Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: DutchNurse on September 06, 2013, 09:19:02 PM

Title: Funds Returned
Post by: DutchNurse on September 06, 2013, 09:19:02 PM
So through investing in my first 100 loans the proceeded to enter the review processs upon being fully funded. This afternoon I had my account get refunded $25. I reinvested so on and so forth.

Now I realize this is because LC, while reviewing the loans before actual issuance, threw one of them out while fact checking.

I own ABC and E that I bought off the bat, but I have no idea which loan was axed. I like the idea of being able to track what loan was refunded to me so I can build up some statistical ideas about falsified information or rejected loans. Is there any way to see what loan was axed and the reason for this?

Probably not a huge deal...but just something I'm curious about and wouldn't mind looking over if it was possible. I certainly can't skim over my port and say "aha #47890134 disappeared!"
Title: Re: Funds Returned
Post by: storm on September 06, 2013, 09:39:19 PM
Click on "Order History", look for something in the "Expired" column, and click on the order number to see the note that cancelled from that order.  You are wasting your time though as LC doesn't tell you the exact reason the note was cancelled, and there are a multitude of reasons.
Title: Re: Funds Returned
Post by: DutchNurse on September 06, 2013, 09:47:37 PM
Thanks storm.
Title: Re: Funds Returned
Post by: core on September 06, 2013, 09:55:14 PM
I certainly can't skim over my port

You drink wine whilst investing?  Or got a yacht or something?  What is port skimming?  (n00b question from a 99%'er)
Title: Re: Funds Returned
Post by: Joleran on September 06, 2013, 10:22:41 PM
It wouldn't be a yacht, you need to get up to some really high speeds to catch enough air to skim over a port, so probably a racing speedboat.

Really though, it's short for portfolio.
Title: Re: Funds Returned
Post by: DutchNurse on September 06, 2013, 10:29:51 PM
I can see the logic behind the speedboat inference, alas I was referring to my catamaran.

A very low percentage of the hull is actually in contact with the waters, and as such I consider it skimming.

 ::)

But really...Who doesnt imbibe heavily whilst investing. Or captaining his or her catamaran.
Title: Re: Funds Returned
Post by: Fred on September 06, 2013, 10:43:40 PM
Probably not a huge deal...

Some people reported that up to 50% of their orders were cancelled.  The time and energy to find new loans to invest can add up quickly, especially if you do this manually.

For me, this is not a small deal, either.
Title: Re: Funds Returned
Post by: GS on September 06, 2013, 11:47:56 PM
I mostly try ABC loans and I get about 1/3rd cancelled.  Keep in mind that if the loan gets cancelled its not necessarily because of fraud being detected, it could be that the borrower changed his/her mind or found a better deal elsewhere.
Title: Re: Funds Returned
Post by: cfb on September 07, 2013, 11:45:51 AM
I get a ton of canceled notes.  In fact, it was running to half or more while the notes were thin and I didn't know anything about the four 'drop times'.  Interestingly enough, none of the notes I've written in the past ~ 2 weeks has issued at all or been canceled.

Between the canceled notes and the high rate of early payback I'm seeing, I'm guessing the notes that looked good were either too good to be true, the people didn't need the money, or they got a better rate/terms elsewhere.
Title: Re: Funds Returned
Post by: Fred on September 07, 2013, 01:10:37 PM
Just got this 100% order cancellation email this morning:  :-\

Quote
Your investment order 1072xxxx submitted on August xx, 2013 has been processed. Of the 2 note(s) in your order, for a total of $xxx:

2 note(s) did not issue
Title: Re: Funds Returned
Post by: DutchNurse on September 07, 2013, 04:48:40 PM
Cfb - can you elaborate on the 'four drop times'? I'm not sure if this is a phrase I should be familiar with?
Title: Re: Funds Returned
Post by: cnmor54 on September 07, 2013, 06:02:48 PM
Quote
'four drop times'

6:00am 10:00am 2:00pm 6:00pm PST - when LC notes are supposed to be posted.
Title: Re: Funds Returned
Post by: core on September 07, 2013, 06:08:07 PM
PDT when daylight saving time is in effect.  Which it is now.  Easier just to say "PT".   Nitpicky, maybe, but it's an hour difference for crissake.  And it does make a difference when you start talking about automation.
Title: Re: Funds Returned
Post by: Fred on September 07, 2013, 06:35:22 PM
And it does make a difference when you start talking about automation.

