Portfolio Servicing
Services:
- Online access to loan transcript reports including breakdown of payment history to principal, interest, lender portion, FTA remittance, and processing fee.
- Process and report all SBA Compliance items including monthly 1502 reports, quarterly reports, and loan reconciliations (on applicable loans).
- Annual audit to reconcile loan balances.
Benefits:
- Utilize bancserv's expertise to manage SBA loan servicing accounts.
- Compliance with all 1502 reporting requirements.
- Eliminates the need for client to purchase or operate computer software to meet reporting requirements.
- Refocus personnel previously serving SBA loan portfolio.
- Increase SBA lending capacity.
Process:
- Borrower's payment booklets are sent directly from bancserv (the borrower may sign up for ACH withdrawal, mail in their payment or make the payment on the banc
- serv website).
- Verify all payment collections and distribute lender share of funds on the 15th of every month (late payments will be remitted the second to last day of every month).
- Verify all payment collections and distribute lender share of funds on second to last day of every month.
- Prepare and submit 1502 reports to FTA (Colson Services) for prior month service.