“ The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” - Socrates

The end of 2023 saw a lot of new forms and SOPs.

How will these changes impact our plans and goals for 2024?

Change is never easy, and we’ve seen so much of it in recent years – not just new SOPs, but a changing of the guard, new blood moving in, and experienced leaders moving on.

What do all these changes mean to our industry, our institutions, and our goals? Only time will tell!
LRM's SBA Notice Nook
SBA publishes new
forms – but beware!
Did you notice the new notice?

We’d like to draw your attention to the Information Notice SBA released at the end of December (when you were probably deep in the holiday break), covering updates to several forms, including which are required, which have been retired, and how to report through E-Tran.

That Notice doesn’t cover updates to Form 1050, the Settlement Sheet, which was also released in December with an effective date of 12/20/2023. However, we uncovered several potentially confusing points in their instructions on that form. The most important is that, per their new SOP 50 10 7.1, the form is not required, but on SBA’s website it states Lenders may continue using it. Note that the 1050 states that it is required – one of the points of confusion.
Increasing Payment Assistance Requests?
By Rebecca Mendoza
Our friend and colleague Doug Hood has been an SBA consultant and small-business advocate for over 27 years and has won many awards and accolades for his work, including U.S. SBA and Veterans Administration advocacy awards. We had an email conversation with him recently about trends in SBA loan payment modifications and deferrals. Here’s a lightly edited summary."
It’s not just your imagination: the rate of change really is increasing. A recent report indicated that in 2023 alone, the rate of change increased 33%.

Change isn’t easy, even when it’s change we want and have chosen. When it comes from outside, whether that’s SBA or the world in general, it’s that much more difficult.

We get it – after all, we’re experiencing all that as well! And we’re here to support you in making the changes you need to support your SBA Lending team’s continued excellence.

Give us a call at 877.576.0819, or email us through our Contact form, and we’ll talk about how to make sure your team is at its best as we move onward in 2024.

Your Team at LRM Lender Consultants,
Lori N. McCausland
LRM Lender Consultants Inc.
Rebecca L. Mendoza
LRM Lender Consultants Inc.
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