Author Topic: never seen this before  (Read 3340 times)

rock413

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never seen this before
« on: November 18, 2014, 07:14:13 PM »
I saw this today while searching for notes and was wondering if anyone else had seen this before? Next to the amount requested there was a green box saying no fee. The borrower works for the archdiocese in Galveston would this be part of the reason. Do religious workers get the tax exempt status that religious organizations get? Thanks for your help.


core

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Re: never seen this before
« Reply #1 on: November 18, 2014, 07:27:42 PM »
The borrower could be the pope and it wouldn't affect your fees.  The green box means investors don't pay fees on that loan, and has nothing to do with the borrower.  This was part of a promotion in late 2011 for loans greater than $20k.

rock413

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Re: never seen this before
« Reply #2 on: November 18, 2014, 10:00:50 PM »
That's interesting to run into old promotions that help keep the monthly service fees off of that loan. Good to know and something to look out for in the future. Thanks for the info Core.

Kombinator

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Re: never seen this before
« Reply #3 on: November 19, 2014, 09:25:48 AM »
seen that box before a few times, good info to have, so kind of getting an extra 1% yield point on the note for free, nice.

rawraw

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Re: never seen this before
« Reply #4 on: November 19, 2014, 09:35:13 AM »
The borrower could be the pope and it wouldn't affect your fees.  The green box means investors don't pay fees on that loan, and has nothing to do with the borrower.  This was part of a promotion in late 2011 for loans greater than $20k.
I find these notes sell in Folio quicker than normal when I sold in the past (I don't have many, if any, left).  I think there is higher demand for them.

neals384

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Re: never seen this before
« Reply #5 on: November 19, 2014, 10:54:49 PM »
I saw this today while searching for notes and was wondering if anyone else had seen this before? Next to the amount requested there was a green box saying no fee. The borrower works for the archdiocese in Galveston would this be part of the reason. Do religious workers get the tax exempt status that religious organizations get? Thanks for your help.

Religious workers do not get full exempt status.  Pastors do have the option to receive part of their compensation as "housing reimbursement", which is not taxable.  This goes to the historical practice of having a parsonage attached to the church.  Nowadays, there's not usually a parsonage but the church still has the option to provide housing as a tax-exempt benefit (in lieu of the parsonage).

core

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Re: never seen this before
« Reply #6 on: November 19, 2014, 11:44:31 PM »
Pastors can opt out of social security and avoid paying S/E tax on their pastoral income.  And only their pastoral income.  I think this is where such misunderstandings come from.