Certainly you have a way to isolate this issue.   ;)
Title: Re: Funds Returned
Post by: core on September 07, 2013, 07:13:33 PM
Certainly you have a way to isolate this issue.   ;)

I'm not sure how you'd "isolate" such an issue.  There are locations on standard time right now... California/LC isn't one of them.  If I type in MST rather than MDT during DST I expect my code to OBEY.  With a freaking smile.  If you write what you mean, and mean what you write, there isn't an issue.  It's just as easy to get these things right the first time around.
Title: Re: Funds Returned
Post by: cnmor54 on September 07, 2013, 07:30:28 PM
sorry  :-[ must have had a senior moment ... off to sit in the corner
Title: Re: Funds Returned
Post by: Fred on September 07, 2013, 07:35:07 PM
Certainly you have a way to isolate this issue.   ;)

I'm not sure how you'd "isolate" such an issue.  There are locations on standard time right now... California/LC isn't one of them.  If I type in MST rather than MDT during DST I expect my code to OBEY.  With a freaking smile.  If you write what you mean, and mean what you write, there isn't an issue.  It's just as easy to get these things right the first time around.

In the olden days, we maintained a table of various exchanges, their open hours, by various local time.  For example, Tokyo Stock Exchange (TSE) opens at hour n, when locale = NYC, and period 3/10/2013 to 11/3/2013;  and TSE opens at hour (n+/-1), when locale = NYC, and period 11/4/2013 to 3/9/2014, etc.  You choose a locale, than you can find out what time everybody is open on any day.
Title: Re: Funds Returned
Post by: DutchNurse on September 07, 2013, 07:38:53 PM
Quote
'four drop times'

6:00am 10:00am 2:00pm 6:00pm PST - when LC notes are supposed to be posted.

Ah. Thanks, yeah I know the times wasn't sure if thats what you were referring to.
Title: Re: Funds Returned
Post by: core on September 07, 2013, 07:41:14 PM
sorry  :-[ must have had a senior moment ... off to sit in the corner

You may come out at 17:40 PST.  It's now 18:40 CDT.  Ok seniors, how many hours is that? ;)

If a train A is leaving station R to the east at 60mph with a load of institutional investors and collides with train B going west.......
Title: Re: Funds Returned
Post by: core on September 08, 2013, 05:25:44 AM
In the olden days, we maintained a table of various exchanges, their open hours, by various local time.  For example, Tokyo Stock Exchange (TSE) opens at hour n, when locale = NYC, and period 3/10/2013 to 11/3/2013;  and TSE opens at hour (n+/-1), when locale = NYC, and period 11/4/2013 to 3/9/2014, etc.  You choose a locale, than you can find out what time everybody is open on any day.

"Olden" days?  That seems like a sane approach to take even today.  But my point was:  Garbage in, garbage out.  If you enter "PST" when you meant "PDT" when setting the time, then all your pretty tables won't make a damn bit of difference because your system clock will be off by an hour.  I know you know this, I was just using your example as an example.  And Fred, the rest of this certainly isn't directed at you.

Case in point: 
I'm on satellite internet, and the free bandwidth period is from 01:00-06:00 CST.  <- note the 'S', here it's actually intentional, meaning always standard time.  During DST that means it's 02:00-07:00 CDT to us terrestrials.  If they had advertised the free BW period as 01:00-06:00 "CT" then you would expect it to shift with DST.  It does not.

This is certainly the exception, and most sites/locales observe DST.  If you see 'S' or 'D', then logic would dictate you need to take notice.  Either the person is telling you something you need to know, or he is a trained monkey and doesn't know either way.  The latter is the case most of the time.

Please don't say "PST" when you really mean "PT".  Please.
Title: Re: Funds Returned
Post by: cnmor54 on September 08, 2013, 11:16:40 AM
Core

Dutch just wanted to know what was meant by drop time. I was pretty sure Dutch knew what the issue times were but was confused my the expression 'drop time' so I decided to come out of lurkdom and answer. Just being friendly. Instead of typing pt , I typed in pst.  You corrected me, I apologized. Now you are referring to me a trained monkey --- a male trained monkey ----

why don't you take a chill pill or better yet ... run off with bernie.

peace and love ... Carol

Title: Re: Funds Returned
Post by: DutchNurse on September 08, 2013, 12:50:45 PM
The joys of forums, where timing and tone of voice mean so much...but come through so little and make mountains of molehills  ;D
Title: Re: Funds Returned
Post by: core on September 08, 2013, 01:37:17 PM
No Carol I didn't refer to you personally, all in good fun, and I'm sorry you think I should be barred from here as Bernie was.  It takes all kinds to make a forum interesting, even jerks like me.  The turnoff for Sesame Street was a few miles back.  This forum is quite tame as such things go.   Sorry for poking fun.
Title: Re: Funds Returned
Post by: cfb on September 10, 2013, 09:20:07 AM
If a train A is leaving station R to the east at 60mph with a load of institutional investors and collides with train B going west.......

"...which tv CSI team will spend an hour sifting through the debris?"
Title: Re: Funds Returned
Post by: cnmor54 on September 10, 2013, 11:21:19 AM
Core - i have no problem being poked fun at.  I even appreciated being reminded about the incorrect use of standard time. I did it in another forum awhile back. Will definitely work on that.

