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Lending Club Discussion => Investors - LC => Topic started by: SarahV on March 08, 2013, 10:17:15 PM

Title: Did payments not post today?
Post by: SarahV on March 08, 2013, 10:17:15 PM
By my calculations, notes with a date of 3/4 should have posted to my account today. But 90% of my notes dated 3/4 are still "processing" ~4 hours after they normally would post a payment. Is anyone else seeing this, or did I have incredibly bad luck with late-paying notes today?  :o
Title: Re: Did payments not post today?
Post by: Randawl on March 09, 2013, 10:00:45 AM
A similar percentage of mine are in the same state.  I wouldn't worry that our portfolios are on the brink of collapse.  I think LC is experiencing a processing delay themselves because some of the note payments (according to my account activity) completed on the 6th or 7th (according to the note detail) but were not posted until yesterday (Mar. 8th).
The ~10% or so that completed Mar. 8th were posted Mar. 8th, which is unusual.
Title: Re: Did payments not post today?
Post by: SarahV on March 09, 2013, 10:36:19 AM
I haven't had a late note in ages, and just yesterday I was trying to figure out how long my streak was. So when this happened I was thinking maybe I had jinxed it.... ;)  I haven't seen any other anomalies lately, I check every day. On Thursday all the notes that were due 3/1, 3/2, and 3/3 processed normally as far as I could tell.

The 3/4 notes still haven't processed. Could be a good time to pick up some bargains if people start thinking they're late and put them up for sale. But then again if they process by Monday, all the sales would cancel anyway.
Title: Re: Did payments not post today?
Post by: yaoyao on March 09, 2013, 01:37:05 PM
I only have 2 notes on 3/4, neither of them was posted yesterday.  However, two 3/4-note purchases got cancelled due to payment on 3/8.  It looks like that only part of 3/4 notes got posted yesterday. 
Title: Re: Did payments not post today?
Post by: MTaylor on March 09, 2013, 01:47:09 PM
Of 19 notes due 3/4, I had 2 process yesterday. The rest are showing as processing.
Title: Re: Did payments not post today?
Post by: Lovinglifestyle on March 09, 2013, 03:25:19 PM
Are your 3/3s also processing or are they posted?  My 3/3s onward are all processing.
Title: Re: Did payments not post today?
Post by: MTaylor on March 09, 2013, 05:17:41 PM
Weird. Now, a few hours later,
14 of the 19 are showing up as "Completed in Grace Period" on 3/9.
2 are showing up as "In Grace Period."

There's got to be some kind of glitch. I don't believe everyone suddenly decided to pay 1 day late.
Title: Re: Did payments not post today?
Post by: Randawl on March 09, 2013, 05:43:22 PM
All of my 3/4's have now processed.

Oddly, I'd say half othem are showing up as completed in grace period as noted by MTaylor, which is strange.

Also unusual is that some of the notes that were new issues are still showing the full principle balance owed, despite the payment being processed.
Title: Re: Did payments not post today?
Post by: SarahV on March 09, 2013, 05:44:07 PM
@Lovinglifestyle: All of my 3/3 notes processed on Thursday like they were supposed to.
@MTaylor: I'm seeing the same thing, "completed in grace period" and they have all completed their payment now. I really hope this is sorted out ASAP because it would seriously hurt the resale value of those notes.
Title: Re: Did payments not post today?
Post by: MTaylor on March 09, 2013, 06:43:30 PM
Also unusual is that some of the notes that were new issues are still showing the full principle balance owed, despite the payment being processed.

I find that to be the case with all payments. There is a lag, sometimes as long as 24 hours, between when the payment is shown as completed and the $ shows up in the account/the principal amount is updated. During this time the overall account balance is artificially lowered and then goes up again once the payments hit the account. I find it disconcerting.
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 09, 2013, 07:31:35 PM
All of my 3/4 notes are completed in grace period now also.
And my one 3/5 note is now on a payment plan and is now set to pay the 11th.  His payment failed on the 8th and they contacted him... YAY :(

I don't think all of the funds have hit my account yet tho.

