February 8, 2012 In October 2011, the SBA’s National Guaranty Purchase Center (“NGPC”) released a new version of the Regular 7(a) Guaranty Purchase Tabs Package (the “10 Tab System” or the lender’s “10 Tab Package”).
Among the changes incorporated into the new 10 Tab System are new requirements which highlight some of the pitfalls SBA lenders encounter when liquidating SBA loans.
Lenders should note that, pursuant to SOP 50 51 3, only recoverable expenses may be deducted from liquidation proceeds.
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A strong working knowledge of the subject matter is a must.
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Camilla recently finished her tenure as Counsel for the FDIC at its West Coast Temporary Satellite Office where her responsibilities included overseeing SBA loans for the Western states.
Over the years Camilla has represented numerous SBA and commercial lenders, including large national banks and non-bank lenders, as well as small and regional community banks.Become an expert of SBA’s SOP 5057 2 requirements closely, which minimizes the bank’s liability, repair costs and lost guarantees.Increase the success of your SBA 7(a) liquidations—ensure that they go smoothly, according to SBA specifications, while keeping costs and losses to a minimum.Through her extensive work in SBA guaranteed lending, Camilla has developed a reputation for responding promptly to her clients' needs in a manner which is cost-effective without compromising quality.This reputation arises from her focus on building relationships with her clients to achieve the mutual goal of prompt, responsive service.While there are several changes incorporated into the new 10 Tab System, this article will focus on changes which reflect program requirements governing a lender’s liquidation of a 7(a) loan as set forth in the SOP 50 51 3 and the Servicing and Liquidation Actions 7(a) Lender Matrix.