Author Topic: Prepayment protection policy  (Read 2722 times)

nevermore

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Prepayment protection policy
« on: September 27, 2017, 05:44:22 PM »
Does anyone know when the policy of capping servicing fees at 1% of the installment for the first 12 months (see Rates and Fees) was implemented?

I read a Peercube post from April 2014 which suggests that investors once had to pay a 1% fee on principal if a loan was paid off in the first 12 months. A comment on that post indicates that the policy had changed by June 2015. So the time of the change must have been somewhere in between.

And have there been any other significant changes to the fee policy?
« Last Edit: September 27, 2017, 05:51:26 PM by nevermore »

AnilG

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Re: Prepayment protection policy
« Reply #1 on: September 27, 2017, 06:48:46 PM »
I think the change happened soon after I published that post. My guess Jul-Sep time frame. Search this forum, IIRC there was a discussion about it.

Does anyone know when the policy of capping servicing fees at 1% of the installment for the first 12 months (see Rates and Fees) was implemented?

I read a Peercube post from April 2014 which suggests that investors once had to pay a 1% fee on principal if a loan was paid off in the first 12 months. A comment on that post indicates that the policy had changed by June 2015. So the time of the change must have been somewhere in between.

And have there been any other significant changes to the fee policy?
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nevermore

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Re: Prepayment protection policy
« Reply #2 on: September 27, 2017, 09:19:02 PM »
I think the change happened soon after I published that post. My guess Jul-Sep time frame. Search this forum, IIRC there was a discussion about it.

Thanks--I found this post which indicates this was implemented beginning in Q4 2014.