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Lending Club Discussion => Investors - LC => Topic started by: SarahV on June 27, 2013, 11:05:34 AM

Title: The thread for unashamed griping
Post by: SarahV on June 27, 2013, 11:05:34 AM
OK, I decided we need a thread where people can come and complain about the little things without having people tell them to stop whining or "it's better than a default" or blah blah blah. Get it off your chest. I'll start.

I paid a 2.4% markup for a really perfect D3 note on Folio. Newly issued, no payments yet. So far, so good! Except... maybe it's TOO perfect of a note. I happened to click on it (I don't even remember why, maybe by accident) and see that it's gone on a payment plan! What the heck, they're having problems already? And then I see that the payment plan is for the person to pay off the loan in full on their first payment, July 1st. Quick calculation... yes, my ROI on this note will end up being -1.8%.  ::)  And there's basically nothing I can do about it, because the only way for me to break even before they even make a payment is to sell for the price I paid plus 1% for fees, which would be a 3.4% markup. Unlikely to happen.

I've decided to try to split the difference and put it up at a price that will allow me to lose less than 1.8% if someone buys it without looking at it carefully... but again, that is pretty unlikely to happen.

Fifty cents down the drain. I'm going to have to go into Mint and reduce my chewing gum budget or something  :P
Title: Re: The thread for unashamed griping
Post by: GS on June 27, 2013, 11:59:44 AM
This is the prefect thread for me ask why I now have two dozen notes sitting in "approved" status for up to 7 days ... Is this something new?  Approved notes used to get issued the next day.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 27, 2013, 12:26:02 PM
I've got a hornets nest in my backyard shed.  My 6-year old won't go near it.  Not because of the hornets but rather because of the zombies that live there.  So I guess I have hornets and zombies.

And you guys thought a few ants in the house were bad!
Title: Re: The thread for unashamed griping
Post by: SarahV on June 27, 2013, 12:41:57 PM
Can you get Havahart traps for zombies?
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 27, 2013, 12:59:47 PM
"Can you get Havahart traps for zombies?"

No.  But you know how zombies are.  They wonder around the yard all night looking for brains.  The last thing I want is the neighbors complaining about my zombie problem.  I'll probably have to go to Lowes and get some self detonating contact explosives.
Title: Re: The thread for unashamed griping
Post by: rawraw on June 27, 2013, 05:10:14 PM
I sold a note that had a payment delay at a mark up.  It sold within 30 seconds of listing.  Borrower sent me a partial payment of 3 cents.  Sell order got canceled.  Now I have a note in grace period. . . I've marked it at a discount now to try to get rid of it.

Sarah or NJ should pick it up :) 
Title: Re: The thread for unashamed griping
Post by: SarahV on June 27, 2013, 05:20:03 PM
Pff. My notes are PRISTINE, buddy. I don't touch that stuff with a ten-foot pole!
Title: Re: The thread for unashamed griping
Post by: rawraw on June 27, 2013, 05:27:21 PM
Pff. My notes are PRISTINE, buddy. I don't touch that stuff with a ten-foot pole!
This note is PRISTINE as well!  Just missed a payment is all.  First time they've had problems in 26 payments -- give the guy a break, will ya?  Always so judgey!
Title: Re: The thread for unashamed griping
Post by: SarahV on June 27, 2013, 06:00:58 PM
I can practically smell that note from here... ;)
Title: Re: The thread for unashamed griping
Post by: rawraw on June 27, 2013, 06:07:34 PM
I can practically smell that note from here... ;)
And here I thought we were going to be friends.  But now I realize I'm burning that best-friends-for-life bracelet I bought you.
Title: !
Post by: Rob L on June 27, 2013, 06:53:29 PM
Okay, so I think maybe half the country is under served vis-a-vis LC notes; particularly DEFG (HYG) hummers. So, maybe there's an opportunity in flipping newly minted notes to these "second class citizens" living in Foliofn only land; but let's look first. " ... and what to my wondering eye's did appear ..." but freshly minted notes not the kind you would fear. "Now Dasher (C notes), now Dancer (D notes), now Prancer (E notes) now Vixen (F notes) ... "up away up away up away all".  As for my simple minded strategy there's a simple answer "Fail" (there are even notes offered at no premium that hit 405 on Rev's IR01 Richter scale). Plenty of notes available. I was thinking a markup of 1.25 - 1.5%, with LC benefiting the most (1%) and with me taking all the risk of holding these notes to maturity. No plans to sell junk; just the best I could get. I was willing to concede that the "cost of money" factor implied in the high accrued interest did not account for the risks of holding these high interest rate notes to maturity. Just gimme a quick $25.50 for a new 36 mo $25.00 note and I will have served the public good and been on my way. My gripe; TNSTAAFL (props to MF);  and it's way too much work for a quarter!

PS: I wanted to make this post entertaining, but NJ Guy and SarahV are a tough act to follow (not to mention Rawraw).

PPS: I see where this is my 43rd post. If anyone can  reply with the significance of the number 43 to a "good old boy" along with the numbers 21 and 11 I'll post a new $25 note on Foliofn tomorrow for $20. It ain't that hard.
Title: Re: The thread for unashamed griping
Post by: LonghornSF on June 27, 2013, 07:22:48 PM
This is the prefect thread for me ask why I now have two dozen notes sitting in "approved" status for up to 7 days ... Is this something new?  Approved notes used to get issued the next day.

I've noticed this lately too, although the delay has been more like 4-5 business days so not too extreme. Frustrating nonetheless. The carry costs / time value of cash sitting around during the loan approval process is actually fairly substantial if you think about it.
Title: Re: The thread for unashamed griping
Post by: GS on June 27, 2013, 08:54:47 PM
As of yesterday evening, I had two dozen "approved", and none moved to "issued" this morning.   I have one I'm pretty sure was approved late Thursday, so today would be the fifth day.  The rest have been approved since.   It seems like LC changed their policy, because before approved and funded loans moved to issued the next day.  I know in Florida, a borrower has 3 days to back out of a contract and return the money, so maybe LC had to put in a mandatory waiting period?  I now have 32 loans "approved", I'll let you guys know what happens tomorrow ...
Title: Re: The thread for unashamed griping
Post by: GS on June 27, 2013, 09:00:00 PM
Not really a gripe but I've been watching this one that keeps popping up in my filter:

He called his loan THE MONEY PIT

https://www.lendingclub.com/browse/loanDetail.action?loan_id=5948460&previous=browse

This one kind of stalled out in funding, I think it only moved 2% today.
Title: Re: The thread for unashamed griping
Post by: SarahV on June 27, 2013, 09:14:23 PM
LOL. I wonder, if you had numbers that matched enough people's filters, if you could get a loan funded with a title like "I'm a deadbeat!" or "scam the suckers"...
Title: Re: The thread for unashamed griping
Post by: Rob L on June 27, 2013, 09:34:41 PM
I checked IR's loan description analysis and it seems the use of the term "money pit" doesn't hurt your rating. Can't say about "deadbeat" or "scam the suckers".
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on June 27, 2013, 11:08:51 PM
As of yesterday evening, I had two dozen "approved", and none moved to "issued" this morning.   I have one I'm pretty sure was approved late Thursday, so today would be the fifth day.  The rest have been approved since.   It seems like LC changed their policy, because before approved and funded loans moved to issued the next day.  I know in Florida, a borrower has 3 days to back out of a contract and return the money, so maybe LC had to put in a mandatory waiting period?  I now have 32 loans "approved", I'll let you guys know what happens tomorrow ...

Do you click through each one in review to see if its status has moved to approved?  I've never thought to do that!  I just now tried looking at about 10 and found one that said approved in the middle of the review list, but no way am I going to look at all of them.

Most likely you're right about the borrower deciding not to accept the loan after approval.
Title: Re: The thread for unashamed griping
Post by: JDowding on June 28, 2013, 09:56:38 AM
LOL. I wonder, if you had numbers that matched enough people's filters, if you could get a loan funded with a title like "I'm a deadbeat!" or "scam the suckers"...

I was thinking, gee, I would buy that.  Then I checked, I *did* buy that :-).

Today's newbie question:   Is there an easy way to search for a loan by loan id?
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 28, 2013, 10:07:29 AM
"Is there an easy way to search for a loan by loan id"

Interest Radar allows it.  The only stipulation is that you need to have your notes uploaded to the site.

