SBA Releases Updated Standard Operating Procedures
The Small Business Administration (SBA) recently released its much-anticipated Standard Operating Procedures (SOP) 50 10 7 providing significant formatting and procedural updates for all 7(a) and 504 loans. Effective Aug. 1, 2023, the updated SOP will apply to all applications received by the SBA on or after that date. Lenders are required to use SOP 50 10 6 for 7(a) and 504 applications submitted through July 31, 2023. As SBA lenders prepare to welcome the new SOP, Doeren Mayhew has prepared a comprehensive guide outlining the changes. Download the guide today to ensure your understanding of the changes before they take effect.
Here to Help
As you navigate through the complexity of the new SOP, Doeren Mayhew’s SBA loan experts stand ready to assist with any questions you may have. If you need help verifying compliance with the new rules, rely on us to conduct a thorough review of your initial loans approved using SOP 7. If you’re performing your loan review internally, consider leveraging Doeren Mayhew’s GOLoan software to ensure compliance with the new SOP. Contact us today to schedule a demo of GOLoan or to learn more about our independent SBA loan review services.