Author Topic: Faster Picks  (Read 4190 times)

brycemason

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Faster Picks
« on: July 23, 2013, 01:11:24 AM »
Many subscribers have been experiencing what we term "stale links." These are picks that, when "Go" is clicked, result in "0 note(s) added to order." They are loans which have been filled on the LendingClub platform between the time we posted them on our site and the subscriber clicked "Go." This article describes the issue and explains our approach to fix it.

When LendingClub releases loans, institutional investors with access to the API have their computers inspect them and make decisions about investments almost instantly. P2P-Picks has always waited a few minutes past the hour to download the new loans, run our scoring, and push our research to our subscribers. Unfortunately, this process is no longer viable because many top loans are being funded within 1 minute. Stale links were resulting in subscriber frustration and unacceptable fee accrual.

To address this, we have streamlined the pick process. Our server now monitors the LendingClub platform for a large increase in the number of loans. The moment it occurs, we download the loans, initiate scoring, and publish our research. Before this change, the research sometimes took 3 minutes to be published. Now, when LendingClub releases new loans, subscribers should see our research results within 30 seconds.

To provide the maximum protection against stale links, we plan to add a backend test when a subscriber clicks "Go" that will check if the loan is still in the funding process. If it is not, the subscriber will see a banner message letting him or her know that no fee has accrued. This has not yet been implemented! An important consequence of this is that it negates our need for a "% Funded" field and to rerun our models so frequently just to update that field. For now, we're going to run our models just 4 times a day (and any stale links won't be billed to you). We may deprecate the % Funded field, or possibly just add a periodic polling process to LendingClub that updates it (and removes any loans that are fully funded).

Subscribers who want the maximum selection of loans need to be ready to invest as soon as LendingClub releases loans. Without some auto-invest mechanism, this regularity is the retail investor's saving grace. Thanks for your subscription, and we hope you find these changes beneficial.

brycemason

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Re: Faster Picks
« Reply #1 on: July 23, 2013, 02:08:11 PM »
We had a couple botched loads, but the problem has been resolved. 2 p.m. load should be as expected.

ThinleyWangchuk

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Re: Faster Picks
« Reply #2 on: July 23, 2013, 05:20:46 PM »
The best notes are being taken within 10-15 seconds.  Is there a way to directly link P2P-picks to the api?

brycemason

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Re: Faster Picks
« Reply #3 on: July 23, 2013, 05:47:54 PM »
An API solution is coming, but still a little ways out. Our first priority is to ensure that "stale" links don't cost our subscribers anything. Try to be on the site right at release time.

Peter

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Re: Faster Picks
« Reply #4 on: July 23, 2013, 05:57:24 PM »
Hey Bryce, Are you working on the site today? I just logged in and saw the latest published update was 53 minutes ago.
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

brycemason

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Re: Faster Picks
« Reply #5 on: July 23, 2013, 06:45:59 PM »
I'm no longer running the algorithms every five or fifteen minutes. It wasn't the most efficient use of computer time and was clogging up the database just to give people an updated % funded idea.

Instead, we are putting in a backend test when someone "Go" links to LC to ensure the loan is still available. Only if it is will a fee be accrued. Haven't decided if we will continuously poll LC to see when links go stale and then remove them from the list, or if we will just let the user see the full list and give a message for those that are stale.

brycemason

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Re: Faster Picks
« Reply #6 on: July 23, 2013, 09:09:02 PM »
For what it's worth, I was able to get every single one of the 6 p.m. picks. All 19 of them.

LendingClubStatistics

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Faster Picks
« Reply #7 on: July 24, 2013, 10:17:30 AM »
I tried to pick up some profit maximizer notes with no luck this morning. Seems like everyone I tried linked to a note that wasn't available. All are showing 0% funded. Thanks!

brycemason

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Re: Faster Picks
« Reply #8 on: July 24, 2013, 10:41:44 AM »
We're in a transition period. The picks are currently showing up even if they are gone on the platform. We will be adding a check soon. If you want notes, be sure you are logging in right at the time the loans get released.

Rob L

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Re: Faster Picks
« Reply #9 on: August 15, 2013, 06:08:29 PM »
New P2PP picks are now being updated extremely quickly after LC release of new loans. This morning I ran an experiment using my desktop computer and my notebook. On the desktop I went to the LC browsenotes page and on the notebook I went to the P2PP PMax page. Before new loans were released I began clicking refresh on the desktop to determine the exact time new loans became available. They came up at 06:02:18. Then I began clicking refresh on the P2PP page and new picks appeared at 06:02:27 (both measurements using the same clock obviously). Only 9 seconds from LC loans release to new picks; outstanding! Only a month or so ago new P2PP picks were always put up at 04:01 past the hour. That's quite an improvement. KUDOS!