It does come in real handy.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 28, 2013, 10:16:47 AM
There's a bothersome fly in my office this morning.
Title: Re: The thread for unashamed griping
Post by: GS on June 28, 2013, 02:53:48 PM
None of my notes issued today, either ... I just checked and I've only had 3 new loans issued in the last two weeks.  There's about 40 now that are "approved".  I've been buying 10-15 a day since my IRA funded 3 weeks ago, so I have quite the stockpile of pending notes earning nothing.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 28, 2013, 05:58:49 PM
The fly is gone.  I killed it.
Title: Re: The thread for unashamed griping
Post by: SarahV on June 28, 2013, 06:10:54 PM
The fly is gone.  I killed it.
Isn't that more like gloating than griping?

I have had three allegedly-good notes go bad in three days.  :(  One of them is on the first payment and it has a 409 IR01 score! Bah.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 28, 2013, 07:52:59 PM
"Isn't that more like gloating than griping? "

Well, at first it was griping.  The damn thing was making me nuts, and no matter what I did, I couldn't get it to land on a level area so I could squash it.

But, I stalked it, learned it's habits, analyzed it's tactics, and got extra intel off the net.
Eventually, it made a mistake.  And when it did, I owned it.

Glad to get this off my chest.

Oh, by the way.  I thought you were bragging to Rawraw about how "Pristine" your notes were.  I smelled those 3 notes the moment I clicked onto this thread! 
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on June 28, 2013, 11:49:33 PM
The fly is gone.  I killed it.
Isn't that more like gloating than griping?

I have had three allegedly-good notes go bad in three days.  :(  One of them is on the first payment and it has a 409 IR01 score! Bah.
And she had the nerve to call her notes pristine....

Lol at NJ saying the same thing

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Title: Re: The thread for unashamed griping
Post by: SarahV on June 29, 2013, 12:00:53 AM
When I wrote that post I had already sold the first two bad ones and the third hadn't gone bad yet ;)  So technically, at that moment, my notes were 100% pristine!
Title: Re: The thread for unashamed griping
Post by: zyamys on June 29, 2013, 02:27:30 AM
None of my notes issued today, either ... I just checked and I've only had 3 new loans issued in the last two weeks.  There's about 40 now that are "approved".  I've been buying 10-15 a day since my IRA funded 3 weeks ago, so I have quite the stockpile of pending notes earning nothing.

This is nothing new and happens every month. Watch what will happen on Monday - all your approved notes will suddenly issue. LC manipulates the issuance of notes at the end of the month in order hit a desired number for $$ issued per month, which is a 9.0%+-0.1% $$ increase month-over-month. People only pay attention to the monthly issuance, not daily, so this way LC can claim they are managing growth carefully and predictably. Since borrower ad volume leads issuance only by 2-3 weeks, by over-advertising early in the month and holding back the extra loans at end of month they can easily manipulate the monthly issuance to be whatever they need.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on June 29, 2013, 07:45:49 AM
"When I wrote that post I had already sold the first two bad ones and the third hadn't gone bad yet"

Yea, well it seems you're listing notes on Folio faster than me.  And that's not saying much because everybody knows I own moldy notes. 

So quite covering up.  Just come out and admit it!
Title: Re: The thread for unashamed griping
Post by: GS on June 29, 2013, 09:11:27 AM

This is nothing new and happens every month. Watch what will happen on Monday - all your approved notes will suddenly issue. LC manipulates the issuance of notes at the end of the month in order hit a desired number for $$ issued per month, which is a 9.0%+-0.1% $$ increase month-over-month. People only pay attention to the monthly issuance, not daily, so this way LC can claim they are managing growth carefully and predictably. Since borrower ad volume leads issuance only by 2-3 weeks, by over-advertising early in the month and holding back the extra loans at end of month they can easily manipulate the monthly issuance to be whatever they need.

Thank you.  That is a great explaination, and I thought there might be a bias towards issuing notes early in the month.  I also have a smaller taxable account that at one time had about 50 notes in it (I've been selling them off), and I had noticed that in that account only 3 of the 50 notes were issued after the 20th.
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on June 29, 2013, 10:52:56 AM
When I wrote that post I had already sold the first two bad ones and the third hadn't gone bad yet ;)  So technically, at that moment, my notes were 100% pristine!
We are onto you.... You're notes are so far from pristine! You just don't realize it until they go bad ^_^

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Title: Re: The thread for unashamed griping
Post by: SarahV on July 02, 2013, 05:55:06 PM
I paid a 2.4% markup for a really perfect D3 note on Folio. Newly issued, no payments yet. So far, so good! Except... maybe it's TOO perfect of a note. I happened to click on it (I don't even remember why, maybe by accident) and see that it's gone on a payment plan! What the heck, they're having problems already? And then I see that the payment plan is for the person to pay off the loan in full on their first payment, July 1st. Quick calculation... yes, my ROI on this note will end up being -1.8%.  ::) 
So this note was updated today, the payment plan to pay it off early was removed and it immediately sold as a regular ol' note. (I'd priced it at a 26-cent loss instead of the 47-cent loss I would have had if he paid it off early.) I'm not sure whether to be pleased that I didn't lose the full 46 cents, annoyed that they changed the status of the note and I lost an unnecessary 26 cents, or if I should just stop caring because it's pocket change either way.  :P   It's the principle of the thing, y'know?

What will really make me feel good is if this is one of those things where they process a payment-in-full separately so the normal payment goes through on schedule and you don't get the rest of the money for a week or two, and it ends up showing two separate payments even though you know it was really one big payment.
Title: Re: The thread for unashamed griping
Post by: rlv99 on July 04, 2013, 10:01:56 AM
Good thread Sarah- my gripes, not in any particular order, are as follows:

1. Most Borrowers, whose credit scores reflect irresponsible spending habits, do not have the courtesy to explain how they will use the money.  Just saying ""CC consolidation" isn't enough especially when they are asking for way more, or way less, than their  credit balance.

2. LC's Collection Log sucks!  My bet is institutional investors will force a change here.

3. Posting of payments takes 5-6 business days.  No good reason, LC!!

4. Lack of marital status of Borrower, as well as number of dependents.  This is not an invasion of privacy; simply good business. 

5. Too many California Borrowers!!!





 
Title: Re: The thread for unashamed griping
Post by: rawraw on July 04, 2013, 10:05:52 AM
I know we small investors like our logs -- but really, the question is whether the extra cost of having a log team will really improve the performance of the platform.  I'm not so sure if it will.  For example, I have over 700 notes at this point.  Interest Radar allows me to take action on log updates, but I'm not sure how much an improvement my strategies could benefit from the logs being updated to the degree we'd like.

I personally think the money spent on better logs is better spent on collections.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 04, 2013, 11:49:03 AM
"I personally think the money spent on better logs is better spent on collections."

This is a good point, but I think there should be a more responsible action needed in keeping the logs correctly updated.

Granted.  There are people here who may not have to pay that much attention to log entries.  We all know of a certain female here who's "Pristine" portfolio probably dwarfs your 700+ notes.  For the sake of privacy, I'm not going to mention her name, but let's give her a fictitious name and call her "SarV".  "We've all heard the expression about "Being as clean as a nun's sheets".  SarV probably doesn't have a single log entry on any of her massive number of notes, and has the audacity to tell you how she smelled your stinky notes the moment she logged on.  That's one side of the investment fence.

I, on the other hand, depend on the log entries when making a buying/selling decision.  So what's going on here?  I look at a "31-90 days Late" note today, and the last log entry is dated April 29th?
(Example: https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1131875&order_id=7561612&note_id=8551819) (https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1131875&order_id=7561612&note_id=8551819))

Okay, so what is it?
A.)  There has been NO contact or collection efforts with the borrower in 2 months.
B.)  There's been contact and effort, but nobody bothered to make a log entry.

If it's "A", then that proves your point of better collection efforts needed.
However, I think most of the time it's "B", and that's unacceptable.

RLV99 made a great point by saying "The collection Log sucks".  Yea, it does need improvement beyond the Old, canned "Attempted to contact borrower (left message)" type entries.  But I think improvement can start by actually spending the 3 0r 4 seconds needed to ACTUALLY make some sort of entry instead of nothing at all.  And that effort wouldn't cost a penny to do.
Title: Re: The thread for unashamed griping
Post by: SBryantMS on July 04, 2013, 12:01:42 PM
IMHO: Once I see "Engaged external collections agency" -- LC has given up internal collection efforts.  Any future log entries are on the monthly IT feed from the agency.  If I had this note, I would price it at $9 and hope I got a fish to bite on it and I would mark it down everyday. 

