error codes with the appropriate documentation and communication with SBA.
If your file shows a status of Withdrawn, the application was flagged with compliance check codes. Log into ETRAN and pull up your application. Click on the menu labeled Application Info on the left-hand side and scroll to the bottom of the page to view Compliance Codes. Click on the hyperlinked Details in the Star Comments column to view additional details.
SBA recommends carefully reviewing the application data for any typos first before proceeding further. If there are typos, the lender should resubmit a new application with corrected data. SBA cannot clear any alerts that were caused by inaccurate data…
From the Coleman SBA 7(a) Loan Underwriting & Closing newsletter – published weekly.