 
Title: Re: Did payments not post today?
Post by: Show Me The $ on March 10, 2013, 04:52:43 AM
Does anyone on the forum who is in touch with lC on this issue? This should not be!
Title: Re: Did payments not post today?
Post by: Peter on March 10, 2013, 08:35:48 AM
Does anyone on the forum who is in touch with lC on this issue? This should not be!
Lending Club definitely know about this issue. I have been copied on a couple of different emails from investors on Friday and Saturday.
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 11, 2013, 09:22:12 AM
hopefully today they sort it out.  Still showing in grace period for my 3/4's
Title: Re: Did payments not post today?
Post by: MTaylor on March 11, 2013, 04:07:21 PM
Also, payments from 3/4 still not showing up in "Available cash."
Title: Re: Did payments not post today?
Post by: Show Me The $ on March 12, 2013, 04:17:38 AM
Does anyone on the forum who is in touch with lC on this issue? This should not be!
Lending Club definitely know about this issue. I have been copied on a couple of different emails from investors on Friday and Saturday.

Ok, thanks! If you have any insight or info on this and are able to share would be great. How does something like this happen? Thanks again
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 12, 2013, 07:32:45 AM
Just so i make sure I undertsand - notes that were supposed to pay on 3/7 *SHOULD* post today?  Or tomorrow?
Title: Re: Did payments not post today?
Post by: SarahV on March 12, 2013, 08:45:18 AM
Just so i make sure I undertsand - notes that were supposed to pay on 3/7 *SHOULD* post today?  Or tomorrow?
Tomorrow. Today should be 3/6.
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 13, 2013, 10:45:42 AM
any word if this is going to be fixed?  All of my 3/4's STILL say in grace period.
Title: Re: Did payments not post today?
Post by: Lovinglifestyle on March 13, 2013, 09:14:46 PM
What method do you use to determine when a payment was due?
Mine that show up as grace are actually in grace.  There's something I don't know
about how to tell the difference!
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 13, 2013, 09:52:09 PM
Every one of my 8 3/4 loans post on 3/9 and say "completed - in grace period".  There is in my mind next to no chance I had 8 notes all actually be one day late and in this thread, it seems like others had similar issues.

https://www.lendingclub.com/account/loanPerf.action?loan_id=3290457&order_id=5347985&note_id=18816140
https://www.lendingclub.com/account/loanPerf.action?loan_id=3297279&order_id=5331825&note_id=18691500
https://www.lendingclub.com/account/loanPerf.action?loan_id=3285884&order_id=5298204&note_id=18623712
https://www.lendingclub.com/account/loanPerf.action?loan_id=2994935&order_id=5306440&note_id=18601221
https://www.lendingclub.com/account/loanPerf.action?loan_id=2826302&order_id=4971382&note_id=17477580
https://www.lendingclub.com/account/loanPerf.action?loan_id=2934955&order_id=4971382&note_id=17477578
https://www.lendingclub.com/account/loanPerf.action?loan_id=2896695&order_id=4971358&note_id=17476904
https://www.lendingclub.com/account/loanPerf.action?loan_id=2907108&order_id=4971303&note_id=17476106

Shows the same "complete - grace period" when you look as well?
Title: Re: Did payments not post today?
Post by: Randawl on March 13, 2013, 09:58:56 PM
All of mine that were affected in that way have not been rectified either.  I doubt it will be retroactively addressed by LC, but I hope I am wrong.
Title: Re: Did payments not post today?
Post by: Lovinglifestyle on March 14, 2013, 01:11:38 AM
Yes, my notes show the same for 3/4s posted on 3/9.

Account Activity page:  I find my 3/9 posted note on the My Notes page and it says Current, but when I click on Current and look at the note it says the same thing as yours do, completed--in grace period (which is clearly wrong!).  Looking up in reverse on the My Notes page, the 3/4 notes that say In Grace Period (3)  actually are.  So, the rest of my 3/4 are current on the My Notes page but on the individual Loan Performance page they all falsely report In Grace Period.

All the non-real-grace 3/4s posted to Activity on 3/8 correctly report Completed--On Time.
Hope 3/9 catches up!

