Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: yojoakak on April 20, 2015, 04:37:44 PM

Title: New Feature: "Multiple Dates" on Loan Payment History
Post by: yojoakak on April 20, 2015, 04:37:44 PM
For example:

https://www.lendingclub.com/account/loanPerf.action?loan_id=16221851&order_id=23498875&note_id=47056592
Title: Re: New Feature: "Multiple Dates" on Loan Payment History
Post by: yojoakak on April 20, 2015, 10:36:27 PM
They fixed up a lot of them retroactively. All of them maybe? There's still some weirdness in there, e.g. the $0.00 third payment on 1/2/15.

https://www.lendingclub.com/account/loanPerf.action?loan_id=1432013&order_id=27085904&note_id=13075091
Title: Re: New Feature: "Multiple Dates" on Loan Payment History
Post by: Kombinator on April 21, 2015, 10:34:25 AM
Yep, saw this feature, not quite sure how useful this is or what to do with it yet...any thoughts?
Title: Re: New Feature: "Multiple Dates" on Loan Payment History
Post by: yojoakak on April 21, 2015, 12:13:33 PM
It's better than digging through Account Activity to try and find out what really happened and which is impossible if you don't own the loan. See for example this thread: "It looks like I bought a note that was already paid off." (http://www.lendacademy.com/forum/index.php?topic=2941.msg28568#msg28568)


Personally, I would have preferred if LC  just listed each payment on a separate row, but LC seems to be married to the idea that payments happen once a month.

Title: Re: New Feature: "Multiple Dates" on Loan Payment History
Post by: AnilG on April 21, 2015, 02:18:43 PM
Dealing transactions at month level is a credit industry thing. Month of outstanding balance (MOB) is key process variable for the amortized loan with fixed monthly payment. Treating multiple transactions during the month separately screws that up. Typically, payment receiver will apply all payments received during the month as one payment to the loan.

When a borrower calls up a loan issuer and want to make a final payment to eliminate balance on the loan, how would this transaction take place? Any final balance loan issuer tells borrower will change due to interest accrual by the time borrower makes payment and the transaction settles. This is the reason most loan issuer will back-date the final payment to the day a borrower was quoted the balance even if it took two weeks for the final transaction to settle.

Personally, I would have preferred if LC  just listed each payment on a separate row, but LC seems to be married to the idea that payments happen once a month.