Author Topic: why this note still in Grace Period?  (Read 7611 times)

pplinvestor

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why this note still in Grace Period?
« on: December 22, 2013, 03:59:55 PM »
Why does this note in Grace Period, not be late (16-30) days?   There is no 12/1/13 payment.  Should be in late status on 12/16/13. 

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=1153664&order_id=2340943&note_id=8872146

core

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Re: why this note still in Grace Period?
« Reply #1 on: December 22, 2013, 04:13:16 PM »
The short answer is because Lending Club changes the status on these things whenever they feel like getting around to it.  Things that should be marked late often aren't, and sometimes notes that should only be in grace period are listed as 31+ days late.  Just another fine example of their incompetence. 

And why doesn't the almighty collection log indicate payment failed or at least borrower contacted LC?
« Last Edit: December 22, 2013, 05:36:17 PM by core »

DanB

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Re: why this note still in Grace Period?
« Reply #2 on: December 22, 2013, 05:12:46 PM »
The short answer is because Lending Club changes the status on these things whenever they feel like getting around to it.  Things that should be market late often aren't, and sometimes notes that should only be in grace period are listed as 31+ days late.  Just another fine example of their incompetence. 

And why doesn't the almighty collection log indicate payment failed or at least borrower contacted LC?

Could a shorter answer be that the payment date was changed to the 12th? Therefore not late yet?
What makes you think it doesn't?  :)


pplinvestor

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Re: why this note still in Grace Period?
« Reply #3 on: December 22, 2013, 05:20:08 PM »
But there is nothing in the log indicating any payment date changes, any negotiation between LC and Borrower, not even Borrower contacted LC.

LC needs to add another warning message for Folio Trade, such as: "Buyer be aware.  Notes in Grace Period may actually Late more than 16 days because of LC has not updated status yet."
That will be more useful warning message.

core

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Re: why this note still in Grace Period?
« Reply #4 on: December 22, 2013, 05:54:28 PM »
Could a shorter answer be that the payment date was changed to the 12th? Therefore not late yet?

I don't think so.  The 'per approved borrower request' bit usually appears even on 'Scheduled - Payment plan' items, and it's not present here.  I didn't go looking for other examples to confirm this for other in grace items, because it's not terribly important.  What is important is that this happens ALL THE DAMN TIME.  Notes do not always change status at predictable times.  It is a crap shoot.  Lending Club needs to get their heads out of their posteriors and fix this kind of stuff rather than adding useless redundant BS to the loan performance page.

What makes you think it doesn't?  :)

When I said "the almighty" I was of course referring to the watered down version that we can see.  Why don't you log in and check the real log to help the guy with his question?  That might be more fun than trying to defend Lending Club's incompetence.  I'm surprised some of these people can even find their way to work each day.

New Jersey Guy

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Re: why this note still in Grace Period?
« Reply #5 on: December 22, 2013, 06:44:13 PM »
Quote
That might be more fun than trying to defend Lending Club's incompetence

Incompetent is right.  The logs are haphazard at best.  So many notes I pass on because the logs don't seem to match up to what the borrower is doing or visa-versa.

Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

DanB

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Re: why this note still in Grace Period?
« Reply #6 on: December 22, 2013, 06:51:41 PM »
Could a shorter answer be that the payment date was changed to the 12th? Therefore not late yet?

I don't think so.  The 'per approved borrower request' bit usually appears even on 'Scheduled - Payment plan' items, and it's not present here.  I didn't go looking for other examples to confirm this for other in grace items, because it's not terribly important.  What is important is that this happens ALL THE DAMN TIME.  Notes do not always change status at predictable times.  It is a crap shoot.  Lending Club needs to get their heads out of their posteriors and fix this kind of stuff rather than adding useless redundant BS to the loan performance page.

What makes you think it doesn't?  :)

When I said "the almighty" I was of course referring to the watered down version that we can see.  Why don't you log in and check the real log to help the guy with his question?  That might be more fun than trying to defend Lending Club's incompetence. I'm surprised some of these people can even find their way to work each day.

Oh, it's quite easy. They mostly take the local transit train (BART) heading towards SF & they just have to remember the name of the station to get off. Their business card has the LC address printed on it & there's an information booth at the train station that you can go to & ask for directions (daily if necessary) to 71 Stevenson ............. which, in any case is only 200 or so yards from the station. A very leisurely 3 minute walk, tops.  :)
« Last Edit: December 22, 2013, 06:55:12 PM by DanB »

Lovinglifestyle

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Re: why this note still in Grace Period?
« Reply #7 on: December 22, 2013, 06:58:30 PM »
Quote
That might be more fun than trying to defend Lending Club's incompetence

Incompetent is right.  The logs are haphazard at best.  So many notes I pass on because the logs don't seem to match up to what the borrower is doing or visa-versa.

I'd love it if borrowers were allowed to add comments to their own collection logs!

core

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Re: why this note still in Grace Period?
« Reply #8 on: December 22, 2013, 06:59:44 PM »
Incompetent is right.  The logs are haphazard at best.  So many notes I pass on because the logs don't seem to match up to what the borrower is doing or visa-versa.

I can understand wrong or missing log entries, especially if they are the type that need to be triggered by a human.  That doesn't explain missing 'payment failed' entries though.  The grace/late statuses are changed by code and that code is BROKEN.  Everyone there knows it, and instead of fixing the problem they sit there playing with their navels. 