Title: Re: Did payments not post today?
Post by: Show Me The $ on March 14, 2013, 09:05:19 AM
Have any of the heavy hitter investors here gotten a response to explain what the heck was/is going on in this regard?
Title: Re: Did payments not post today?
Post by: MTaylor on March 14, 2013, 11:33:16 AM
I don't think they ever said they would fix it.
Title: Re: Did payments not post today?
Post by: SkaXc0re77 on March 14, 2013, 12:21:56 PM
Thats crazy.  Their "hick-up" costs you potential money on the resale market.
Title: Re: Did payments not post today?
Post by: SeanMcD on March 14, 2013, 06:48:00 PM
Heard back from LC about this, and they said that the bogus grace period payments should be fixed in the next site update.
Title: Re: Did payments not post today?
Post by: Randawl on March 14, 2013, 08:08:17 PM
Heard back from LC about this, and they said that the bogus grace period payments should be fixed in the next site update.

Neat, thanks for passing on the info.
Title: Re: Did payments not post today?
Post by: yaoyao on April 04, 2013, 05:24:08 PM
My 3/4 notes still show "completed - in grade period".  Guess that site update hasn't occurred. 

Another question.  Since this February doesn't have 29-31.  All notes issued on these days now have 28 as payment due day.  I have one 3/28 note that just received payment today (one day late), it lists as "completed - in grace period", but I think it might one of these original 29-31 notes.  Anyone has similar issue?

Title: Re: Did payments not post today?
Post by: SarahV on May 10, 2013, 10:03:56 PM
Another month later... I guess Lending Club has no intention of fixing this. Knowing full well that a batch of your securities are being incorrectly listed - in a way that could significantly impact the value - and refusing to correct it is a pretty seriously bad business practice, no?
Title: Re: Did payments not post today?
Post by: mitgib on May 10, 2013, 10:22:15 PM
Another month later... I guess Lending Club has no intention of fixing this. Knowing full well that a batch of your securities are being incorrectly listed - in a way that could significantly impact the value - and refusing to correct it is a pretty seriously bad business practice, no?

We can only hope Google will teach them how to run a database that grows much faster than expected.  My payments are slowly posting in dribs and drabs, which is rough since the 1st-5th payments are a large chuck of my monthly cashflow.
Title: Re: Did payments not post today?
Post by: SeanMcD on May 13, 2013, 04:32:13 PM
Another month later... I guess Lending Club has no intention of fixing this. Knowing full well that a batch of your securities are being incorrectly listed - in a way that could significantly impact the value - and refusing to correct it is a pretty seriously bad business practice, no?

I keep pinging them, and keep hearing back that they're looking into it.  No indication that anything's actually been done over the last two months, but I have no intention of dropping the issue.
Title: Re: Did payments not post today?
Post by: ee1x on May 15, 2013, 01:32:55 PM
We can only hope Google will teach them how to run a database that grows much faster than expected.  My payments are slowly posting in dribs and drabs, which is rough since the 1st-5th payments are a large chuck of my monthly cashflow.

Very good point. I can't imagine Google sitting on the sidelines while LC's technology suffers.
Title: Re: Did payments not post today?
Post by: Vlad on May 17, 2013, 10:42:04 PM
It seems that the payments that were supposed to be posted today, those that were due 5/13, did not post. I'm guessing most of them will be completed in Grace tomorrow, just like the ones that were due on 3/4.

I doubt LC is going to fix the error with these late payments, since they will also need to undo many Folio transactions. I had a few pending sales from notes due on 5/13 that should've been cancelled with a payment, but it went thru today.
Title: Re: Did payments not post today?
Post by: SarahV on May 17, 2013, 11:05:17 PM
Yep. All of my 5/13s are still hanging too, including one that had a failed payment and I sold yesterday. Really hope the sale goes through (it hasn't yet).
Title: Re: Did payments not post today?
Post by: GS on May 17, 2013, 11:22:14 PM
I have 3 from 5/11 that updated yesterday but haven't posted to cash, and one from 5/13 that didn't update, but two from 5/12 that did update and post to cash ... Seems like there is a problem.
Title: Re: Did payments not post today?
Post by: GS on May 18, 2013, 07:56:30 AM
I wonder if it is a Problem related to Fridays...  The 3/4 notes were due Monday and should post Friday, as were 5/13 notes. 

