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1502 CONNECTION ENROLLMENT FORM A. To register for The 1502 Connection, please complete below: LENDER NAME: YOUR NAME: TITLE: STREET ADDRESS: CITY: STATE: PHONE: ZIP: FAX: E-MAIL ADDRESS (if available):

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1. Individuals who are required to report certain information to the relevant authorities may need to fill out the 1502 Colson.
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3. The exact requirements for who needs to fill out the 1502 Colson may vary depending on the jurisdiction and the specific regulations in place. It is recommended to consult with a legal or financial expert to determine if you need to fill out this form.

People Also Ask about

What is form 159 for SBA?

Purpose of this form: The purpose of this form is to identify Agents and the fees and/or compensation paid to Agents by or on behalf of a small business applicant (“Applicant”) for the purpose of obtaining or expediting an application for a loan guaranteed by the U.S. Small Business Administration (SBA).

How is SBA servicing fee calculated?

SBA guarantee fees are calculated based on the guaranteed amount of the loan as opposed to the total loan amount. For example, if the SBA guarantees 75% of a $600,000 loan, it will cover a maximum of $450,000 if the borrower defaults. The guarantee fee is then calculated using the guaranteed amount.

What is a 1502 report for SBA?

What is Form 1502? Form 1502 is the standard remittance form used to report information on the 7(a) loans in a lender's portfolio, such as secondary market payments, guaranty balance and loan status information and SBA's annual servicing fee. Form 1502 is required for all loans with an SBA guaranty*.

What is a 159 form?

A real estate agent who is receiving a commission for the sale of real estate. Instructions for completing this form: The Agent must be identified, all services provided must be listed, and the party paying the fee and amount paid must also be disclosed (and itemized, when required).

What is the guaranty loan status and lender remittance form?

What Is SBA Form 1502? SBA Form 1502, Guaranty Loan Status and Lender Remittance Form is a form used by Lenders participating in the Small Business Administration (SBA) 7(a) program to provide the Agency with information on all loans and payments.

Does defaulting on an SBA loan hurt your credit?

Experian, TransUnion and Equifax comprise the three main credit reporting agencies. A defaulted loan will negatively affect your credit score, make lenders unlikely to lend to you for purchases such as a car or house or it will make those purchases much more expensive in the form of a higher interest rate.

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