Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: kib on June 28, 2018, 11:55:25 AM

Title: New Platform
Post by: kib on June 28, 2018, 11:55:25 AM
Oh holy f***.  Let me guess.  Some 22 year old genius who has never owned nor managed an LC lender account has created our wonderful new platform that makes it basically impossible to customize and manage portfolios.  Thank you so much, Lending Club.  Like this investment didn't suck enough.
Title: Re: New Platform
Post by: arcee49 on June 28, 2018, 03:03:40 PM
They also removed the download notes feature.  And if you click on a daily activity you used to be able to copy and paste that day's payment information into Excel.  Now it's not possible without writing some kind of macro.  Annoying and an ugly interface.

I asked LC about the download feature.  They said only a few users were using it so they got rid of it.
Title: Re: New Platform
Post by: storm on June 28, 2018, 03:08:25 PM
They also removed the download notes feature.  And if you click on a daily activity you used to be able to copy and paste that day's payment information into Excel.  Now it's not possible without writing some kind of macro.  Annoying and an ugly interface.

I asked LC about the download feature.  They said only a few users were using it so they got rid of it.

After logging in, you can still use this direct link.  Not sure for how long.

https://www.lendingclub.com/account/notesRawDataExtended.action (https://www.lendingclub.com/account/notesRawDataExtended.action)
Title: Re: New Platform
Post by: arcee49 on June 28, 2018, 03:13:57 PM
Thanks, Storm.  That's helpful but I'd still like daily payment information.  Oh well.
Title: Re: New Platform
Post by: mrwhizzard on June 28, 2018, 04:00:36 PM
Yeah, that's really annoying. And even though it shows a portfolio filter at the top, it's greyed out for me.
Title: Re: New Platform
Post by: arcee49 on June 28, 2018, 04:47:49 PM
Yeah, that's really annoying. And even though it shows a portfolio filter at the top, it's greyed out for me.

Yeah, same here.  Not sure why they decided to fix something that wasn't broken.
Title: Re: New Platform
Post by: Data Junkie on June 28, 2018, 07:47:38 PM
Hate. It.
Title: Re: New Platform
Post by: jheizer on June 28, 2018, 08:10:19 PM
Bah its following the large space dumbing down trend while the old way gave quick glance detailed information all one one screen.
Title: Re: New Platform
Post by: AcaciaRose on June 29, 2018, 09:26:46 AM
The new dumbed down display irritates me, too. I emailed LC yesterday asking where to find accrued interest. I also asked them to add the portfolio column back. I haven't heard anything yet.
Title: Re: New Platform
Post by: dr.everett on June 29, 2018, 04:11:06 PM
Best part is that it's BROKEN from the start!  :o

I have 2 notes that are 31-120 Bankruptcy filed but not yet charged off. They don't show in the Late 31-120.
And they aren't showing notes in Default at all- which is where they are.

Laughable! I'm so glad I'm out.
Title: Re: New Platform
Post by: Data Junkie on June 29, 2018, 05:20:47 PM

After logging in, you can still use this direct link.  Not sure for how long.

https://www.lendingclub.com/account/notesRawDataExtended.action (https://www.lendingclub.com/account/notesRawDataExtended.action)

Thanks for posting that link, Storm.

And on the odd chance somebody from LC is paying attention, here are my complaints:

1.  Tremendous waste of screen real estate with the wider line spacing and larger font
2.  Scroll, scroll, scroll
3.  Can't download the csv file of my account (I did see a "Download CSV link" but all it does for me is vomit text)
4.  Terrible misuse of color-- the palette of colors now assigned to Status on the pie charts is the same palette used for the loan grades
5.  Portfolios no longer listed with my account notes.  One of my notes is newly Fully Paid.  I can't (easily) figure out which portfolio it's in.
6.  Filtering by status doesn't work for "Not Yet Issued"

LC, you're supposed to rigorously test before you deploy.  At least give your investors the option of reverting to the old interface.  This rollout is unprofessional and really hurts your credibility which was not great to begin with.
Title: Re: New Platform
Post by: arcee49 on June 29, 2018, 05:25:31 PM
Thank you so much, Data Junkie, for compiling that list.  I had thought about doing that myself but you added some I hadn't noticed.