Could it be that notes due Saturday, Sunday, and Monday all process on Friday, so they are having a problem processing 3 times the normal daily volume?
Title: Re: Did payments not post today?
Post by: mitgib on May 18, 2013, 09:33:23 AM
I wonder if it is a Problem related to Fridays...  The 3/4 notes were due Monday and should post Friday, as were 5/13 notes. 

Could it be that notes due Saturday, Sunday, and Monday all process on Friday, so they are having a problem processing 3 times the normal daily volume?

I have noticed Friday, Saturday and Sunday usually post on Thursday, which did this week, but Monday 5/13 has not yet.  Up through the 12th is still posting to cash, and looks like the held fee is much higher than it should be so I am thinking there is an early payoff on some note.
Title: Re: Did payments not post today?
Post by: GS on May 18, 2013, 11:21:26 AM
I think you are right, I thought Sat-Mon posted Friday, but now that I take a better look, it looks like Fri-Sun posts Thursday.  Still could be related to an end of the week server overload, though.  My last note scheduled to post to cash from 5/11 just posted this morning (5/18), about 36 hours later than normal, so they are apparently still trying to catch up.
Title: Re: Did payments not post today?
Post by: SarahV on May 18, 2013, 03:51:40 PM
I assumed it was the server load from Thursday also, since Thursday payments often lag way past the time payments normally occur.

I was hoping since they shut down the website late last night for maintenance or upgrades (can't remember what it said) that they would be fixing this. But they didn't, and 5/13 notes are still hanging. (And no, they didn't go in and fix the 3/4-3/9 ones either.)
Title: Re: Did payments not post today?
Post by: GS on May 18, 2013, 05:09:18 PM
Well, my 5/13 just posted ...

"Completed - in grace period"   

Problem not solved >:(
Title: Re: Did payments not post today?
Post by: yaoyao on May 18, 2013, 06:39:24 PM
That's not good.  Last time, it affected part of 3/4 notes.  This time, I believe that it affected all of 5/13 notes. 
Title: Re: Did payments not post today?
Post by: MTaylor on May 18, 2013, 07:20:14 PM
Ugh. Me too. If this keeps happening, eventually all notes will have an incorrect "grace period" payment. The borrowers can't be happy about that either. I've said it before, but what really bugs me is the way they sweep problems like this under the rug and never publicly address them. It's not an individual user problem, it's system-wide.
Title: Re: Did payments not post today?
Post by: mitgib on May 18, 2013, 07:47:09 PM
Ugh. Me too. If this keeps happening, eventually all notes will have an incorrect "grace period" payment. The borrowers can't be happy about that either. I've said it before, but what really bugs me is the way they sweep problems like this under the rug and never publicly address them. It's not an individual user problem, it's system-wide.

About the only thing I can think of for this to change since LC seems to be unwilling is harassing their underwriter prior to their going public, upto threatening a class action as this only lowers the resale value of the underlying notes on Folio by placing false info on the note history.  The proper thing is to correct the entries, or place an entry taking blame, something like "Completed - Late Posting by servicer"
Title: Re: Did payments not post today?
Post by: SeanMcD on May 20, 2013, 06:42:55 PM
Just had an interesting conversation with LC about the issue, and will pass along the details as soon as they get back to me again.
Title: Re: Did payments not post today?
Post by: core on May 21, 2013, 08:53:45 PM
Don't keep us in suspense, Sean; what did you learn?  I'm guessing since you haven't posted anything else that they haven't gotten back to you again, but what was this "interesting conversation" that you already had with them?

