FASBinfra2 provides the Bank with painless accounting system for SBA loans. It fully automates the processing of SBA accounting in compliance with FASB rules.
FASBinfra2 provides Accounting Reports for SBA loan transactions in compliance with Financial Accounting Standard Board’s (FASB) statement of Financial Accounting Standards No. 156 (Accounting for Transfer and Servicing of Financial Assets and Extinguishments of Liabilities).
FASBinfra2 consists of several basic modules, each customized to generate accounting reports necessary for SBA loan transactions.
Benefits:
- Reduces processing time
- No repetitive entries
- Minimized sales transaction entries
- Minimized reconciliation procedures
- Automatic suggestions for accounting entries
- Efficient Data Management and Control
- Separately maintained and controlled SBA loans sold database
- Easy retrieval of past transactions.
- Strong audit trail
- Flexible and Accurate Report generation on demand
- Monthly transaction report
- Monthly amortization schedule for SAB Loans sold.
- Projected amortization schedule for next five years.
- Quarterly fair value report for excess service fees and interest only strip
- List of monthly paid-off and charged off loans and their unamortized discount, excess service fees, and interest only strip
- Interfaces with core banking system
Features:
- No duplicate entry
- Fair Market Valuation
- Five Year Amortization Projection
- Excel Conversion for audit trail
- Complete G/L Certification