Otherwise, you can hold it till it goes to Charged Off status. 
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 04, 2013, 12:25:06 PM
"If I had this note, I would price it at $9 and hope I got a fish to bite on it"

Actually, that note is moments from going into Default.  As a matter of fact, I'm surprised it hasn't already.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 04, 2013, 01:42:25 PM
Granted.  There are people here who may not have to pay that much attention to log entries.  We all know of a certain female here who's "Pristine" portfolio probably dwarfs your 700+ notes.
Tsk tsk. I have a small, boutique portfolio of just ~250 notes or so. I think that is plenty of diversification for a buy-and-hold strategy.

I find the collection log very helpful (i.e., when one appears, I know I have to sell it  ;) ). I have to say though, I kind of like when there is no "payment failed" on the note right away because that makes it much easier to sell during the processing delay. I keep a very close eye on payment due dates and can usually offload those notes at a profit before they go into grace period. But when there is a "payment failed" that popped up on the due date, those are harder to get rid of and I am more likely to take a small loss on those.

We can certainly wish for different/better but when faced with an inefficient sort of market, I think the best approach is to learn about the inefficiencies and figure out how you can profit from them.
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on July 04, 2013, 03:27:38 PM
Granted.  There are people here who may not have to pay that much attention to log entries.  We all know of a certain female here who's "Pristine" portfolio probably dwarfs your 700+ notes.
Tsk tsk. I have a small, boutique portfolio of just ~250 notes or so. I think that is plenty of diversification for a buy-and-hold strategy.

I find the collection log very helpful (i.e., when one appears, I know I have to sell it  ;) ). I have to say though, I kind of like when there is no "payment failed" on the note right away because that makes it much easier to sell during the processing delay. I keep a very close eye on payment due dates and can usually offload those notes at a profit before they go into grace period. But when there is a "payment failed" that popped up on the due date, those are harder to get rid of and I am more likely to take a small loss on those.

We can certainly wish for different/better but when faced with an inefficient sort of market, I think the best approach is to learn about the inefficiencies and figure out how you can profit from them.
I'm not sure if 250 is enough. Maybe it is for those with crystal balls and pristine notes , but I'm looking for around 800. And I think the log sucks too just not sure how much value add it provides.

That sarv girl sounds high maintenance! Did I hear she likes bad logs so she can take advantage of people?

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Title: Re: The thread for unashamed griping
Post by: slypete on July 04, 2013, 05:12:12 PM
Got to hand it to SarahV. If she is able to dump a note for a profit the moment a payment is missed,  isn't it essentially a risk free strategy regardless of the size of her portfolio?
Title: Re: Re: The thread for unashamed griping
Post by: SarahV on July 04, 2013, 06:07:03 PM
I'm not sure if 250 is enough. Maybe it is for those with crystal balls and pristine notes , but I'm looking for around 800.
I always felt like if you diversified to that extent you will struggle to beat averages. Whereas with a smaller portfolio you can put more effort into note picking and note culling and specific strategies and stuff like that.

Plus, I really don't want to plug $20,000 of my cash into Lending Club because I feel that would leave me overexposed. That is the other kind of diversification to consider...
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on July 05, 2013, 07:24:32 AM
I'm not sure if 250 is enough. Maybe it is for those with crystal balls and pristine notes , but I'm looking for around 800.
I always felt like if you diversified to that extent you will struggle to beat averages. Whereas with a smaller portfolio you can put more effort into note picking and note culling and specific strategies and stuff like that.

Plus, I really don't want to plug $20,000 of my cash into Lending Club because I feel that would leave me overexposed. That is the other kind of diversification to consider...
You don't need 20,000 exactly due to reinvestment.  But I feel that:

Oh I agree with you.  But 250 notes is $6250.  $25 represents only 0.4% of the principal but if you are earning 10%, it represents 4% of the interest income for the year.  800 notes is $20,000.  $25 represents only 0.125% but if you are earning 10%, it represents 1.25% of the income.  I'm earning roughly 13% so $25 represents 0.96% of my projected interest income at $20,000.  I like that number.

In terms of scaling, I'm not sure if its much harder to originate.  It's only a couple of notes every day.  The harder part would be monitor FICO/logs and InterestRadar is making great improvements in that.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 05, 2013, 12:12:40 PM
Yes, but... as you know... I sell any note that misses a payment, at a slight profit or loss, so losing $25 on any given loan is very unlikely to happen.

And, as for your math, "I like that number" isn't saying much of anything except that you are more comfortable that way. I am more comfortable having less exposure to Lending Club in my taxable portfolio, and to me that's a much more important consideration.

I do have a hard time finding enough notes that meet my criteria (yes yes, Sarah's overly picky, done that joke to death) on Folio. If I had to quadruple it that would be very difficult for me.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 05, 2013, 01:45:02 PM
Yes, but... as you know... I sell any note that misses a payment, at a slight profit or loss, so losing $25 on any given loan is very unlikely to happen.

And, as for your math, "I like that number" isn't saying much of anything except that you are more comfortable that way. I am more comfortable having less exposure to Lending Club in my taxable portfolio, and to me that's a much more important consideration.

I do have a hard time finding enough notes that meet my criteria (yes yes, Sarah's overly picky, done that joke to death) on Folio. If I had to quadruple it that would be very difficult for me.
I sell just as quickly (and for better mark ups than you, I might add :P).  But there may be a point in the future where that strategy doesn't work and I don't want to be left without a contingency strategy.
Title: Re: The thread for unashamed griping
Post by: pplinvestor on July 05, 2013, 01:53:25 PM
What percentage notes do you sell due to some hints of problems?  I'd think huge percentage of notes will be late or in grace period at least once over the life of the loan.   I'm guessing over 50%.   Anyone has data?
Title: Re: The thread for unashamed griping
Post by: rawraw on July 05, 2013, 04:23:04 PM
I have a portfolio of roughly 700 notes which.  Since I've started using Interest Radar (around 11/29/2012) with a portfolio of 310, I've sold 63 notes.  37 were from my original 310 (which were very old on average) and 26 are for the new 390 notes added since the first of the year.  So I'd guess 37/310 would give some estimate, although those were SarahV kind of notes.  I realized I wasn't taking enough risk and so the new population will probably have a higher rate of selling.

Of the 63 sold:

53 are current
2 are fully paid
4 are in grace period
1 is 16-30 days late
1 is 31 - 120 days late

Title: Re: The thread for unashamed griping
Post by: SarahV on July 05, 2013, 05:30:56 PM
Hard for me to calculate a percentage since I've done a lot of buying and selling for a lot of reasons... I've sold almost as many notes as I currently own over the past year. The only ones I keep track of are the ones that appear to be missing a payment (35) and the ones that have a very sharp FICO drop (12). It's difficult to annualize that though, since I did so much buying and selling for other reasons. Keeping in mind that it seems like the first year is the worst for problems (according to stats people have quoted here) I think that is pretty good.

Out of the 47 I've sold for a reason, four have defaulted, two are almost certainly going to default (90+ late and declared bankruptcy) and a few more are late and a few more are in grace.

And rawraw... I doubt you sell for "better markups" than me, more like I am forced to buy at worse markups than you. That doesn't make you a better trader, it means you have a built-in advantage. Congratulations on your success at living in a different state.  ::) 

My contingency strategy, if you can call it that, is that I spend a lot of time and energy picking the very best notes I can lay my hands on, in order to minimize defaults within high-interest-rate notes. It's a strategy which I've been attempting to improve constantly. I've certainly learned a lot in the last year. When I started investing I bought notes much too quickly and didn't know enough about what to look for, and I've certainly paid for that.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 05, 2013, 06:10:08 PM
And rawraw... I doubt you sell for "better markups" than me, more like I am forced to buy at worse markups than you. That doesn't make you a better trader, it means you have a built-in advantage. Congratulations on your success at living in a different state.  ::) 
Are you mad brah?

But seriously, I may not sell for a better mark up.  My average profit per sale is $1.18.  If you separate by positive and negative returns, I average $1.49 (54 notes) and negative $0.67 (9 notes), respectively.  How do yours look?
Title: Re: The thread for unashamed griping
Post by: SarahV on July 05, 2013, 06:22:38 PM
Are you mad brah?
Really?  ::)

Going to go enjoy my long weekend rather than discuss investing with a 14-year-old playing on his mom's computer.  ;)
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 05, 2013, 07:18:53 PM
"How do yours look?"