PLEASE LC, just go back to the way it was.  There was nothing wrong with it.
Title: Re: New Platform
Post by: Data Junkie on June 29, 2018, 05:49:47 PM
7.  Which is easier to read?  (https://i.imgur.com/prcuSsm.png)  (https://i.imgur.com/Lm2GMAN.png)  IMO the second one is easier to read-- better contrast,  background color is darker
Title: Re: New Platform
Post by: jennrod12 on June 29, 2018, 07:38:16 PM
Portfolios were the linchpin of managing my notes!  I will email them, too.

Jenn
Title: Re: New Platform
Post by: Lovinglifestyle on June 29, 2018, 10:15:42 PM
The E numbers in Browse are still hard to read.

7.  Which is easier to read?  (https://i.imgur.com/prcuSsm.png)  (https://i.imgur.com/Lm2GMAN.png)  IMO the second one is easier to read-- better contrast,  background color is darker
Title: Re: New Platform
Post by: Rob L on June 30, 2018, 10:07:05 AM
LC is just following in the footsteps of Prosper who "improved" their website quite some time ago.
Yet nobody was complaining nor thought LC would spend money to "improve" the retail lender's experience.
This page may be the first of many "improvements" to come. Guess we will see.
I rarely visit my LC account but did last week to see the changes for myself. Also took the opportunity while there to move all the recent cash that had accumulated back to SDIRA. Only $17k to go.
Title: Re: New Platform
Post by: jpildis on June 30, 2018, 11:03:43 AM
Does anyone have the link to download the folio trades?
Title: Re: New Platform
Post by: lendingprosper23 on July 01, 2018, 10:54:06 PM
Where is the folio aka sell notes button?

How can I send notes from 1 portfolio as I have charge offs to the other finish loan portfolio I have?

What lunatic created this site and why oh why is anyone adding new money into this space? Lending club returns suck and prosper makes it impossible to cash out a lump sum pending the website running into legal issues or you have a medical emergency, never mind the fact that that at even 10% discounts for never late loans im still selling my portoflio nearly 1 year later.
Title: Re: New Platform
Post by: Lovinglifestyle on July 02, 2018, 02:12:29 AM
If you manage to get to the Folio Trading Platform, the Sell Notes button is under the top blue heading bar, the 4th in gray from the left.

There is a Portfolio selection choice drop down menu on the Sell Notes page.

Can't answer the other question.  Can you sell notes on Prosper at all now?  I thought not.  Maybe I missed something recently.

This is where I found the above:  www.lendingclub.com/foliofn/tradingAccount.action

Edit P.S.  I also just found a Sell Notes button from the Holdings page by clicking on the Note ID for a loan.  On the ID page, it's near the top right, in blue on the line where the account number is. 

I don't care now.  I'm out.  Nothing but eliminating  charge-offs would bring me back.  I can live with the federal rates now.






Title: Re: New Platform
Post by: AnilG on July 02, 2018, 08:30:18 AM
This is very typical of when a new CTO comes in to a business and may bring a new technical team. CTO need to show some results in first 100 days. They are typically clueless of business operations, issues, and how to improve technically that may be accretive to business in first 100 days. So, easiest way to show they are doing something is to redo existing features/functionalities in their favorite language, framework, technology, and products. LC CTO is right now on schedule with his 100 days goals of mucking with existing stuff instead of doing anything that will be productive for business.

