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A short peek into how we are processing these loans: I would really appreciate any pointers/advice from my peers!
1. Borrower submits info to us. They typically are missing documentation or don’t clearly state breakout of payroll. Our biggest issue has been lack of details and inconsistent loan calculations, so we give them our in-house calculator to determine the loan amount.
2. Once the lender confirms all paperwork, s/he fills out the Lender Application, validating details of the loan and ensuring paperwork is filed.
3. The local president will review the file and ensure everything necessary is inside the file (tax forms, payroll, applications, etc).
4. Our local representative for the SBA (not a PREFERRED lender, just someone in-house that is our expert) takes the loan, does one last review of the brief underwriting/paperwork, and submits into our pipeline for E-Tran.
5. One of our 6 authorized E-Tran submitters takes the loan and submits into the SBA system. It’s a small funnel and hundreds of thousands of loans going in every hour.
6. The SBA remits an approval (nearly instantly) with a loan number, at which point it is submitted to our documentation group for processing.
7. We haven’t gotten far enough to documentation since yesterday was Day 0. More to follow :)