Negative    59    $366.77    $31.69    $1,315.00    $147.24    ($187.84)    ($3.18)    -695.89%
Positive    101    $848.18    $53.97    $2,442.82    $1,506.12    $711.91    $7.05    6,230.85%
Total    160    $1,214.95    $85.66    $3,757.82    $1,653.36    $524.07    $3.28    3,676.62%

Okay, now let's call it a draw and all play nice!
Title: Re: The thread for unashamed griping
Post by: rawraw on July 06, 2013, 06:23:23 AM
"How do yours look?"

Negative    59    $366.77    $31.69    $1,315.00    $147.24    ($187.84)    ($3.18)    -695.89%
Positive    101    $848.18    $53.97    $2,442.82    $1,506.12    $711.91    $7.05    6,230.85%
Total    160    $1,214.95    $85.66    $3,757.82    $1,653.36    $524.07    $3.28    3,676.62%

Okay, now let's call it a draw and all play nice!
Your sales don't count!  Only can compare pristine with pristine :)
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 06, 2013, 07:33:08 AM
"Your sales don't count!  Only can compare pristine with pristine"

Those notes were a "Pristine Bouquet"..........Once!  They just happened to get a little moldy around the edges.
Title: Re: The thread for unashamed griping
Post by: Rob L on July 07, 2013, 07:22:58 PM
I kant cell nuttin! I've got 10 note for sale, all newly issued,15% - 22%. They are good notes; mostly duplicates of others I own. Markup< 1.1% or less just to cover the sales commission. Listed for days; no buyers. Kant lower them morr so guess ill keep em. If I call them pristene will u by them SaraV? Tey're at lest seme=pristene; mabe NJ Guy would be intrested?
Title: Re: The thread for unashamed griping
Post by: rawraw on July 07, 2013, 07:56:05 PM
With that low of a mark up, my notes sometimes sell within an hour.  What kind of notes are you picking?
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 07, 2013, 08:39:37 PM
"What kind of notes are you picking?"

Yea, list some links.  Let's see.

My filters for fresh issues are pretty tight.  Yours may not be making the cut.
Title: Re: The thread for unashamed griping
Post by: Rob L on July 07, 2013, 10:53:34 PM
Here's a few :
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5618480 (https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5618480)
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5686312 (https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5686312)
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5637876 (https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5637876)
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=6105586 (https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=6105586)


Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 07, 2013, 11:45:21 PM
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5618480- Didn't make the cut.
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5686312- Didn't make the cut.
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=5637876- RO1/RO4 too low.  Didn't make the cut.
https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=6105586- This note actually looked pretty good!  My R01 filter is set to 400, but this note scored 395.  I changed the filter to allow notes scoring 390 or higher.  If it would have come up, I would have bought it.  It still didn't show up.  Something else is keeping it from passing through the filters, so it didn't make the cut.

I told ya my criteria was tight!
Title: Re: The thread for unashamed griping
Post by: Rob L on July 08, 2013, 08:48:11 AM
My old pappy had a phrase "tighter than a well digger's ...". Would be a good name for your filters.
There are three $50 notes and a $75. Is that holding them back?
I read somewhere that $50 notes sold pretty well, but these obviously haven't.
Using IR I see history of notes for some of my loans sold at +6% premium. How does that pass anyone's filters?
Guess I'll just keep em. Thanks!
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 08, 2013, 09:21:03 AM
Rob.....I looked at the last note more closely.
First off, I don't have any of the dollar boxes checked off in my filters.  So $25 or $250, they all show up.

My "Amount Requested" is set for $14K to $28K.  He is requesting $6100
My "Revolving Credit Utilization" is set at 0% to 70%.  He is at 89.90%

To me, anything over 70% is "Maxed Out"  and indicates that he's either living on credit, an impulse buyer, or just can't manage his finances properly.  His requested $6100 compared to his $15,300 revolving balance still seems to leave a large amount of unsecured debt.  This is why that note couldn't make it through my filters.

SIDENOTE:  I noticed somebody bought that note!
Like I said, it was a decent note, but I'm big on that utilization thing.
Title: Re: The thread for unashamed griping
Post by: Rob L on July 08, 2013, 10:00:05 AM
Didn't know the note sold! Maybe if I gripe more good things will happen.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 08, 2013, 10:26:24 AM
"Didn't know the note sold! Maybe if I gripe more good things will happen."

Sure!  Why not!  It works for Sarah!  The only difference is that with her, we don't care!
Title: Re: The thread for unashamed griping
Post by: Rob L on July 08, 2013, 12:12:58 PM
Sold two of those puppies now, and I know why. Got a little accrued interest and hadn't repriced. That took the markup down to almost exactly 1% and maybe a tad lower into discount land. Funny how much difference a nickle makes. I'll try to keep them at 1% for a few days, then de-list them if they don't sell. BTW, what's the LC schedule for posting accruals so if someday I really care I'll know?

Now for the griping .... there's a fly in my office and ... wait, you've heard that one ...
Title: Re: The thread for unashamed griping
Post by: SarahV on July 08, 2013, 12:30:19 PM
Sure!  Why not!  It works for Sarah!  The only difference is that with her, we don't care!

Does this mean you don't want to hear the latest update in the saga of The Note That Paid Too Early?  :(
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on July 08, 2013, 12:30:45 PM
Sure!  Why not!  It works for Sarah!  The only difference is that with her, we don't care!

Does this mean you don't want to hear the latest update in the saga of The Note That Paid Too Early?  :(
I sure do!

Sent from my SAMSUNG-SGH-I747 using Tapatalk 2

Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 08, 2013, 01:31:14 PM
"BTW, what's the LC schedule for posting accruals "

I'm pretty sure accruals accumulate daily.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 11, 2013, 04:35:31 PM
Sometimes I get so caught up in numbers and filters and going through a ton of notes quickly that I forget to look at something fairly basic: the title of the note.

I am now the proud owner of "our cats need some food."

Two words: quality investment.  ;D
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 11, 2013, 04:45:11 PM
"I am now the proud owner of "our cats need some food."

Bwhahaha!  You gotta post a link for that one!
One thing is for certain, you know how to pick some real prizes!
Title: Re: The thread for unashamed griping
Post by: SarahV on July 11, 2013, 04:50:06 PM
You have to admit, it's a pretty nice-looking note otherwise :)

http://www.lendingclub.com/foliofn/loanDetail.action?loan_id=3498927

(Edit: I wonder what the word loss rate for "cat" is...)
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 11, 2013, 05:28:12 PM
"You have to admit, it's a pretty nice-looking note otherwise"

Yea, I gotta admitt, it's pretty pristine.  The title has nothing to do with his description.  I was expecting something like

"I take in stray cats.  I currently have 152 cats in my 2-bedroom house and need help feeding them.  Thank You!  And Oh, God bless!"
Title: Re: The thread for unashamed griping
Post by: SarahV on July 11, 2013, 06:14:07 PM
Sometimes I get the feeling that people don't realize that field is going to be the title of their loan when investors look at it. Surely anyone who realized it would be prominently displayed to investors would at least make an effort to call it something appealing. (Or at least look up how to spell "consolidation.")

Maybe this guy just needed to remind himself to pick up some cat food at the store.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 11, 2013, 07:30:23 PM
Pristine?!  22% DTI to feed his cats?  And *only* a 720 FICO?  Geez. . . I guess people just throw around the word pristine these days. . .

I guess I just held Sarah on too high of a pedestal. . .
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 11, 2013, 07:35:08 PM
"Pristine?!  22% DTI to feed his cats?  And *only* a 720 FICO?  Geez. . . I guess people just throw around the word pristine these days. . . "

I apologize!

With the quality of notes I'm used to, this one is "Pristine".
To Sarha, this was dumpster diving.
She gets nervous when her available account goes over $3K and there's nothing good to buy.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 11, 2013, 08:43:45 PM
You guys are just jealous I snapped that up before you did.

In more griping-related news: The payments are completing soooo late today. Can't imagine what time we'll have our transactions settle on Folio.
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on July 11, 2013, 09:36:58 PM
Speaking of Folio, I just wanted to re-price a late note higher after checking the comps on IR but I can't because it has vanished off the face of the earth.  Maybe it will fall down a little later.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 12, 2013, 06:15:17 AM
You guys are just jealous I snapped that up before you did.

How do you always know what I'm thinking ?  :(
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 12, 2013, 07:57:00 AM
"In more griping-related news: The payments are completing soooo late today."

Let's see.  It almost 8:00 am Friday.  I'm not sure if all my buys settled.  I am sure that not one cent of my sold orders have settled. 
Title: Re: The thread for unashamed griping
Post by: SarahV on July 12, 2013, 09:03:56 AM
I only had two transactions and neither of them have settled as of 9AM.