LC is just following in the footsteps of Prosper who "improved" their website quite some time ago.
Yet nobody was complaining nor thought LC would spend money to "improve" the retail lender's experience.
This page may be the first of many "improvements" to come. Guess we will see.
Title: Re: New Platform
Post by: AcaciaRose on July 02, 2018, 08:48:21 AM
The discussion in this topic is the only place I've found where the new user interface is being discussed. I'm surprised LC doesn't respect its investors enough to email us or at least post an explanation of the changes on their official blog.
Title: Re: New Platform
Post by: mrwhizzard on July 02, 2018, 04:55:14 PM
I did complain to LC about it, and got a more or less canned response. Basically, they know that there are issues with the new interface, but they didn't care enough to fix them before rolling it out... Yay.

Quote
The recent changes we made to our Holdings page is part of a continuous effort to improve our investor experience. We are taking your assessment and using it to make the appropriate adjustments to design the most functional website for our clients.

Unfortunately, this update has caused an issue with assigning Notes to portfolios. Our engineering team is aware of this issue and are planning to update the page mid to late July. I appreciate your patience and apologize for the inconvenience this has caused.

We've made many updates in the past year and a lot of these changes and improvements could not have been successful without your feedback. We hope to continue on our path to improving investor experience and as you can see, there is bound to be some trial and error.

Here's a quick summary of our recent updates as well as some changes we hope to be able to bring to our investors in the near future:

Multi-factor Authentication
F&G update
5th Generation Credit Model

I hope you continue on this journey with us as we work together to make this a better experience overall.

Thanks again for your help!
Title: Re: New Platform
Post by: Reginald on July 02, 2018, 06:05:26 PM
It seems that every week different features of their web site have stopped working.

For example,  the statistics page https://www.lendingclub.com/info/statistics-performance.action
has not worked for a long time.

Also it has become much more unwieldy to examine your chargeoff's from the "My Notes at a Glance" section if you click on the number of charge-offs, it will dump you in a general holdings page that shows all statuses. If you click on the status column you then have to pull down a menu and select charge-offs. This is about 4 extra interactions and a whole lot of web traffic to execute a simple query.  I dont think they test their web site with real data or they would notice all the web-page timeouts.

Terrible engineering. Terrible underwriting. Dubious accounting.  :-[
Title: Re: New Platform
Post by: AcaciaRose on July 02, 2018, 06:20:45 PM
mrwhizzard, thank you. I emailed LC early Thursday morning and haven't heard anything except the automatic "thank you for contacting us" response. 

At least they're working on the portfolios issue. Too bad they didn't ask active investors to test the Holdings screen before they rolled it out. 
Title: Re: New Platform
Post by: Fred93 on July 02, 2018, 07:49:40 PM
For example,  the statistics page https://www.lendingclub.com/info/statistics-performance.action
has not worked for a long time.

It works for me.  That chart has a lot of data points in it, and the chart is created IN your browser, so it takes a lot of browser resources, and takes a long time to display.  Other than that, works fine.
Title: Re: New Platform
Post by: kib on July 03, 2018, 12:20:35 PM
I called again this morning as my unassigned notes are starting to pile up and it's basically impossible to find them using the details screen.  Rep directed me to portfolio screen which states in tiny font that I have 13 unassigned notes.  The 13 is blue, so I'm supposed to know to click on that to bring them up.  Ah, of course. I can see why this is in eight point type hidden on the second page because this is so much less important than


A GIGANTIC USELESS PIE CHART IN THE MIDDLE OF MY DATA.


Seriously, if anyone's listening, pie charts are for selling things and broad overviews.  Useless for real time feedback or precise management.

13, when I clicked on it, sent me back to the useless details screen listing all 1000+ notes.  oops.

After putting me on hold for a few minutes, rep came back with the word: there's a bug and they're working on fixing it.  Really?   How fascinating!  Are they really working on it, or are they just trying to find a way to insert a sparkly heart and a smiley face in my chargeoff screen? (Must say rep was awesome and apparently just as unhappy with the new layout as the customers.)

While I'm at it, if they're redecorating the entire ballroom, why not put note portfolio assignment functions on the PORTFOLIO PAGE instead of the note listing page?

