SBA GUIDELINES
The acronym SBA stands for what?
What is Small Business Administration?
If the guarantor owns 20% of another business, what documents do you have to add to the FileInvite document list?
What are affiliate documents?
What form is referred to as the SBA application?
What is SBA Form 1919?
The stage a file is in when underwriting & closing are occurring
What is Bank Handoff?
Preferred and recommended mode of communication with guarantors when there is a red flag
What is a phone call?
An owner of the borrowing business with 20% or more ownership is required to act as what on the loan?
What is guarantor?
Typically what is the deadline we set for borrowers on FileInvite to get all of the documents in?
What is a week? or 3 days (new)
What document do you need to provide to the bank when there is an active UCC filing from a debt that has been paid off?
What is a UCC termination or UCC3
The process of reviewing and correcting documents you have collected from a guarantor
What is internal audit?
If you see a recent inquiry on a guarantor's credit report during packaging, what do you do?
What is call the borrower and check to see if there has been a new debt taken out?
The minimum personal credit score required by Five Star Bank?
If the guarantor owns their commercial property free and clear, what documents should you add to the FileInvite list?
What are title documents?
List at least 3 documents that are used as the 'Source of Truth' when filling out/completing all other documents?
What are 1) commercial lease agreement, 2) residential mortgage statement, 3) government ID, 4) Articles of Organization/Inc, 5) DBA Filing/SOS Good Standing
Within what time frame should an initial scrub and call happen after a deal is passed to an RM by a CA?
What is 24 hours?
When reviewing bank searches/Lexis Nexis reports, list at least 2 findings that would be an automatic disqualifier for any of our bank partners
What are 1) a business BK, 2) criminal filing associated with rape or abuse of a minor, and 3) BKs on a single guarantor, 4) default/short sell of an FHA loan
The percentage that the SBA will guarantee on loans above $150,000
What is 75%?
What are the three documents you need to collect when a guarantor is refinancing a debt?
What is 1) payoff quote, 2) payment history and 3)promissory note
What type of insurance is required for every deal?
What is General Liability?
How long do we tell borrowers it takes for the bank to fully underwrite and reach an approval?
What is 2 weeks?
List 3 red flags you can find on a promissory note for a debt to be refinanced?
What are 1) the note is in the name of an affiliate and not the borrowing entity, 2) there is an additional guarantor on the note that is not on the SBA application, 3) there is real estate as collateral, 4) the debt is an SBA debt, and 5) the debt has better terms (rate and payback period) than the SBA note
What is a score of 140?
What document templates are ALWAYS added to an initial FileInvite for a new deal?
What are 1) Core Documents (bank) and 2) Entity Documents
If there are multiple guarantors, what are the 7 documents needed for each guarantor (assuming they are all unrelated)?
What are are 1) gov ID, 2) sba form 1919, 3) PFS, 4) Mortgage statement, 5) resume, 6) personal tax returns, 7) 4506-T forms/transcripts
In what specific stage should you be looking out for cash flow errors, red flags, and potential disqualifiers?
What are ALL stages?
The first place you should review if your file has failed PLP at the bank
What is the personal credit report?