If a payment gets missed then that note should be changed to 'Late (31-120 days)' exactly 31 days later.  Not 18, 29, nor 32 days later.  And it shouldn't be 'Default' just 49 days later.  How freaking difficult is this?   A monkey with a social disease could write better code than this.

core

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Re: why this note still in Grace Period?
« Reply #9 on: December 22, 2013, 07:25:26 PM »
Oh, it's quite easy. They mostly take the local transit train (BART) heading towards SF & they just have to remember the name of the station to get off. Their business card has the LC address printed on it & there's an information booth at the train station that you can go to & ask for directions (daily if necessary) to 71 Stevenson ............. which, in any case is only 200 or so yards from the station. A very leisurely 3 minute walk, tops.  :)

Thank you Dan, for that very plausible explanation.  A walk as short as that should be no problem if they can manage not to step out in front of cars.  If they get lost they can always follow the sound of the RATS.

Once they get to 71 Stevenson they still have to figure out how to operate an elevator.  Keep in mind we are talking about people who can't even operate checkboxes in their collection software.  How do they even get to their floor?  Stevenson Place has 28 floors, LC rents what, at least 3 of them?  And they are non-consecutive.  Someone with an IQ of 60 could easily have a hard time, even with the help of an elevator attendant who may not know where that employee is supposed to go.  Good thing the elevator doors are controlled automatically, otherwise there would be a pile of bodies in the bottom of the shaft because LC hippie developers are too stupid not to walk into an open hoistway.

This is all the more funny because these are the very same developers who keep writing in restrictions on Folio selling to protect people who aren't as smart as they are.

core

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Re: why this note still in Grace Period?
« Reply #10 on: December 22, 2013, 09:33:18 PM »
Q:  What does it say on the bottom of Lending Club's coffee mugs?
A: "Pour coffee in other end"

During a recent Lending Club security audit, it was found that a developer was using the following password:
"MickeyMinniePlutoHueyLouieDeweyDonaldGoofySacramento"
When asked why he had such a long password, he said he was told that it had to be at least 8 characters long and include at least one capital.

How many Lending Club developers does it take to write a simple note status update routine?
Two.  One to run to the liquor store and one to hold up the drunken Indian typing the code.

Why don't they have ice at Lending Club?
They lost the formula.

Why does LC have to keep buying new monitors for the programming staff?
There's too much White-Out on the screens.

A guy walks into the bar on the 11th floor and asked the bartender, "Hey, have you heard the latest Lending Club joke?" The bartender replied, coldly, "No. And I'll have you know I work for Lending Club."  "That's O.K.," said the man, "I'll talk slow."

DanB

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Re: why this note still in Grace Period?
« Reply #11 on: December 22, 2013, 11:07:22 PM »
And then he wonders why they've never invited him to any yacht parties.

New Jersey Guy

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Re: why this note still in Grace Period?
« Reply #12 on: December 22, 2013, 11:13:58 PM »
Quote
And then he wonders why they've never invited him to any yacht parties.

C'mon Dan!  Admit it!  Even you thought that was funny!

(I think he's off changing his password!)
« Last Edit: December 22, 2013, 11:20:19 PM by New Jersey Guy »
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

core

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Re: why this note still in Grace Period?
« Reply #13 on: December 23, 2013, 12:10:36 AM »
You know, I was just thinking:  If this company can't even figure out how to get some software to properly add 16, 31, or 120 days to a given date, how confident are you that they are keeping track of your money properly?  From another recent thread we already know they don't calculate interest like anybody else in this universe does... in fact the calculations were never duplicated successfully.  Some math that nobody knows, some math that nobody can know.  Hell they can't even properly calculate how much I deposited.  My account details page says I deposited 32 cents more than I did.   Joleran's available cash is negative due to some rip in the spacetime continuum or something.  (Just more incompetence.)  If I were you guys I'd start taking a closer look at things.

And then he wonders why they've never invited him to any yacht parties.

That's OK they can keep the yacht parties and girls tossed on laps.  They were probably all Frenchy women who don't shave anyway.  I'll have my own yacht parties... float around on an inflatable raft in a kiddie pool set up in my backyard.  With a chilled Schlitz in a champagne flute.  I'll have someone toss a doll in my direction just for added effect.  It just doesn't get any better than that, guys.

Fred

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Re: why this note still in Grace Period?
« Reply #14 on: December 23, 2013, 12:50:46 AM »
Having been in IT department with many financial institutions for many years, I can share that the software developers are usually working only on the bugs / features assigned to them (in Bugzilla, JIRA, or other SDLC tools).

The disconnect oftentimes happens because everybody has different 'metrics' to maximize.  Developers want to complete the bugs fixes on time (and correctly); the dev managers want to maintain status quo (i.e., no additional features!) until the system is 'stable'; the business analysts want to introduce a new feature but oftentimes got rebuked as being naive on how many architectural changes needed to implement the new feature, introducing new bugs along the way.

It's not hard to fix most IT issues (whether it's a complex calculation, or just a matter of automatically inserting some Collection Log messages based on simple rules).  The main question is 'who' should decide 'which' issues should be fixed & 'when'.

Sometimes a rare jewel can be found when there is a developer who also understands the business -- s/he would undermine the necessity of both the dev managers and business analysts.
 
« Last Edit: December 23, 2013, 12:59:48 AM by Fred »