Author Topic: Service Fee Rebate?  (Read 2365 times)

yojoakak

  • Hero Member
  • *****
  • Posts: 763
    • View Profile
    • Check out my Greasemonkey/Tampermonkey script for LendingClub here
    • Email
Service Fee Rebate?
« on: January 30, 2013, 01:39:27 AM »
Does anyone know if the Service Fee Rebate is attached to the note?

Or the the account holding the note as each service fee is (over)charged?

In other words, when a hefty service fee rebate is due does it go entirely to whoever holds the note when the final payment is made?

Zach

  • Administrator
  • Hero Member
  • *****
  • Posts: 622
    • View Profile
    • Email
Re: Service Fee Rebate?
« Reply #1 on: January 30, 2013, 04:05:46 PM »
Does anyone know if the Service Fee Rebate is attached to the note?

Or the the account holding the note as each service fee is (over)charged?

In other words, when a hefty service fee rebate is due does it go entirely to whoever holds the note when the final payment is made?

Interesting question....At first I didn't follow you, but seeing the example helped :)

I checked with LC on this. The note holder at maturity is the one who will receive the rebate, regardless of the fact that you may have held the note for 59 out of 60 months and overpaid for many months.

It would be great if LC changed the service fee to 1% of total payments annually - one simple transaction on each account yearly or even monthly for that matter.

This is something to keep in mind if you plan to sell notes that you've received a number of payments on.