 I didn't inquire about any of the other problems as I don't use those features, but I'm guessing there's a bug they're working on to fix those too.  Or maybe, I've just spent more time and effort creating this post than anyone's directed toward making a viable website.

Title: Re: New Platform
Post by: storm on July 03, 2018, 12:56:43 PM
@kib If anyone important at LC is reading this thread, I think you made your point brilliantly.   ;D
Title: Re: New Platform
Post by: Fred93 on July 03, 2018, 02:30:46 PM
Seriously, I don't think anyone from LC ever reads this forum.

I forward things from here to them from time to time, and they always react as if it is new info.
Title: Re: New Platform
Post by: arcee49 on July 03, 2018, 03:22:01 PM
Seriously, I don't think anyone from LC ever reads this forum.

I forward things from here to them from time to time, and they always react as if it is new info.

I sent another complaint to them about their terrible new website and linked this thread.  I'm sure they don't read it, too.
Title: Re: New Platform
Post by: arcee49 on July 03, 2018, 06:06:48 PM
Seriously, I don't think anyone from LC ever reads this forum.

I forward things from here to them from time to time, and they always react as if it is new info.

I sent another complaint to them about their terrible new website and linked this thread.  I'm sure they don't read it, too.

I actually got a call (couldn't take it) and an email from LC.  Here's their response:

Thank you for reaching out to us.

I actually just left you a voicemail and would love to hear from you directly. LendingClub takes very seriously the thoughts and suggestions from investors, including those expressed to us from outlets such as the Lend Academy forum you referenced.

Many of us felt the same way about the loss of a lot of the features that were removed from the Holdings page, including upper management. As a result, we hope to restore many of these features very soon. I can't give an exact time frame, but our engineering team has been forwarded much of the feedback from investors on this particular issue and plan to put many of them back. I'm not sure if you noticed but the download Notes feature was restored and we are actively working to restore others now and will continue to do so over the coming weeks, so be sure to keep a look out on the site.

Again, I would love the opportunity to take your feedback personally over the phone so please feel free to give me a call directly at the number below or we can set up a time to chat over email.

Thank you for your business and please keep the feedback coming!

Best,



Lindsey Walters
Retail Sales Consultant, Investor Services

LendingClub
p 415.767.7344
LendingClub.com
Title: Re: New Platform
Post by: AcaciaRose on July 04, 2018, 11:49:52 AM
I also received an email response to my complaints. Although I wish they had taken user requirements into consideration before designing and rolling out the changes, I am glad they're going to restore the features we miss. I hope they learned a lesson from this fiasco.
Title: Re: New Platform
Post by: .Ryan. on July 04, 2018, 12:07:41 PM
For me, this "update" is just another (one out of many) proof point that I made the right decision to pull my money out of LC. I really don't feel like reatil investors are a client base that LC cares much about anymore.

To those who follow the company sheets, can you tell if incoming retail $$ is trending up or down? I'm curious.....
Title: Re: New Platform
Post by: Rob L on July 04, 2018, 01:34:53 PM
For me, this "update" is just another (one out of many) proof point that I made the right decision to pull my money out of LC. I really don't feel like reatil investors are a client base that LC cares much about anymore.

To those who follow the company sheets, can you tell if incoming retail $$ is trending up or down? I'm curious.....

I was interested too. The chart below represents the % of investment made by each investor class, not $$ though.
Self Managed (Retail) investors as a percentage have dropped by half (20% to 10%) since 2015-Q4.
Institutional investors have dropped by 57% over the same period (30% to 13%)
Banks + LC itself now fund 57% of the loans made.

However, note that the retail % has held steady over the past 3 quarters at 10%.
Maybe they are trying to turn the corner and get on the rise again.

I've thought they would be better off dumping the retail platform and saving all the money they spend on it. I'm no expert, but if they did that I think they would have to write this asset off the books and they would take a major hit. Also they may think this is seen as an important asset by potential suitors. I dunno; just speculating.

