SBA Form 1502, 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. The form is completed on a monthly basis and is submitted to the SBA’s 7(a) Fiscal and Transfer Agent - Colson Services Corp. - via email or directly through the Colson Services website.
The latest edition of the form was released by the SBA in April 1995 with all previous editions obsolete. The most recent SBA Form 1502 excel version can be downloaded below:
SBA Form 1502 Field Descriptions
- The “Lender Information” field requires the lender’s name, address, point of contact and phone number.
- The last day of the month for which the form is being completed should be specified in the “Month-Ending Information” field. If the form includes secondary market prepayments or late payments, the lender should check the box in the upper right corner.
- The “SBA GP Number” field requires the 10-digit loan identification number. This field is mandatory for all applicants.
- If the Lender has assigned an additional identification number to the loan, this number may be entered in the “Lender Loan Number” field.
- The date when the borrower is scheduled to make the next payment is given in the “Next Installment Due Date” field.
- The “Status” field requires the status code of the loan. A list of codes can be found at the bottom of the SBA 1502 Form.
- The total amount disbursed during the reporting period is recorded in the “Amt. Disbursed this Period on Total Loan” field.
- The part of the loan that has not been disbursed during the reporting period is recorded in the “Amt. Undisbursed on Total Loan”. If the loan is fully disbursed, this field is left blank.
- The “Interest Rate” field is for recording the rate of interest for any sold or unsold loans.
- The “Guaranteed Portion Interest” field requires providing the payment due to the Fiscal and Transfer Agent (FTA). For sold loans that amount is equal to the guaranteed portion of the borrower's interest payment received minus the lender's servicing fee. For unsold loans, the amount is equal to the borrower's interest payment multiplied by the guaranty percentage.
- The principal payment due the FTA on behalf of the secondary market investor is entered in the “Guaranteed Portion Principal” field.
- The “Total to FTA: Guar. Portion Payment or Fee” requires calculating the sum of the two previous fields.
- The date from which the reported interest started and the date to which the reported interest is paid are entered in the “Interest Period From” and “Interest Period To” fields.
- The “# of Days” field requires specifying the number of days covered by the reported interest payment.
- The method used for interest calculation is provided in the “Calendar Basis” field
- The “Guaranteed Portion Closing Balance” field balance remaining after applying the borrower's most recent principal payment multiplied by the guaranty percentage.
- The “Remittance Penalty” field is completed according to the terms described in the SBA Form 1086.
- The totals for “Total for FTA”, “Remittance Penalty”, “Grand total” and “CheckWire Amt.” fields are calculated automatically.
SBA 1502 Due Dates
The SBA 1502 is due on the third calendar day of each month. If the third day isn't a business day, the form must be submitted by the close of the next business day. A business day is any day other than a Saturday, Sunday, or legal holiday. In addition, there is a two-day grace period for submitting the report and payment to the FTA after the due date.