FSA Guaranteed Loan Applications
Lending Cloud contains the tools you need to quickly and easily prepare FSA Guaranteed Loan Application Form 2211.
The requirements for including a loan request on the FSA-2211 form are as follows.
The loan must be a new loan request.
The loan is associated to a beginning balance sheet for a projected income/expense statement.
The loan is tagged with FSA guarantee information.
Note Beginning with the 21.31 Lending Cloud release, newly started FSA-2211 credit action forms enable you to refresh loan request information by retrieving data from the underlying loan menu or debt schedule. For more information, see Retrieving Loan Record Data for the FSA-2211 Form. Also, FSA-2211 credit action forms include separate fields for principal repayment terms and interest repayment terms. For more information about using these fields, see Population of Repayment Terms Fields on the FSA-2211 Form.
For the purposes of this overview we will assume that you have already completed the general information, related entity information, a current balance sheet, cash flow projection and all the necessary historical financial data on your borrower.
The next step is to go to the loan schedule section of the program. If you are not familiar with how the loan schedule functions, go there now before continuing here. |
It is in the loan schedule that you indicate which existing loans are FSA guaranteed loans and which new loans are to be FSA guaranteed loans. If you have not already done so, you may need to add any new FSA guaranteed loans in the new loans section of the loan schedule.
ATTENTION FORMER WINDOWS EQUITY MANAGER USERS: Marking a new loan as FSA guaranteed in this Lending Cloud system will not place the loan information on the balance sheet as it did in the Windows® version. If you want your new FSA guaranteed loan to show on the balance sheet in this system you will need to mark the "Post Close" check box in the loan schedule. This is described in the Loan Schedule Rules of the Road for FSA section.
At the bottom of each loan schedule detail screen there is a check box you must activate to make that loan an FSA guaranteed loan. Doing so will turn the FSA Guaranteed Loan? item from a title to a link. Clicking on the link will display the dialog box below where you can fill out the additional relevant information for each FSA guaranteed loan. You can choose to apply Interest Assistance to this FSA guaranteed loan. Activating this feature and entering the additional information shown below will automatically re-calculate the Interest Payment/Yr. and Annual Payment P&I amounts. Click the save and return link when finished here and you will see the interest assistance changes on the loan schedule detail screen (sample shown below).
Interest Assistance Calculation Example
When you have completed all new and existing FSA guaranteed loans in the loan schedule, proceed by clicking Credit Action-> Add/ Modify/Delete on the menu bar to input the remainder of the information necessary for the 2211 application. When you designate either an existing or new loan in the loan schedule to be an FSA guaranteed loan, the system will automatically create an FSA guaranteed column in the Credit Action section. Each loan will have a None link in that FSA guaranteed column. Clicking on the link will display a box where you choose the type of FSA guaranteed input form you want (shown right). Click on the form link you want, the box on the right will disappear and the form link will automatically display in the FSA guaranteed column. Clicking on the form link in this column will display the FSA guaranteed loan application.
If no credit actions exist for your customer, you will have to create a credit action to make the FSA guaranteed column appear. Click the Save & Update link in the top-left corner. This will automatically copy all the general information, balance sheet and income/expense data required for this FSA guaranteed application into the input form. You simply have to enter any other applicable data as needed. The links across the top provide you access to specific sections of the system as needed. The two links on the far right allow you to view/print the 2211 form instead of having to go to the Reports menu.
Return to Credit Action Section
Return to Loan Schedule Detail