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Messages - Dark Vulture

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I called LC and the solution was to change my login to another email address. That actually worked! I guess my original email provider probably thought LC email was spam and blocked it even before it got to my spam folder.

Dark Vulture

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It did not work for me. No code was sent to my email. Very annoying! I guess I will wait til Monday or 30 days before things start working.

The Dark Vulture


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Quote
I'd really like to understand this, and am more hopeful of discovering the answer empirically than getting a useful response from LC support. I tried testing Dark Vulture's theory, just on a small scale, with mixed results- it seems like maybe receiving a payment is a necessary but not sufficient condition? I don't have any better ideas though. DV, do you still think that's the answer?

I can imagine they might have added that condition to prevent buying then selling for a quick profit.


My theory is that when you buy off the secondary market and try to sell it right away (i.e. within a day or two), the system is trying to match up with another data base at the primary market. I think that data base is updated maybe once a month, or when the payment becomes due the ownership is updated. When there is no match, when you try to sell your newly bought loan, it won't appear on the listing.

This makes an already illiquid market even more illiquid.

Dark Vulture

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Yes, it is an annoying problem. For me, it only happens when I buy a note on folio and try to resell it quickly before the next payment due date. For some reason, after the next payment due date, the note will appear in the listings like magic.

Are your notes you are trying to sell bought from folio?

Dark Vulture


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Yes, I had this issue in the past, and I am again having this issue again.

I only have this issue when I am trying to sell a note quickly after buying the note on folio. I do not have this issue when I am trying to sell a note that I bought upon issuance from the main Lending Club site.

For some reason, when you are trying to sell a note bought on folio, it will not show up in browse notes until after a payment is made on the note (or scheduled to be made). This is a real bummer because part of my strategy in the past is to buy grace period notes and 16-30 days late notes, and turn around and sell them quickly on folio. This is not possible if the note you are selling is not showing up in "browse notes".

Right now I am just buying and selling current notes and notes 31-120 days late.

Dark Vulture

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: December 22, 2015, 06:48:12 PM »
Update:

In folioFN, I am able to buy and turn around and list loans for sale again where they appear in "browse notes". I do not know what LC did to fix it, but I am again active in the secondary market.  8)

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: December 14, 2015, 01:57:40 PM »
I have sent another inquiry to LC (last response was on 12/4/2015). My folioFN loans are now able to be listed in browse notes, but this is only after they went through a pay cycle (where none of the loans were paid). I asked LC the question if the loans bought on folioFN can only be relisted in "browse notes" only after a payment cycle has past?

Right now, I am not buying anything on folioFN unless I plan to hold it through a pay cycle. I have noticed that grace period notes and 16-30 days late notes have a lot more discount than usual.

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: December 04, 2015, 09:14:15 PM »
Latest update from LC:

Thank for your patience with us during this technical issue.


I have forwarded this issue to our engineering team and they have actively been working on it from the day you brought the issue to my attention. I have followed up and they are still working on the issue and have informed me that any updates will be directed to me immediately to be relayed back to you. Sorry for the inconvenience and understanding.


We hope this is helpful. Please feel free to contact us with any additional questions.


Best Regards,
Samuel


In other words, they don't know!

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: December 03, 2015, 03:58:25 PM »
I actually had bought two more loans in addition to the ones I have mentioned before (thus one current, three 16-30 days late in total). The three 16-30 days late has fallen to 31-120 days late. Stupid me wanted to test to see if LC fixed the problem (not!). The one current note is pending and hopefully it will pay and maybe will remove something associated with that file so I can sell the note.

I sent another email to LC to followup. In the meantime, I am not buying any notes on FolioFN. Luckily I am not a whale that buys hundreds (or thousands) of notes on folioFN to resell.

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 25, 2015, 07:17:27 PM »
Just an update (nothing solved yet).

LC (Samuel) sent an email yesterday (11/24/2015) to me stating that he has not received an update on the current problem. He has followed up with the tech team and they are reviewing the issue and will let him know as soon as it is fixed.

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 24, 2015, 01:41:03 PM »
jheizer,

I could not find your note under "browse notes", but I found it in the csv file being listed at $5.49. It appears you have the same problem as me. :-[

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 24, 2015, 01:11:51 PM »
Just to keep people informed.

I sent a follow-up email yesterday (11/23/2015) inquiring LC of the status of the problem. They have not responded back yet. The last response they gave to me was on (11/19/2015). Since jheizer also has this problem, my problem is not isolated. This could be a bigger problem that affects investors who buy and sell regularly on folioFN.


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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 19, 2015, 08:04:30 PM »
Here is an update.

LC actually responded to my email, well Samuel did (not Stephanie). He wrote that he escalated this problem to their technical team as well as to the appropriate department. He will personally reach out to me when he hears any news about this current situation.

Hopefully this will be resolved soon. For now, I am going to stop buying any notes on Folio until I get some answer.

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 17, 2015, 07:21:04 PM »
Yes, that is correct. At least it appears in the spreadsheet, but it is not appearing in the "Browse Notes". 8)

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Foliofn - LC / Re: Problems relisting loans bought on folio
« on: November 17, 2015, 05:56:37 PM »
Never late is unchecked.
Exclude loans I already invested in is unchecked.

Other notes that I am selling that I bought at original issue are listed in "browse notes".

I guess this is what I get for going to the dark side, to be stuck in the black hole!

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