The last payment didn't complete until about 9:15PM last night, those are usually done by 5:30PM or maybe 6PM...
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 12, 2013, 09:24:00 AM
My interest payments just NOW updated.  However, none of my sales have settled and I still don't know if all my purchases have.
Title: Re: The thread for unashamed griping
Post by: SBryantMS on July 12, 2013, 10:03:29 AM
My payments are still posting as of 10 AM EDT.  I can refresh the activity screen and see a new posting at about 10 minute intervals. Looks like I have 20+ payments left to post.
Title: Re: The thread for unashamed griping
Post by: Preston on July 12, 2013, 01:57:33 PM
I think they should get rid of the N/A option for current employer.  How do you have a specified monthly income with no employer?  If you are self employed, maybe a self employed option would be nice where they tell us what they do for a living.  I'm getting tire of seeing N/A for current employer. 
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on July 12, 2013, 03:26:44 PM
Speaking of Folio, I just wanted to re-price a late note higher after checking the comps on IR but I can't because it has vanished off the face of the earth.  Maybe it will fall down a little later.

It fell into the sold box (on 11th), but not at the price it was on the 10th.  It was sold for the price it was on the 9th, even though a re-price was accepted on the 10th!  Go figure.  My guess is the computer program has a self-talk problem. 
Title: Re: The thread for unashamed griping
Post by: SarahV on July 12, 2013, 03:54:05 PM
Every now and then when I try to sell some notes, it just... doesn't happen. I have to go back and do it again and then it will take. Maybe your re-price error is the same sort of problem - it seems to go through but the process quietly fails in the background and you wouldn't know unless you double-checked.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 12, 2013, 04:19:45 PM
"Every now and then when I try to sell some notes, it just... doesn't happen."

I thought it was just me!

I had 8 speculative notes to post.  With those notes, I have to pull them up, look them over, and then reprice them based on a percentage of Par (I have a formula).  Doesn't take forever, but for those, about 10-15 minutes.  So I priced them and listed them.  About 15 minutes later I noticed they were missing on my "For Sale" list.  They never posted and I had to start all over again.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 12, 2013, 04:33:42 PM
It does actually take you to a slightly different screen when it fails (the one we all just blindly click through). Keep an eye on that. Maybe hit the print screen button before "submit" and then if it didn't work you'll have a record of what the prices were if you have to re-do it?
Title: Re: The thread for unashamed griping
Post by: SarahV on July 15, 2013, 08:11:21 PM
Four cent payment, showed up two days late on a grace period note.... backdated to Friday and canceling the sale that happened before it was in grace period. Rawr.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 15, 2013, 08:54:37 PM
Four cent payment, showed up two days late on a grace period note.... backdated to Friday and canceling the sale that happened before it was in grace period. Rawr.
I HATE that.  I wish there was an option to select either "Reject Pending Sale on Payment" or "Continue Pending Sale on Payment"
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on July 15, 2013, 10:56:04 PM
Four cent payment, showed up two days late on a grace period note.... backdated to Friday and canceling the sale that happened before it was in grace period. Rawr.
I HATE that.  I wish there was an option to select either "Reject Pending Sale on Payment" or "Continue Pending Sale on Payment"

Oh, so "AMEN" to that!!!
Title: Re: The thread for unashamed griping
Post by: pplinvestor on July 16, 2013, 01:44:56 AM
Seller, of course, wants to continue the sales even after receiving the payment.  But cancel the sales after receiving payment is to protect buyer since the payment goes to seller before sales settled.  So Buyer will buy less after borrower made payment to seller.
Title: Re: The thread for unashamed griping
Post by: Randawl on July 16, 2013, 06:32:01 AM
Quote
I HATE that.  I wish there was an option to select either "Reject Pending Sale on Payment" or "Continue Pending Sale on Payment"

That may be true for some small payments, but people would be singing a different tune if a large payment came in instead!  Imagine buying a $25 note at a $1.00 discount and electing to "Continue Pending Sale on Payment" after a $5 or $10 payment is processed.  You just paid $24 for a note that is now "worth" only $15!    ;)

Perhaps if a setting of that nature could be set to a certain user-set threshold of a presumably small amount to avoid cancellations due to tiny $0.04 payments as above.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 16, 2013, 07:57:26 AM
All points are good points!  Here is another situation that just burns me up, and it's from the buyers side.

Why do people list notes that are "Processing"?  Now, I don't mean the SarahV type processing where it is 7 days past the payment and you know it's going to fail.  I mean, I just bought a (quality) note that was listed today, and the payment was due 2-days ago, and it's "Processing".  Those are the type that have a high probability of getting Canceled before they can settle.  This is especially true with as slow as Folio has been getting notes settled.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 16, 2013, 09:26:29 AM
I think a better solution would just be to give the payment to the buyer if it comes in after they click the "buy" button, instead of canceling the whole thing and having it tied up for three days in the process. The buyer wants the note, the seller doesn't, whatever happens after the sale is the buyer's business.

@NJ Guy: I think a lot of people probably just ignore the processing date or don't notice. The kind of people who come on here and complain about why Folio is always "randomly" canceling their sales "for no reason."
Title: Re: The thread for unashamed griping
Post by: SarahV on July 17, 2013, 12:52:45 PM
Some of you may remember my issues with Lending Club and opening an IRA... their website explicitly stated that people in my state could have one and then they wrote back and said I couldn't after I'd filled out the forms and sent a large check and etc. And they could never show me anywhere on their site where it said people in my state couldn't open one.

They keep freaking e-mailing me and reminding me to "complete my application" for an IRA. Every time I write back and say "I'd love to! Does this mean I can have an IRA in Massachusetts now?" and every time they fail to respond. Have a feeling I will be getting these e-mails on a regular basis for a very long time...
Title: Re: The thread for unashamed griping
Post by: Zach on July 17, 2013, 04:01:29 PM
Some of you may remember my issues with Lending Club and opening an IRA... their website explicitly stated that people in my state could have one and then they wrote back and said I couldn't after I'd filled out the forms and sent a large check and etc. And they could never show me anywhere on their site where it said people in my state couldn't open one.

They keep freaking e-mailing me and reminding me to "complete my application" for an IRA. Every time I write back and say "I'd love to! Does this mean I can have an IRA in Massachusetts now?" and every time they fail to respond. Have a feeling I will be getting these e-mails on a regular basis for a very long time...

I experienced the same thing....

There should be a very small text/link at the very bottom of the e-mail that says "Please take me off this list".
Title: Re: The thread for unashamed griping
Post by: Randawl on July 17, 2013, 06:04:02 PM
They keep freaking e-mailing me and reminding me to "complete my application" for an IRA.

Wow, that must be quite irritating!  Adding insult to injury and rubbing salt in the wound!     :-\
Title: Re: The thread for unashamed griping
Post by: edward on July 17, 2013, 07:15:20 PM
This is the type situation (SarahV's IRA) where it would be great to have an official high level LC contact on this forum who could/would have to answer these types of questions "on the record." They would learn from very vocal members about concerns that LC could/should fix and we would feel better that our concerns are being addressed. Hey Peter or Zach, anyone at LC you think would take this role? Would be eye-opening for both sides of the fence.
Title: Re: The thread for unashamed griping
Post by: rawraw on July 17, 2013, 08:40:36 PM
I imagine it may be a liability for a company trying to gear up for an IPO having a spokesperson on the forum.  I'm not certain, since I'm not very familiar with the rules/laws.  But seems like it wouldn't be as simple as I'd expect.
Title: Re: The thread for unashamed griping
Post by: yaoyao on July 17, 2013, 09:02:05 PM
Only 1 of 6 7/11 notes has completed today.  Will we get another set of 3/4 and 5/13 notes?  We may never get these notes corrected.
Title: Re: Re: The thread for unashamed griping
Post by: Zach on July 17, 2013, 10:18:16 PM
This is the type situation (SarahV's IRA) where it would be great to have an official high level LC contact on this forum who could/would have to answer these types of questions "on the record." They would learn from very vocal members about concerns that LC could/should fix and we would feel better that our concerns are being addressed. Hey Peter or Zach, anyone at LC you think would take this role? Would be eye-opening for both sides of the fence.

I know this has been discussed in the past and I recall that Peter has made a diligent effort to get someone at LC to do just that - to no avail.

