This is a legal form that was released by the U.S. Small Business Administration on June 1, 2009 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.
Q: What is SBA Form 2404?
A: SBA Form 2404 is the application form to become a Loan Pool Originator for the First Mortgage Loan Pool (FMLP) Program.
Q: What is the FMLP Program?
A: The FMLP Program is a program offered by the Small Business Administration (SBA) that allows lenders to pool their first mortgage loans together and sell them on the secondary market.
Q: Who can apply to become a Loan Pool Originator for the FMLP Program?
A: Lenders who are approved by the SBA as 7(a) lenders and have experience in originating, closing, and servicing first mortgage loans can apply to become Loan Pool Originators.
Q: What is the purpose of SBA Form 2404?
A: The purpose of SBA Form 2404 is to gather information from lenders who wish to become Loan Pool Originators for the FMLP Program. This form helps the SBA evaluate the lender's eligibility and ability to participate in the program.
Q: Is there a fee to submit SBA Form 2404?
A: Yes, there is a fee associated with the submission of SBA Form 2404. The fee amount may vary and should be confirmed with the SBA or your local SBA office.
Q: What documents do I need to submit with SBA Form 2404?
A: Along with the completed SBA Form 2404, lenders are typically required to submit certain supporting documents such as financial statements, resumes of key personnel, and a business plan.
Q: How long does it take to process SBA Form 2404?
A: The processing time for SBA Form 2404 can vary. It is recommended to contact the SBA or your local SBA office for information on current processing times.
Q: What happens after SBA Form 2404 is submitted?
A: After SBA Form 2404 is submitted, the SBA will review the application and supporting documents. If approved, the lender will be notified and can proceed with becoming a Loan Pool Originator for the FMLP Program.
Q: Can a lender participate in the FMLP Program without becoming a Loan Pool Originator?
A: No, lenders must go through the process of becoming a Loan Pool Originator in order to participate in the FMLP Program.
Download a fillable version of SBA Form 2404 by clicking the link below or browse more documents and templates provided by the U.S. Small Business Administration.