SBA 504 Servicing Changes
As many of you may be aware, the SBA awarded the SBA 504 loan servicing contract to Wells Fargo Bank, N.A. Corporate Trust Services as Central Servicing Agent (CSA) in 2012. The conversion from Colson Services Corp. to Wells Fargo Bank, N.A. Corporate Trust Services is currently underway and is set to be completed on March 25, 2013.
We want you to be aware of a few important points:
- On March 4th Wells Fargo Bank, N.A. Corporate Trust Services conducted pre-note tests for payments.
- The CIN number on payments will be “WFSBA504LN”.
- We have been assured that Wells Fargo Bank, N.A. Corporate Trust Services and Wells Fargo-SBA Lending are two separate entities with separate management, reporting and audit programs.
- Customer information is not shared between Wells Fargo Corporate Trust Services and Wells Fargo – SBA Lending.
- All borrowers were mailed a letter out on March 4th informing them of this conversion and stating that they would not need to make changes if payments are pulled via ACH.
We would be happy to discuss any questions you may have with regard to this conversion.