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Credit union executive calls out SBA over 'troubling' fee proposal

The SBA has said it either needs $99 million from Congress or to implement the fee hike to pay for credit costs. Tweaks to its economic modeling for loan purchases and “sensitivities … to long term macroeconomic assumption” led to the request, according to the agency’s proposed budget released in March .

The agency charges an upfront fee when a loan is completed and then an annual fee.

Under the proposal, loans between $500,000 to $700,000 made under the 7(a) program would be subject to an upfront fee totaling 3.5 percent of the loan amount. That would be a 50 basis point increase from the current fee level.

Loans greater than $1.5 million would have higher upfront and annual fees. Fees for loans less than $500,000 would remain the same.

Jansen argued that in expensive markets, a loan of $1.5 million "is not a lot when talking about commercial real estate."

“Increasing the cost of these loans to both the small business and the lending institution will likely make it more difficult to get an SBA loan for commercial real estate in higher-cost markets,” Jansen said, noting that the credit union had “a number of members who seek loans in this range.

The Latest: BofA CEO asked about mortgage modifications

Because of that, BofA paid tens of billions of dollars in fines and penalties to regulators for how it mishandled mortgage lending. It also was tasked with modifying hundreds of thousands of mortgage to save them from foreclosure.


Two members of a House finance panel used their allotted time to ask CEOs from seven of the nation’s largest banks about current threats to the banking system.

Rep. Jim Himes, D-Connecticut, asked all CEOs what they considered to be the products or businesses most at risk in the system.

No CEOs mentioned home mortgages — the product that caused the 2008 financial crisis — but instead the two prominent answers were cybersecurity risks and the growth of lending to companies already saddled with a large debt load.

A Republican Congressman, Steve Stivers of Ohio, asked the CEOs about the biggest non-business risks to the banking system. The CEOs talked about how economic growth is slowing across the globe, and again highlighted cybersecurity as a big risk.

How much does an Account Executive for Acceleron (part of NovaStar Mortgage Lending) make per year?

I would also like to know if anyone who has worked for Acceleron..any advice or comments. Thank you.

NovaStar has been through the ringer the last 3 years and they have continued to lose their top brass. I had a Regional Sales Manager that worked for me in Colorado that I took from NovaStar, and at best, the people who came with him were avg.