I'm sure Peter has quite a few connections, but I don't have a problem reaching out to one of my contacts at LC who is not a senior management  level person (I'm doubtful LC would have any higher level person coming in on a forum at all) but would probably qualify as the best-fit person (if any) to hear our concerns here.

Sent with Tapatalk 4 on my HTC DNA.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 17, 2013, 11:03:31 PM
Only 1 of 6 7/11 notes has completed today.  Will we get another set of 3/4 and 5/13 notes?  We may never get these notes corrected.
Yep. Not a single one of my notes has completed today. Grr. If this keeps up half the notes in my portfolio will have a false late payment on the books...
Title: Re: The thread for unashamed griping
Post by: thezinfan on July 18, 2013, 10:30:51 AM
Same here. Today's processing is gonna be crazy.
Title: Re: The thread for unashamed griping
Post by: thezinfan on July 18, 2013, 12:23:52 PM
Strangely, though, collection notes were updated for some notes (i have a few 7/17 collection notations that interest radar detected.)
Title: Re: The thread for unashamed griping
Post by: thezfunk on July 18, 2013, 03:35:22 PM
This is the type situation (SarahV's IRA) where it would be great to have an official high level LC contact on this forum who could/would have to answer these types of questions "on the record." They would learn from very vocal members about concerns that LC could/should fix and we would feel better that our concerns are being addressed. Hey Peter or Zach, anyone at LC you think would take this role? Would be eye-opening for both sides of the fence.

I bought a new Mustang a couple years ago and became active on various Mustang enthusiast forums.  A couple of them have an actual Ford Customer Service person who browses the forums and will help people out.  She steps in to help someone out who is having a bad dealer experience or a reoccurring problem.  She is very helpful and the community is grateful for her presence.  I have also seen people have warranty claims denied because of stuff the owner posted.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 18, 2013, 03:55:37 PM
It's very common these days. This is actually the only forum I actively participate in (I have... four others? I think) that does not have official representatives involved at least occasionally. I think a lot of us would love to have some explanations for some of the stuff that has been happening (slow processing, computer glitches, notes falsely going grace period etc.). In the 2010s it's kind of expected. Just as people expect to have Twitter and Facebook comments answered fairly promptly.
Title: Re: The thread for unashamed griping
Post by: thezinfan on July 18, 2013, 04:35:25 PM
Yesterday's processing has begun.....
Title: Re: The thread for unashamed griping
Post by: SarahV on July 18, 2013, 04:41:45 PM
I *thought* I heard some sort of creaky, tortured grinding noise... guess it was their servers starting to crank out some payments.

Still don't have any 7/11 processed, but one of my 7/14 notes went through.
Title: Re: The thread for unashamed griping
Post by: GS on July 18, 2013, 05:03:23 PM
I just saw one of my 7/11 posted as "Paid in Grace Period".  Still have two more.
Title: Re: The thread for unashamed griping
Post by: GS on July 18, 2013, 06:58:08 PM
I also noticed that all my 7/18 notes still say "scheduled" instead of "processing", which is unusual for this late in the day.  They look to be very bogged down at the moment.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 18, 2013, 09:39:33 PM
Well, as of today, 7.8% of my notes have a false grace status attached to a payment.  ::)  Really amazing that they can't seem to go back and fix them, since we've seen them go in and backdate payments many many times before.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 19, 2013, 06:21:29 PM
OK. NOW I'm pissed. This is the guy who went late, and I sold it, and then they canceled my loan due to the 4 cent partial payment which they then backdated to make it look like it was on time. So then I was stuck with a note several days into grace period, which I eventually sold at a loss (originally had sold at a profit). Sale settled yesterday. Today? They put in the rest of the payment backdated an ENTIRE WEEK. The guy does not even have a "paid in grace period" note! And I sold this at a 20% discount. Son of a....  >:( >:(

http://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1250162&order_id=2986051&note_id=10360848

I wonder if I could write to them and ask why it wasn't canceled since that payment was not reflected in the price but clearly came in before I sold it...

And seriously, they can't fix the false grace period notes which were THEIR fault, but they can fix this guy's grace period payment dates when he paid a week late!?
Title: Re: The thread for unashamed griping
Post by: rawraw on July 19, 2013, 06:29:15 PM
OK. NOW I'm pissed. This is the guy who went late, and I sold it, and then they canceled my loan due to the 4 cent partial payment which they then backdated to make it look like it was on time. So then I was stuck with a note several days into grace period, which I eventually sold at a loss (originally had sold at a profit). Sale settled yesterday. Today? They put in the rest of the payment backdated an ENTIRE WEEK. The guy does not even have a "paid in grace period" note! And I sold this at a 20% discount. Son of a....  >:( >:(

http://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1250162&order_id=2986051&note_id=10360848

I wonder if I could write to them and ask why it wasn't canceled since that payment was not reflected in the price but clearly came in before I sold it...

And seriously, they can't fix the false grace period notes which were THEIR fault, but they can fix this guy's grace period payment dates when he paid a week late!?
Have you talked to LC about these FolioFN observations yet?
Title: Re: The thread for unashamed griping
Post by: SarahV on July 19, 2013, 06:35:30 PM
Not about this. I will probably e-mail them later tonight - I am still at work waiting for some processes to finish then I'm off to a concert till 11PM.
Title: Re: The thread for unashamed griping
Post by: GS on July 20, 2013, 10:14:39 AM
More griping ...

Although all my 7/11s have updated to show "Completed in Grace Period", I still have one that has not posted to cash.

Last Payment (7/18/13) $0.57
Payments to Date (4) $1.71 ... (4 X $0.57 = $2.28)
Principal $0.90
Interest $0.81
Late Fees Received $0.00

Title: Re: The thread for unashamed griping
Post by: slypete on July 20, 2013, 10:33:50 AM
I was having a great morning until I logged on to lending club. Any note that I pull up is coming back with the error "Invalid Note or Order specified"!!
Title: Re: The thread for unashamed griping
Post by: Randawl on July 20, 2013, 12:25:45 PM
Happening to me, too.  Perhaps it's some sort of service maintenance with it being the morning of a weekend.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 20, 2013, 05:39:23 PM
Have you talked to LC about these FolioFN observations yet?
OK. I wrote them a long note explaining both this specific payment issue and also asking about all the false grace-period notes we've seen (as it's kind of a related "Lending Club's ability to retroactively change payment info" topic).

Based on previous experience with Lending Club support, which has consisted mostly of lying to me or blowing me off or both, I would say the odds of me getting a useful reply or fix from them hovers somewhere around 4%. But I will let you know what they say  :) Maybe it's my lucky day.
Title: Re: The thread for unashamed griping
Post by: rockinray on July 21, 2013, 03:39:49 PM
"Invalid Note or Order specified"

I am also seeing this error today.
Title: Re: The thread for unashamed griping
Post by: yojoakak on July 21, 2013, 11:10:05 PM
"Invalid Note or Order specified"

I am also seeing this error today.

I'm seeing errors too, but only in Chrome.

If I use Firefox, or Chrome in Incognito mode, I can see Loan Performance pages just fine.

Although I might be getting some "Unresponsive Plugin" errors in Firefox. Is LendingClub adding a Shockwave/Flash plugin to their pages??? WHY???

UPDATE: LendingClub does appear to be loading Shockwave Flash scripts, e.g. I found the following on a Loan Performance page. I have no idea what it's supposed to be doing.

https://somtr.lendingclub.com/b/ss/lcprod/1/H.23.8/s515XXXXXXX?AQB=1&ndh=1&t=21%2F6%2F2013%2023%3A27%3A9%200%20240&ce=UTF-8&ns=lendingclub&pageName=account%2FloanPerf.action&g=https%...
Title: Re: The thread for unashamed griping
Post by: GS on July 22, 2013, 02:57:07 PM
I noticed the FICO graphs stopped working on my Ipad.  I believe Apple has blocked Flash from loading, so that might be a problem.  The graphs worked last week ...
Title: Re: The thread for unashamed griping
Post by: Rob L on July 22, 2013, 04:26:37 PM
The late Steve Jobs said Flash would never be added to Ipads and Iphones. He wrote a rather famous memorandum on that topic, giving his reasons.
Title: Re: The thread for unashamed griping
Post by: GS on July 22, 2013, 10:50:16 PM
Non gripe:

The charts on the IPad are working again. 
Title: Re: The thread for unashamed griping
Post by: GS on July 23, 2013, 05:45:25 PM
I've been trying to buy notes for the last 5 minutes.  On two different computers, with two different browsers.  This is a first for me:

"We were unable to add Notes to your order at this time, please try again"
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on July 23, 2013, 07:09:43 PM
I'll tell you what I've noticing.
I have to keep signing in like every 5-minutes despite the fact I'm browsing notes.
This has been going on since yesterday.
Title: Re: The thread for unashamed griping
Post by: slypete on July 23, 2013, 07:42:37 PM
I'm experiencing the same issue New Jersey Guy.
Title: Re: The thread for unashamed griping
Post by: SarahV on July 28, 2013, 02:58:54 PM
Folio landscape is really changing lately. I have 10 filters - five for newly issued notes, five for older notes. Today all five newly-issued filters plus one of the older-note filters have ZERO results. The other four had results, but all of them were either marked up too high, previously viewed and rejected by me, or they were from loans I already own.