I wonder how much valuation vaporized overnight due to this error.  I know I took quite a hit, unrealized.  I'm irritated, but not quite irritated enough to call in and listen to non-answers.
Title: Re: Did payments not post today?
Post by: yaoyao on May 24, 2013, 05:39:22 PM
Have you seen any 5/20 notes posted today?  Hopefully we wont get another batch of 3/4 and 5/13 notes.
Title: Re: Did payments not post today?
Post by: SarahV on May 24, 2013, 05:46:09 PM
Not a single one. Half of my payments from yesterday are still pending, too. (They show "completed," but the actual money hasn't showed up.)
Title: Re: Did payments not post today?
Post by: GS on May 24, 2013, 06:04:09 PM
Same here, but I only have one 5/20 note.  Still waiting on payments from yesterday too.  I'm not too optimistic at this point, especially since they seemed to have a server meltdown yesterday.
Title: Re: Did payments not post today?
Post by: SBryantMS on May 24, 2013, 06:06:48 PM
Years ago, I had a customer deploy a new software release.  Tested great, but when it went into production -- took 7 days to post 5 days (Monday through Friday) worth of transactions.  They had to pull it on the first three day weekend -- two days to finish posting -- one day to go back to the old system.

LC seems to be encountering IT growth problems -- I wonder how the "Larger" accounts are reacting to these issues?

To me the bigger issue is "can they throw hardware at the problem" or "have the software capabilities been exceeded?"

Title: Re: Did payments not post today?
Post by: SarahV on May 24, 2013, 06:35:00 PM
Looks like the 5/20 notes are posting, just a little late. Most of mine are "completed" now.
Title: Re: Did payments not post today?
Post by: yaoyao on May 24, 2013, 07:02:24 PM
Mine are completed too.  It is a lot later than before.

@SBryantMS.  Hardware one is much easier to fix.  Software issues will take much longer development cycle.
Title: Re: Did payments not post today?
Post by: Fred on May 24, 2013, 07:23:37 PM
LC seems to be encountering IT growth problems --

From Computer Science Oh-notation perspective, their payment process is an O(N^2) problem: payments from N loans, allocated N-way to note-holders.

Even if we assume a loan is allocated to a fixed number of note-holders (say, 100), LC still need to double their IT capability everytime they double the number of loans.
Title: Re: Did payments not post today?
Post by: SBryantMS on May 24, 2013, 07:30:37 PM
Does anyone know any details of their IT infrastructure?

What hardware and/or software that they are running?  I assume that their application was custom written in house -- no off the shelf P2P software available.
Title: Re: Did payments not post today?
Post by: SarahV on June 04, 2013, 11:21:19 AM
Did anyone have any weirdness in their 5/27 notes?

All of mine but two were completed on 5/31 as you would expect. Of the last two, one went into grace period and one showed up as completed on 6/3. I've never seen a note show as completed a day late for no reason... does this mean they paid late but didn't get qualified as "grace period" for some reason? Or did LC screw something up? Seems strange. It showed as "processing..." all weekend.

This is the note in question: http://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1559762&order_id=3430610&note_id=14112486
Title: Re: Did payments not post today?
Post by: yaoyao on June 04, 2013, 11:57:16 AM
I don't have issues with 5/27 notes, but one of 5/25 notes went IGP this morning.  It showed "current" all weekend and yesterday.
Title: Re: Did payments not post today?
Post by: SarahV on June 04, 2013, 12:05:44 PM
5/25 and 5/27 processed in the same batch (all part of the long weekend)...
Title: Re: Did payments not post today?
Post by: yaoyao on June 05, 2013, 06:45:00 PM
No payment posted yesterday and today?  That's weird.
Title: Re: Did payments not post today?
Post by: New Jersey Guy on June 05, 2013, 08:02:44 PM
"By my calculations, notes with a date of 3/4 should have posted to my account today. But 90% of my notes dated 3/4 are still "processing" ~4 hours after they normally would post a payment."

Sarah.....Did you get these cleared up yet?  Or are they still processing?  I've been losing sleep ever since you started this thread.
Title: Re: Did payments not post today?
Post by: LonghornSF on June 06, 2013, 12:17:59 AM
I had a 5/26 note go IGP but everything else after that has posted fined so far. When do collection logs usually start on IGP notes? I don't see any collection notes yet and its 10 days late.
Title: Re: Did payments not post today?
Post by: core on June 06, 2013, 12:25:49 AM
No payment posted yesterday and today?  That's weird.

