Author Topic: Calculating actual days late  (Read 6721 times)

Kombinator

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Calculating actual days late
« on: October 25, 2014, 04:26:35 PM »
The status field gives us the lateness status in 3 categories (IGP, 30-, 30+), does anyone know what fields may be used to calculate the actual days late for a loan to obtain more granular data, much like Prosper provides?

yojoakak

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Re: Calculating actual days late
« Reply #1 on: October 25, 2014, 10:07:49 PM »
I use accrued interest, but I'm funny like that.

Fred

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Re: Calculating actual days late
« Reply #2 on: October 25, 2014, 11:26:35 PM »
You can use the NextPaymentDate.  For Current notes, this date should be in the future; for late notes, in the past.

You can then take the daydiff between today() and NextPaymentDate to get the actual days late.

Kombinator

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Re: Calculating actual days late
« Reply #3 on: October 26, 2014, 02:35:34 AM »
Fred, simple clean and elegant, looked into it, doesn't work unfortunately.  Neither next payment date nor loan status date fit the data.

Any other ideas?
« Last Edit: October 26, 2014, 02:47:28 AM by Kombinator »

Kombinator

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Re: Calculating actual days late
« Reply #4 on: October 26, 2014, 02:54:59 AM »
I use accrued interest, but I'm funny like that.

Can you say more about exactly how you use accrued interest for this?  Do you calculate the expected interest payment and then divide that into the accrued interest to get the actual days late? (btw I don't think this method would work on notes that are purchased on Folio).  Or do you use some other approach?

Fred

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Re: Calculating actual days late
« Reply #5 on: October 26, 2014, 03:42:32 AM »
Fred, simple clean and elegant, looked into it, doesn't work unfortunately.  Neither next payment date nor loan status date fit the data.

Any other ideas?

Apologies, I spoke too soon.  I eyeballed a few NextPaymentDate and it looked reasonable; now I realize it is for "scheduled" NextPaymentDate.

Another idea would to use the original principal, remaining principal, term, interest rate, issue date, and today's date.  Based on the principal remaining, you can see how far along the loan is in its life.

For Folio-purchased notes, you would also need to consider the "Transaction Date", "Outstanding principal at time of transaction", and "Accrued interest at time of transaction".

Fred93

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Re: Calculating actual days late
« Reply #6 on: October 26, 2014, 03:44:14 AM »
I use accrued interest, but I'm funny like that.

Works great, except for loans on a "payment plan".  In that  case, the accrued interest field contains the interest accrued toward the next "little payment" (or something) instead of the interest accrued on what is owed.  Another damn special case. 

Example: Loan# 12625305 is showing 14.8 days of accrued interest but is "Late (31-120 days)".
« Last Edit: October 26, 2014, 04:12:50 AM by Fred93 »

yojoakak

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Re: Calculating actual days late
« Reply #7 on: October 26, 2014, 11:37:54 AM »
Can you say more about exactly how you use accrued interest for this?  Do you calculate the expected interest payment and then divide that into the accrued interest to get the actual days late? (btw I don't think this method would work on notes that are purchased on Folio).  Or do you use some other approach?

Monthly interest = Principal * Interest Rate / 12
Accrued interest in Months = Accrued Interest / Monthly interest

If the last payment was more than the Accrued Interest at that time, then Accrued interest in Months = Months since last payment.

Works great, except for loans on a "payment plan".  In that  case, the accrued interest field contains the interest accrued toward the next "little payment" (or something) instead of the interest accrued on what is owed.  Another damn special case. 

Example: Loan# 12625305 is showing 14.8 days of accrued interest but is "Late (31-120 days)".

Yes, it all depends on what your definition of "late" is. For example, how "late" is a loan that has been making regular monthly Interest-Only payments for the past N months: A) N months late? B) something less than N months late? or C) not late at all?

In my opinion, none of the values LendingClub displays really indicates how late a loan is.

Or how imminent a charge off is (see e.g. http://www.lendacademy.com/forum/index.php?topic=1797.0 ) For this I think LendingClub calculates the full amortization schedule and compares that to the current Outstanding Principal + Accrued Interest. If the loan is the equivalent of 6 months behind, it goes into Default regardless of the actual Payment History.

« Last Edit: October 26, 2014, 03:34:41 PM by yojoakak »

Kombinator

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Re: Calculating actual days late
« Reply #8 on: October 27, 2014, 09:29:25 AM »
I am also told that there is an undocumented field in the API called lastpayment date, if so this can be a rather simple and straightforward way to calculate late days...thoughts?
« Last Edit: October 27, 2014, 01:45:48 PM by Kombinator »

Fred93

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Re: Calculating actual days late
« Reply #9 on: October 27, 2014, 02:09:39 PM »
There should be no undocumented fields in an API. 

The documentation of the new API is less than reasonable in many respects.

Kombinator

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Re: Calculating actual days late
« Reply #10 on: October 27, 2014, 04:03:03 PM »
Well, I obviously agree that there should no be surprise fields in the API.  There is also an omission in the POST API for submit order where couple of lines are actually missing.

Other than that the API is reasonably OK documented, one thing that I find odd is that state and city are not fields available in the notes or detailed notes api...