No wonder I can't get my money invested these days... :(

Edit: Strike that, I think IR is broken. Just ran a filter with nothing but "issued" and "FolioFN listings" checked and it still comes up with no results. That would explain a lot...
Title: Re: The thread for unashamed griping
Post by: GS on July 28, 2013, 04:50:09 PM
I think LC broke some filters lately.  It looks like they recently added the word "default" to the fine print at the bottom.   

Quote
Notes are listed based on the presumption that all Borrower payments have been applied and that that Note has not gone into default. If a Borrower payment is received after the Note has been listed but before the sale transaction has settled, or if the Borrower moves into default or charge-off, the listing or any pending transaction will be canceled

Now, my 3rd party extension is detecting this and reporting all my notes as "default".  Could be confusing IR, too?
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on July 28, 2013, 09:44:22 PM
I use IR and PC (PeerCube) and just had a new experience.  Both sites load new releases too late to be useful when speed counts, so I've been "saving my place" by adding promising notes to my order on LC as a placeholder first and then checking them on IR and PC.  Well, this worked fine for the first three listing times today, but on the fourth (6/7 PM) not so much.  At all.  LC held the order just fine, but meanwhile since they were closing at 100% both PC and IR no longer had them listed and I didn't get to check for red flags.  Sort of a catch-22.  So I discarded everything and here I sit empty handed.  ::)  This should make P2P-Picks and Bryce look pretty good!
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on July 29, 2013, 08:31:20 AM
I would very much like to have a summation under the column "Principal + Interest" on the Foliofn "Open Sell Order" page!
Title: Re: The thread for unashamed griping
Post by: SarahV on August 14, 2013, 09:39:17 PM
Amazingly, I got a call & e-mail from Lending Club today about the support request I sent in on July 20th about the note that had on-time payments entered retroactively after I sold it at a discount in grace period. I was sure they'd blown me off since it had been 3 1/2 weeks since I e-mailed them.

The long-awaited reply? "We are still looking into the final payment date listed on the payment log you provided."
Title: Re: Re: The thread for unashamed griping
Post by: rawraw on August 14, 2013, 09:58:54 PM
Amazingly, I got a call & e-mail from Lending Club today about the support request I sent in on July 20th about the note that had on-time payments entered retroactively after I sold it at a discount in grace period. I was sure they'd blown me off since it had been 3 1/2 weeks since I e-mailed them.

The long-awaited reply? "We are still looking into the final payment date listed on the payment log you provided."
They do exist!

Sent from my SAMSUNG-SGH-I747 using Tapatalk 2

Title: Re: The thread for unashamed griping
Post by: rlv99 on August 15, 2013, 10:33:55 AM
Amazingly, I got a call & e-mail from Lending Club today about the support request I sent in on July 20th about the note that had on-time payments entered retroactively after I sold it at a discount in grace period. I was sure they'd blown me off since it had been 3 1/2 weeks since I e-mailed them.

The long-awaited reply? "We are still looking into the final payment date listed on the payment log you provided."

Sarah- Similar thing happened to me on 8/2/2013.  Sold a note that was over 30 days late at a huge discount then, a few days later, payments made in the middle of July  show up and the same note is "current".  I asked my rep why does LC backdate payments.  His answer was "the system is not capable of backdating".  However, in further conversation with him, I concluded that the payment posting department is not always prompt in posting payment activity.  My guess is that they are growing too fast for their back-office people to keep up.


Title: Re: The thread for unashamed griping
Post by: core on August 15, 2013, 06:06:14 PM
Folio trades settled _extremely_ early today (8/15), as in like 3.5 hours earlier than they have been lately.  Why is this a gripe, you ask?  I don't know.  I have little else to gripe about today.  I find it odd though.  They're out to get us -- that much I am sure of.

Title: Re: The thread for unashamed griping
Post by: Rob L on August 15, 2013, 06:16:48 PM
A tremor in the force. I can't back it up, but it seems that new loans are being issued more quickly than they have been. Another non-gripe gripe.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on August 15, 2013, 06:37:14 PM
"Folio trades settled _extremely_ early today (8/15), as in like 3.5 hours earlier than they have been lately.  Why is this a gripe, you ask?  I don't know.  I have little else to gripe about today.  I find it odd though.  They're out to get us -- that much I am sure of."

Yea, I saw I had extra money in my account.  I thought it was due to "Cancelled" buy orders, but it was Folio settlements.

Something isn't right here.  It's 6:36 PM EST.  I'm used to midnight settlements.  Now I feel like I should be going to bed.
Title: Re: The thread for unashamed griping
Post by: SarahV on August 15, 2013, 07:34:26 PM
One of my false-grace-period notes (from 7/18) missed a payment today. Previously a perfect payment record for 14 months. Due to the false grace period last month, there's no way I can quickly sell it to some sucker who doesn't scroll down far enough, because it will make everyone look more closely. Grumble.

In lighter news, this does seem to be my week for hearing back from long-forgotten people I'd e-mailed. In addition to yesterday's note from Lending Club, I just got an e-mail reply from a musician I'd sent an e-mail to 7 years ago (to the day!). Almost literally the last thing I was expecting to see when I opened my e-mail today.
Title: Re: The thread for unashamed griping
Post by: core on August 15, 2013, 07:43:04 PM
Due to the false grace period last month, there's no way I can quickly sell it to some sucker who doesn't scroll down far enough, because it will make everyone look more closely. Grumble.

Does that usually work?  I've found that once the note doesn't show up in the 'never late' search, deserved or not, it doesn't sell worth crap.  It hardly seems to matter what's in the notes.  Heck I even have plenty with perfect payment history that don't show up in the never late search.

I just got an e-mail reply from a musician I'd sent an e-mail to 7 years ago (to the day!).

Whenever I wait that long to reply to someone, it's usually because I'm waiting on the statute of limitations to run out before I show my face again.
Title: Re: The thread for unashamed griping
Post by: SarahV on August 15, 2013, 07:53:27 PM
Does that usually work?  I've found that once the note doesn't show up in the 'never late' search, deserved or not, it doesn't sell worth crap.  It hardly seems to matter what's in the notes.  Heck I even have plenty with perfect payment history that don't show up in the never late search.
If you catch it before it flips to grace period (there's a window of less than a day, usually) then it will sell, I've found. Sometimes have to discount a bit if it's not a great note to begin with. But you really have to stay on top of your notes to catch them and sell them in time.

Quote
Whenever I wait that long to reply to someone, it's usually because I'm waiting on the statute of limitations to run out before I show my face again.
Heh. I never even met him, just sent him a short two-line fan mail after seeing him a couple of times and really enjoying his performance. He said he had been too tired post-tour to reply to any e-mails when I wrote it, but he came across it today and decided to reply because he liked my message so much ("I was really, really happy for the mail you sent me after my touring with [redacted]. It still cheers me up!").
Title: Re: The thread for unashamed griping
Post by: core on August 15, 2013, 08:22:38 PM
Ok now I have an official gripe for today to go with my earlier non-gripe:

Whoever stuck me with $11k in grace period notes today, very clever move and merry Christmas to you.  Enjoy it.  It won't happen again.  I'll get you my pretty... and your little dog too!
Title: Re: The thread for unashamed griping
Post by: rawraw on August 15, 2013, 09:25:03 PM
Ok now I have an official gripe for today to go with my earlier non-gripe:

Whoever stuck me with $11k in grace period notes today, very clever move and merry Christmas to you.  Enjoy it.  It won't happen again.  I'll get you my pretty... and your little dog too!
You are something else lol
Title: Re: The thread for unashamed griping
Post by: core on August 16, 2013, 06:25:46 PM
Early trade settlements again today, so it's looking like this may be semi-permanent.  They must have purchased a few more 286's for the server room.  That, or the boss told the settlement staff that from now on, doing the work from the pub downstairs in the evenings is not allowed.
Title: Re: The thread for unashamed griping
Post by: Rob L on August 16, 2013, 07:52:15 PM
FWIW I just took a quick look and I believe, in terms of number of replies, this has become THE most popular Lending Academy thread ever.
Title: Re: The thread for unashamed griping
Post by: DanB on August 16, 2013, 08:35:01 PM
FWIW I just took a quick look and I believe, in terms of number of replies, this has become THE most popular Lending Academy thread ever.