And no, you should not be barred.  You just reminded me of Bernie's incessant whining.

Carol
Title: Re: Funds Returned
Post by: rlv99 on September 10, 2013, 12:01:27 PM
a train A is leaving station R to the east at 60mph with a load of institutional investors and collides with train B going west.......

New institutional investors would instantaneously take their place.

Hey, Carol, I'm long retired too, but probably much older than you!  We, as a group, may be a little more laid back than core since we aren't fighting the good fight anymore like he is.  It's tougher out there these days.
Title: Re: Funds Returned
Post by: Rob L on September 20, 2013, 04:11:59 PM
I'm on satellite internet, ...
A rural friend is considering satellite internet (not particularly interested in TV) and asked my opinion regarding carrier selection. I'd like your take on this if you care to share it. Thanks in advance.
Title: Re: Funds Returned
Post by: Ran on September 20, 2013, 04:31:51 PM
Click on "Order History", look for something in the "Expired" column, and click on the order number to see the note that cancelled from that order.  You are wasting your time though as LC doesn't tell you the exact reason the note was cancelled, and there are a multitude of reasons.

The loans were either "Removed" or "withdrawn by applicant". The second category is a killer because these loans turn out to have very good credit profile compared to grades they're assigned to. But the borrowers may have found a better alternatives - considering 5% application fee. LC is feasting too much on the fees >:(.
Title: Re: Funds Returned
Post by: core on September 20, 2013, 04:35:59 PM
A rural friend is considering satellite internet (not particularly interested in TV) and asked my opinion regarding carrier selection. I'd like your take on this if you care to share it. Thanks in advance.

I signed on with Hughesnet because there were still Recovery Act funds available at the time, and I haven't tried other companies so I can't really offer a fair comparison.  I'm only paying $39.99/mo so I do not want to spoil that arrangement by swithing plans around.

I would say that your friend's choice depends solely on how he/she is going to use bandwidth.  I have the original Hughesnet plan (I don't know if it's called "classic" or what... no longer on the site) where you only get 250MB per day, however the overnight hours are unmetered.  This is perfect for me because I can just schedule my torrents and stuff to run at night.  But Hughesnet is now pushing this "Gen4" crap which has no unlimited period at night so for my purposes, "upgrading" would be a total ripoff.  Maybe they're not even offering the old plans. 

So if your friend is a heavy downloader, I would recommend either talking Hughesnet into giving you an old plan or going with one of the "classic" Wildblue/Excede plans.   Or if just a casual user and he/she knows how much bandwidth is going to be needed then you can just go with whatever is cheapest, including install costs, for the amount of bandwidth needed.  And read the fine print yourself -- these salespeople will lie to you all day long about what's unlimited and what's not.

It's certainly a whole different ballgame on a high latency connection.  Lots of stuff you can't do.  Online games are flat out impossible.  Live streaming Fox/CNN doesn't work but youtube/Netflix/Hulu are usually ok.  But those do suck the bandwidth so basically every web page you load that happens to have some crap video ad you have to stop it right away.  Takes some getting used to.
Title: Re: Funds Returned
Post by: Rob L on September 20, 2013, 05:43:12 PM
Thanks for the input core. I'll have to talk with my friend (employee) about planned usage, etc. Presently my company has a cellular mobile hot-spot device that my wife uses while we are traveling in the car (not that much). I've let him use it when we're not. The company is going to ditch it for lack of use and hence the need for a replacement. We can go back through the old usage records and see how much and when. Not a heavy downloader or into on-line gaming that I'm aware of. The mobile hot spot is with Verizon at $70/mo + data limit overages that have been increasing. The over cellular bandwidth hasn't been that great anyway so I'm sure there's a much better solution out there. We'll certainly checkout Hughesnet.
Title: Re: Funds Returned
Post by: core on September 20, 2013, 06:03:50 PM
I'll have to talk with my friend (employee) about planned usage, etc.

Oh, speaking of work-type use, one thing I should have mentioned was that due to the latency, things like SSH sessions or remote desktop are extremely difficult to work with.  Dealing with a command line with a 2sec delay is like chewing razor blades.  Something even more interactive (like Windows or X) would be nearly impossible.   Satellite should be a last resort.  I don't have much of a choice though because cellular 10 or even 25gig isn't nearly enough.
Title: Re: Funds Returned
Post by: Rob L on September 20, 2013, 06:20:14 PM
Nah, nothing like that. I live in VA and my kids live in FL. When my wife and I drove down for a visit I occasionally needed to check my email and reply on the road. Otherwise, I think she was on-line playing Candy Crush? (or something like that) and checking Facebook. I've now decided that the world will live on without me checking my email for 8 hours. Latency for my friend may be a bit annoying, but nothing more. He won't be using it for work (or LC investing).