(https://i.imgur.com/glXywhU.png)
Title: Re: New Platform
Post by: rawraw on July 05, 2018, 06:15:18 PM
What asset would be written down if they exited the retail business?
Title: Re: New Platform
Post by: Rob L on July 05, 2018, 06:55:43 PM
What asset would be written down if they exited the retail business?

The asset value they assign to the software, etc. developed and developed and deployed for this purpose.
It's all been capex and that expenditure should put something of value on the books, no?
I'd have to look at their balance sheet to figure out what it is, but it should be substantial.
Could be wrong; pure speculation on my part.
Title: Re: New Platform
Post by: SMWinnie on July 08, 2018, 09:01:40 PM
Well I, for one, love the new interface.

The landing page used to show me how much interest I have been paid and how much principal I have written off or down. Now I need to bounce from screen to screen to see that 71.4% of my interest has been burned off through writeoffs and writedowns.

Also, since the sortable list of notes no longer displays portfolio, I'm saving the time I used to waste characterizing loans as troubled, re-performing, etc. That should be a real time-saver!
Title: Re: New Platform
Post by: Voj on July 09, 2018, 01:31:44 PM
I've sent them the nastiest email when this change rolled out. Rolling out an untested interface change is just plain sloppy. It has poor design written all over it. Who in their right mind thought combining LoanID and NoteID into one column was a good idea.

LC wants to be next generation then let users select their own columns to display and save the changes to a profile so investors can pick what we want to look at instead of being forced to look at some amateur attempt at a nice UI design, which in the end is useless.

Engineers are working on a fix...that fine, roll back the old interface, test the new UI internally and correctly, and then roll it out slowly to a small set of users, get feedback, iterate, etc.

Hopefully they are monitoring this thread. I didn't realize that a new CTO is running the show and that makes perfect sense that he needs to show some kind of change for the better in the first 100 days, but like I said in the email I sent to them. They took one step forward, then two steps back and shot themselves in both feet.

I have a feeling they are calling this an accomplishment because they released on time...they released junk on time. I forget the exact quote, but it goes something like "release late, no one cares, release junk, no one forgets".

Really embarrassing.
Title: Re: New Platform
Post by: Lovinglifestyle on July 09, 2018, 05:45:08 PM
I actually like the Loan ID and Note ID in one column.  Saves hunting.
 
Crazy:  clicking on Charged Off gets all the fully paid ones too, as somebody else said.

Old annoyance still there:  My Notes At A Glance box still springs shut after every use--no choice to stay open.  Used to be an option for that, long, long ago.

Still awful:  Never was any transparency for figuring out how one's investment is actually performing.  Now it's worse.
Title: Re: New Platform
Post by: AcaciaRose on July 09, 2018, 06:52:49 PM
I just logged in, clicked on Holdings, and was pleased to see the old screen is back.
Title: Re: New Platform
Post by: hdsouza on July 09, 2018, 07:02:00 PM
Wow the old platform is back. I hope this is hear to stay.

Thanks to all of you who reported the problems in the new platform to LC !!!!!!!
They finally heard the pain.
Thanks.
Title: Re: New Platform
Post by: .Ryan. on July 09, 2018, 08:11:51 PM
And I thought it was pathetic for Prosper keeping their interface in beta for 2+ years. LC found a way to outdo them!!
Title: Re: New Platform
Post by: Lovinglifestyle on July 09, 2018, 10:26:08 PM
Yay!  I never thought a return to the status quo would be a relief.  Reminds me of the farmer and his wife whose house seemed so much larger when they moved the animals back to the barn.
Title: Re: New Platform
Post by: kib on July 10, 2018, 11:03:56 AM
Looks like they rolled this back to the old interface?  If so, was it because of our incessant bitter complaints?  Maybe other "changes" are in the works.   :P   Keep it coming!!