Well that's pretty sad & at the same time says a lot.
What I'd like to see is a list of the top 20 "gripers" by number of posts in this thread.................a list that I am proud not to belong on. Perhaps you guys should give out an award...........Most Likely to Gripe.  :)
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on August 16, 2013, 08:56:48 PM
"Perhaps you guys should give out an award...........Most Likely to Gripe."

I think we should start with whomever started this thread.  Who was it?
Title: Re: The thread for unashamed griping
Post by: rawraw on August 16, 2013, 08:57:54 PM
"Perhaps you guys should give out an award...........Most Likely to Gripe."

I think we should start with whomever started this thread.  Who was it?
I can't really recall. . . was it Zach?
Title: Re: The thread for unashamed griping
Post by: Fred on August 16, 2013, 09:08:34 PM
FWIW I just took a quick look and I believe, in terms of number of replies, this has become THE most popular Lending Academy thread ever.

Confirmed. 

See "Top 10 Topics (by Replies)" here http://www.lendacademy.com/forum/index.php?action=stats
Title: Re: The thread for unashamed griping
Post by: Fred on August 16, 2013, 09:11:05 PM
"Perhaps you guys should give out an award...........Most Likely to Gripe."

I think we should start with whomever started this thread.  Who was it?
I can't really recall. . . was it Zach?

SarahV -- http://www.lendacademy.com/forum/index.php?topic=1253.0.
Title: Re: The thread for unashamed griping
Post by: no1kcfan6 on August 16, 2013, 09:24:01 PM
Sorry, I didn't see this thread made especially for griping.  I'm sure I'll be living here.  Why does it take LC so blasted long to get your money out of your bank account and into your LC account?  Why, why, why?!?!?!?! >:(
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on August 16, 2013, 09:42:58 PM
My gripe today is about two notes from July 20 and 22 that are still "In Review".  Remove them, already!

My kudos, because I don't feel like looking for such a thread if there is one, are for the actual ORDER LINK in the emails that say notes were or were NOT issued.  Thank goodness, finally!

I'd like to have a griping thread for some other popular forum categories too, if we can't do it all here!

+1 for favorite thread.
Title: Re: The thread for unashamed griping
Post by: New Jersey Guy on August 16, 2013, 10:45:17 PM
"Perhaps you guys should give out an award...........Most Likely to Gripe."

I think we should start with whomever started this thread.  Who was it?
I can't really recall. . . was it Zach?

SarahV -- http://www.lendacademy.com/forum/index.php?topic=1253.0.

Oh!  I should have known!  Complainypants!
Title: Re: The thread for unashamed griping
Post by: SarahV on August 16, 2013, 10:53:17 PM
SarahV -- http://www.lendacademy.com/forum/index.php?topic=1253.0.

Oh!  I should have known!  Complainypants!

My favorite time to have all the asshats on the forum gang up and pick on me for no apparent reason is when I've just found out at the end of a very difficult week that a good friend has cancer.

Thanks for being beautiful human beings as always.  ::)

Logging out and going away so y'all don't have to hear me complain any more.
Title: Re: The thread for unashamed griping
Post by: Zach on August 17, 2013, 12:21:53 AM
SarahV -- http://www.lendacademy.com/forum/index.php?topic=1253.0.

Oh!  I should have known!  Complainypants!

My favorite time to have all the asshats on the forum gang up and pick on me for no apparent reason is when I've just found out at the end of a very difficult week that a good friend has cancer.

Thanks for being beautiful human beings as always.  ::)

Logging out and going away so y'all don't have to hear me complain any more.

Sorry to hear that...I would like to apologize on behalf of everyone :)
Title: Re: The thread for unashamed griping
Post by: rawraw on August 17, 2013, 12:48:00 AM
:(   
Title: Re: The thread for unashamed griping
Post by: Fred on August 17, 2013, 04:39:37 AM
... I've just found out at the end of a very difficult week that a good friend has cancer.

Very sorry to hear that! 

I lost a family member to cancer; it was a very difficult time indeed.

The joke stops here & now.
Title: Re: The thread for unashamed griping
Post by: Lovinglifestyle on August 20, 2013, 11:02:35 AM
I always looked forward to hearing from Sarah and I miss her a lot.  If eliminating a forum from her life gives her a little stress relief that's good.  Posting can be stressful in and of itself.  Sending positive thoughts her way--as are many, I'm sure.

Is this thread off limits for griping now?  I want to complain about Folio's sell orders and repricing pages not including any data about the grade nor interest rate.  A loan ID column wouldn't hurt either.
Title: Re: The thread for unashamed griping
Post by: faeriering on August 20, 2013, 07:08:39 PM
SarahV,

I love having you on the forum.  You are smart savy and brave.  I know I don't post much, but I'm so glad that there are other active women on the forum (Lovinglifestyle included in this).  I also think it's awesome that you took the initiative to make this thread for people to gripe in a safe place.

You are admired.

When/if you decide to return it will bring me great pleasure :)

Hugs to you, I hope your friend sees it through her/his road.
Title: Re: The thread for unashamed griping
Post by: Rob L on September 14, 2013, 06:32:41 PM
Nothing to gripe about in particular (the list of minor inconveniences is large); just wanted to post on the most popular thread once again.
Title: Re: The thread for unashamed griping
Post by: core on September 15, 2013, 02:20:11 AM
Nothing to gripe about in particular (the list of minor inconveniences is large); just wanted to post on the most popular thread once again.

Not anymore; this thread's reply count has now been surpassed by the fairer solutions to excess investor demand thread.
Title: Re: The thread for unashamed griping
Post by: Rob L on September 15, 2013, 09:19:21 AM
Guess records are made to be broken ...
Title: Re: The thread for unashamed griping
Post by: Peter on November 07, 2013, 04:46:11 PM
Just a heads up to the long time readers. The person who started this thread is SarahV who was a regular contributor on this forum for quite some time. She has moved on and is actually in the process of liquidating her LC investments. Just heard the first comment from her in months on this post:
http://www.lendacademy.com/major-changes-to-the-lending-club-trading-platform-today/
Title: Re: The thread for unashamed griping
Post by: Rob L on November 07, 2013, 05:58:40 PM
Yeah, I saw that. I miss her, and wish her the very best!
Title: Re: The thread for unashamed griping
Post by: Joe6Luck on June 25, 2015, 01:54:01 AM
"Invalid Note or Order specified"

I am also seeing this error today.

Does anyone see this error message of "Invalid Note or Order specified" again? I met this error when I tried opening notes on the folio website.
Title: Re: The thread for unashamed griping
Post by: kbenson99 on June 25, 2015, 10:58:18 AM
Yep.  Within FolioFN, for listed notes for sale (from https://www.lendingclub.com/foliofn/tradingInventory.action (https://www.lendingclub.com/foliofn/tradingInventory.action)) and notes purchased, the order_id within the performance URLs are incorrect.  For example, a note I purchased a couple days ago that is now in my LendingClub account, Loan ID 34293912, has a performance URL of https://www.lendingclub.com/account/loanPerf.action?loan_id=34293912&order_id=74444319&note_id=63219071 (https://www.lendingclub.com/account/loanPerf.action?loan_id=34293912&order_id=74444319&note_id=63219071) .  However, within the FolioFN site, the performance URL is listed as https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=34293912&order_id=65379182&note_id=63219071 (https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=34293912&order_id=65379182&note_id=63219071).  If you notice, the order_id for this note within my LendingClub account is 74444319; within FolioFN, the order_id is 65379182.

I've already reported this URL query parameter mismatch to LC.
Title: Re: The thread for unashamed griping
Post by: pplinvestor on June 26, 2015, 08:42:28 PM
Did you hear back anything from LC? 
I have the same issue.
Title: Re: The thread for unashamed griping
Post by: kbenson99 on June 26, 2015, 08:59:58 PM
Yes, see http://www.lendacademy.com/forum/index.php?topic=3271.msg29370#msg29370 (http://www.lendacademy.com/forum/index.php?topic=3271.msg29370#msg29370)