The Servicing and Liquidation Actions Matrix was published on SBA’s website recently. SBA has designed this matrix to be a quick reference guide for Certified Development Companies (CDCs) to determine whether specific servicing and liquidation actions can be taken under their unilateral authority - especially with regards to SBA 504 loans.
- This new and improved version of the matrix was updated to reflect guidance in SOP 50 55, 504 Loan Servicing and Liquidation, that went into effect October 1, 2013.
- The format of the matrix has been revised to be more user friendly and is consistent with the order of SOP 50 55.
- This version contains more actions than the previous version.
- Unilateral authority is based on CDC type and not Loan Type. This aligns with the Regulations governing the 504 Program that provide unilateral authority to PCLP CDCs, regardless of the loan’s delivery method.
- ALP CDCs now have essentially the same unilateral authority as Non-PCLP CDCs. The matrix will be revised to reflect these changes.
- SBA has developed the matrix to be utilized as a tool and is not meant to be a substitute for Program requirements. Therefore, CDCs must follow SBA Loan Program Requirements in the SOPs when taking any action, including unilateral actions.
- CDCs must provide notification to SBA when taking any unilateral actions.
- CDCs must document the business reason and justification for decisions and retain these and supporting documents in the loan file.
- When taking action within a CDCs unilateral authority, SBA strongly encourages the CDC to document the loan file as such, "This action was taken under unilateral authority.”
Click on this link SBA Matrix to review the updated information concerning CDC Servicing and Liquidation Actions relating to SBA loan default.
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