It's because LC does not set any due dates for mdays after the 28th (because of Feb).  The last batch of payments to post was in fact for the 28th so there's going to be a gap of a few days.  I suppose they could have had payments normally due on the 29th be due March 1st in non-leap years but it seems much simpler just to do it this way.
Title: Re: Did payments not post today?
Post by: SarahV on June 06, 2013, 01:15:52 AM
They do have notes due on the 29th/30th/31st but they reset to the 28th in February, so there aren't very many of them and they're all issued in the past 3 months or so. You might happen to not have any. I have one or two.

I've been seeing a lot of weird stuff in the past week: two notes paid one day later than other notes due on the same day; one showed as paying in grace and one showed as on time. (The grace one pisses me off 'cause I'd sold it immediately after it failed to pay on time, and of course then it got canceled for payment because it takes so long for the sales to settle. Now I am stuck with it having paid in grace period even though I suspect an LC glitch.)

Plus I had a note get canceled due to payment twice, on two different days. There was only one payment. I just sold it a third time and I'm really hoping it sticks, I'm getting tired of looking at that one  :P
Title: Re: Did payments not post today?
Post by: core on June 06, 2013, 01:58:37 AM
They do have notes due on the 29th/30th/31st but they reset to the 28th in February, so there aren't very many of them and they're all issued in the past 3 months or so. You might happen to not have any. I have one or two.

Hmmm interesting!  That's good info.  I picked out one of my 28th notes at random and the very first one... sure enough, back in January it was due on the 30th.  I stand corrected.  I have never ever noticed that before.  Thanks!

I've been seeing a lot of weird stuff in the past week

As have I.  I had three "pre-grace" sales get busted/reversed Monday for "payment received" when no payment was in fact made.  I got stuck with them as they went into grace.  Maybe "They" are catching on to that strategy. 
Title: Re: Did payments not post today?
Post by: SarahV on June 06, 2013, 02:22:25 AM
As have I.  I had three "pre-grace" sales get busted/reversed Monday for "payment received" when no payment was in fact made.  I got stuck with them as they went into grace.  Maybe "They" are catching on to that strategy.
Ewww. You have a link to one of those? I always sell "pre-grace" and I'd very much like to see what that's all about...

I just looked and the one that went from current > completed in grace period without letting me sell is still "pending" and not actually canceled yet. Odd. I wonder if it will go through after all. I'm not even sure what I'm rooting for there, because a mere one day late seems like LC glitch and not a usual failed payment > discussion > get the money > pay > wait four days for ACH transfer > etc. And I sold it at a bit of a discount, so if it's an OK note I wouldn't mind keeping it instead. On the other hand, if there really was a problem with the payment, I'd be glad to get rid of it for just 25 cents off what I paid and not have to deal with trying to sell it with an IGP on the record.
Title: Re: Did payments not post today?
Post by: core on June 06, 2013, 03:00:42 AM
You have a link to one of those? I always sell "pre-grace" and I'd very much like to see what that's all about...

Sure, if you want a link I can give you one.  But I don't think it will tell you anything because the folio page doesn't show history or anything?

Here's a note from the same loan:  https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1024086&order_id=4502080&note_id=7177418

The only odd thing is the payment completion date is earlier than I would have expected.  It shows completed on 5/31.  But it was NOT there Monday.  And on Tuesday it went into grace status.  Today (Wednesday) it changed to current.  I got them all back, which I guess I'm fine with since there is absolutely no record of this happening.  Now I can turn around and take my time selling it to the next guy.
Title: Re: Did payments not post today?
Post by: SarahV on June 06, 2013, 03:14:24 AM
That's exactly why I wanted to look at it, to see if they might have back-dated the payment.

After seeing that, I just checked that one of mine that paid a day late and got canceled twice - it originally said completed on 6/4 and they've now changed it to 6/3. Luckily I sold that one at a profit, and it wasn't a particularly amazing note, so I don't mind being rid of it.
Title: Re: Did payments not post today?
Post by: yaoyao on June 06, 2013, 10:03:09 AM
They do have notes due on the 29th/30th/31st but they reset to the 28th in February, so there aren't very many of them and they're all issued in the past 3 months or so. You might happen to not have any. I have one or two.


It makes sense now.  Several 29th, 30th and 31st notes became 28th notes in Feb.  I don't have any other 29th, 30th and 31st after Feb.  Thanks for the explanation.