{"ok":true,"canonical_url":"https://dealroom.so/glossary/secondary-market-audit","api_url":"https://dealroom.so/api/public/glossary/secondary-market-audit","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"secondary-market-audit","term":"Secondary market audit","group":"Doing the deal","definition":"An examination of a lender's SBA loans by a third-party or the SBA after the guaranteed portion has been sold to investors. It ensures compliance with SBA rules and proper loan servicing.","what_it_means":"After your loan closes, the lender might sell the SBA-guaranteed portion on the secondary market. The audit verifies the loan met all SBA requirements at origination and is being serviced correctly. While it doesn't directly impact your loan terms, it's part of the broader ecosystem of SBA lending.","url":"https://dealroom.so/glossary/secondary-market-audit","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"secondary-market","term":"Secondary Market","url":"https://dealroom.so/glossary/secondary-market"},{"slug":"servicing","term":"Servicing","url":"https://dealroom.so/glossary/servicing"},{"slug":"origination","term":"Origination","url":"https://dealroom.so/glossary/origination"},{"slug":"guaranty-purchase-request","term":"Guaranty purchase request","url":"https://dealroom.so/glossary/guaranty-purchase-request"}],"related_questions":[{"question":"How does the SBA typically review a lender's loan file in the context of a secondary market audit?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-typically-review-a-lender-s-loan-file-in-the-context-of-a-secondary-marke"},{"question":"What are the requirements for assigning secondary market loans through SBA Form 1088?","url":"https://dealroom.so/for-lenders/questions/what-are-the-requirements-for-assigning-secondary-market-loans-through-sba-form-1088"},{"question":"What specific lender reporting requirements apply to the sale of the guaranteed portion on the secondary market?","url":"https://dealroom.so/for-lenders/questions/what-specific-lender-reporting-requirements-apply-to-the-sale-of-the-guaranteed-portion-on"},{"question":"How does the SBA process the guaranty payment to the secondary market investor (Purchaser) for a 7(a) loan?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-process-the-guaranty-payment-to-the-secondary-market-investor-purchaser-f"},{"question":"How often does the SBA require lenders to report on 7(a) loan portfolio performance for secondary market purposes?","url":"https://dealroom.so/for-lenders/questions/how-often-does-the-sba-require-lenders-to-report-on-7-a-loan-portfolio-performance-for-sec"},{"question":"What are the lender's responsibilities after selling the guaranteed portion of a 7(a) loan on the secondary market?","url":"https://dealroom.so/for-lenders/questions/what-are-the-lender-s-responsibilities-after-selling-the-guaranteed-portion-of-a-7-a-loan-"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Secondary market audit","url":"https://dealroom.so/glossary/secondary-market-audit","source_type":"DealRoom Data"}}