7a / SBA Express Servicing Action Checklist

7a/SBA Express Servicing Action Checklist is a 1-page legal document that was released by the U.S. Small Business Administration and used nation-wide.

FAQ

Q: What is the SBA Express Servicing Action Checklist?A: The SBA Express Servicing Action Checklist is a document that outlines the actions required for servicing SBA Express loans.

Q: What is the purpose of the SBA Express Servicing Action Checklist?A: The purpose of the checklist is to ensure that all necessary actions are taken when servicing SBA Express loans.

Q: Who uses the SBA Express Servicing Action Checklist?A: Lenders and loan servicers use the checklist to guide them through the necessary steps when servicing SBA Express loans.

Q: What types of actions are included in the checklist?A: The checklist includes actions such as loan monitoring, payment processing, collateral maintenance, and communication with borrowers.

Q: Why is it important to follow the SBA Express Servicing Action Checklist?A: Following the checklist ensures that all required actions are taken, reducing the risk of non-compliance and helping to protect the interests of both the lender and borrower.

Q: Are there any consequences for not following the SBA Express Servicing Action Checklist?A: Non-compliance with the checklist can result in penalties, loss of SBA guarantees, and negative impacts on the lender's reputation. It is important to adhere to the checklist to ensure proper loan servicing.