Lend Academy Network Forum
Prosper Discussion => Investors - P => Topic started by: Kombinator on December 15, 2014, 10:42:00 AM
-
Was doing some analysis on my portfolio recently and noticed that there were a number of loans that were marked as CURRENT even though they were 120+ days late, and went straight from CURRENT to CHARGEOFF.
This is disturbing for several reasons, most notably because it screws up the delinquency statistics and estimations, as well as cash flow and return projections for the portfolio.
Have other people seen this, and how long has this been going on?
-
Shhhh. Since you can't sell Past Due notes on folio, but you sell Current notes, isn't this an advantage?
-
I've noticed some of those notes showing up on LC folio as of late. Only noticed it in the past 2 weeks though. I'm a smallish investor so I don't mind looking at the payment history for each loan I buy, saved me on a couple of those.
Sent from my iPhone using Tapatalkz. U
-
Good point, I am adjusting the delinquency tracker to rely on days past due as opposed to status, and as for the Folio issue...interesting take on it:)
-
Status is apparently a subjective judgement at LC (see http://www.lendacademy.com/forum/index.php?topic=2803.msg24953#msg24953) and they don't seem very concerned about it. I have visions of their "Payment Solutions specialist" passing post-it notes amongst themselves.
-
I know LC is totally random about data quality as well as technology in general, although to give them credit they are improving.
Prosper has always been much much better, but this disturbing data quality issue is really not making me happy. We found it as part of the update to the internal reporting, can adjust the delinquency statistics to be correct now, but what about those who rely on platform reporting, they are being seriously misled...
I can forgive them the fact that they refuse to put in a field into API that shows when loan was paid or charged off, had to create a separate framework to save that internally as well, but that is just a convenience thing...
-
Prosper has always been much much better, but this disturbing data quality issue is really not making me happy.
much much better I guess is relative... I don't think I've ever heard someone say Prosper was better than LC in anything with maybe the exception of lender returns.
-
Prosper has always been much much better, but this disturbing data quality issue is really not making me happy.
much much better I guess is relative... I don't think I've ever heard someone say Prosper was better than LC in anything with maybe the exception of lender returns.
Prosper is certainly growing on me. Especially as Lending Club has been changing and not entirely for the better.