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The SBA Loan Broker Crackdown Begins: What You Need to Know About the Loan Agent Oversight Act
The Loan Agent Oversight Act mandates the SBA's Office of Credit Risk Management to submit an annual report to Congress. This report must detail:
The number of agents assisting loan applicants.
The number of fraudulent loans linked to agent involvement.
Referral fees paid by lenders to agents.
This initiative stems from findings that, in 2023 alone, the SBA's 7(a) program issued 47,700 loans totaling $25.7 billion, with $335 million identified as fraudulent due to loan ag
Staff Writer
Jun 62 min read
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