[Yankeeman07]

Micah,

Have you seen the latest switch up on the Smartbiz Loans PPP Commissions? Where It caps the fees @1% instead of what they have been telling everyone for months "Loans up to $50,000 = 16.7% of Fees Paid to Lender" How do offices feel about the recent change and unclear communication?

16.7% of 1% is how I would decipher that statement - ?

[Jeremiah]

Up until recently they had been emailing Loans up to $50,000 = "16.7% of Fees Paid to Lender" Which lenders are paid $2,500 or 50% of the principal whichever is the lesser. So it should equate to about $417 for PPP from 5k-50k. Which is a huge difference.

[abfunders]

Up until recently they had been emailing Loans up to $50,000 = "16.7% of Fees Paid to Lender" Which lenders are paid $2,500 or 50% of the principal whichever is the lesser. So it should equate to about $417 for PPP from 5k-50k. Which is a huge difference.

The lender is paid 5%, but the brokers are paid 1% (or less, with the $350,000 limits). It could be that their marketing emails were a mistake? I obviously understood that they meant a percentage paid to the broker since they're co-brokering with you. Which is exactly why I put my PPP loans through another channel.