Topics

1

Foliofn - LC / Invalid note listing with scheduled payment is on the next business day

« on: April 27, 2020, 12:37:25 PM »

I am seeing quite a few invalid note listings on FolioFn recently. Some seller lists them with high discount (like 20% off for a note in the status of NeverLate/Current/DOWN). However, I think these listings are invalid because their scheduled payment is on the next business day with two possible outcomes:

 1. If the scheduled payment is successfully on the next biz day, the note sale will get cancelled by LC (so, the seller still owns these good notes)
 2. If there is no scheduled payment on the next biz day, the note sale is successful and the borrower get these bad notes (which are no longer "Never Late")

Does anyone see this being an issue or see any other caveats that I have missed here?
 

2

Foliofn - LC / How could a note with pending payment be listed on FolioFn?

« on: October 04, 2018, 11:16:22 PM »

I find the following note on FolioFn today (10/4). See the snapshot below for details. It has a pending payment (due on 10/2), and I think it is prohibited to list such a note on foliofn. Does anybody know how this could happen? And, what will happen if I buy this note today and the payment becomes late in a few days?

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=76415184&order_id=109645784&note_id=125132885

3

Foliofn - LC / Folio API error?

« on: September 22, 2018, 07:28:54 PM »

I started seeing the following error messages yesterday

 > Code 503; Text: Error submitting trade order

It happens when I try submitting a BUY order. Does anyone meet the same issue and have any idea about it?

4

Investing - General (not P2P) / Any US-Based P2P platform provides secondary martket?

« on: April 13, 2018, 12:45:00 PM »

Other than LendingClub, is there any US-Based P2P platform that provides secondary martket?

I see quite a few EU-based platforms (various p2p lending, e.g., for personal lending, business lending and real estate). Just wondering if there is anything like lending club's foliofn. It will make me feel comfortable to make some long-term investment with an liquidation option available.

5

General Discussion / Notes are not secured by Peerstreet?

« on: March 04, 2018, 12:16:42 PM »

Peerstreet's FAQ @ https://info.peerstreet.com/faqs/are-the-notes-issued-by-peerstreet-secured/

“No, the Notes issued through the platform are not secured. The loan underlying each Note issuance, however, is secured by the underlying real estate.”

How to understand its consequence in bad situations (e.g., borrowers failed to pay and peerstreet goes out of business)?

6

Investors - LC / Withdraw some funds from Lending Club IRA account

« on: July 22, 2017, 10:12:05 AM »

I am planning to withdraw some fund from one of my lending club IRA accounts, move them to Self Directed IRA, and then to my IRA account in Vanguard. However, I saw the following note on Lending Club website - its "withdraw fund" page:

"Please note: you may incur an early withdrawal tax and/or penalty on withdrawals. Please consult your tax adviser or visit the IRS's FAQ section on IRAs."

I don't know why they show a note like this, because I only transfer funds between IRA accounts (from lending club to Self Directed IRA). Also, I am curious about how to further transfer funds from SelfDirected IRA to vanguard - I didn't find any info when searching its website, and wonder if I can simply request Vanguard to start the transfer process.

Did anyone ever successfully transferr funds from lending club IRA to external IRA?

7

Foliofn - LC / API for repricing notes on secondary market

« on: November 18, 2016, 07:46:06 PM »

I requested a PDF doc about selling and buying on secondary market via API v1.1 a long time back. Does anyone know if it provides a function to reprice notes before they expire?

8

Investors - LC / Is the FolioFn site down this time?

« on: June 30, 2016, 11:58:37 PM »

I am seeing the following message this time. The foliofn website worked well in the past and my application was approved a long time back.

> Trading Member Application Rejected
> Unfortunately, your trading member application was not approved. This may be due to FOLIOfn's inability to verify your identity.
> If you think this is a mistake, please call FOLIOfn's help line: 1-888-663-7015 or email us at support@investments.foliofn.com

Called the 888 number and was told to call back during day time tomorrow.
Am I the only one who see this message?

9

Investors - LC / Is the foliofn website down?

« on: May 10, 2016, 11:35:09 PM »

I am consistently redirected to the lendingclub.com homepage, when I clicked the "Trading Account". In other words, I am not able to access https://www.lendingclub.com/foliofn/tradingAccount.action.

Am I the only one who experience this problem?

10

Investors - LC / Can LC income be treated as self-employment income?

« on: April 08, 2016, 11:35:22 AM »

One question pops up when I prepare my tax return this year:

Context: I am glad that the interest on 1099-OID and a little capital gain from folio trading on 1099-B are not treated as self-employment income and therefore no need of self-employment tax.

Question: What if I don't care much about the self-employment tax and, instead, want to contribute some LC income to a SEP-IRA or solo-401k? Is this legit and doable? This might be a naive question from tax perspective; however I couldn't get a clear answer from the Internet. Wonder if anyone have done more research here. Thanks.



Sent from my iPhone using Tapatalk

11

Foliofn - LC / Does foliofn hide some highly discounted notes

« on: November 23, 2014, 04:04:36 PM »

I found a note (11950629) on IR that was deeply discounted but I couldn't find it after searching the foliofn website (I removed all filters). However, if I use the link below, I see it is indeed listed on foliofn. I wonder why this happened (is it because the yield to maturity is too high to be calculated? so, the foliofn doesn't return results when I searched for it?) In fact, after I removed all filters, it says 183,884 of 184,003 notes are returned. I wonder why these two numbers don't match. Does Foliofn hide some notes from being viewed by users to their website?

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=1409876&order_id=2993408&note_id=11950629
Principal + Interest   $9.01
Accrued Interest   $0.31
Asking Price   $0.29
Markup/Discount   (96.78%)
Yield to Maturity   �

12

Foliofn - LC / Did Folio recently change the command to reprice notes?

« on: May 02, 2014, 03:03:30 AM »

Hi, I use an online Python script to reprice notes. I worked well in the past but showed an error message of "You have not selected any Note(s) to reprice". It seems because the following command doesn't work any more

https://www.lendingclub.com/foliofn/selectNotesToReprice.action?&canceled_loans=12345,23455  (the two numbers are loan_id and order_id).

I tried reading the source code of the html page but am not so advanced to find a solution. Can anyone help?

13

Investors - LC / Is LC messing up payment history of this note?

« on: January 13, 2014, 02:44:22 AM »

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6645087&order_id=12794022&note_id=2858770

Why does this note (issued in Aug 2013) have a payment history back to Dec 2010? And why does the payment plan shows a due date of 1/8/99 (is it 2099, the last year of 21st century)?

14

Foliofn - LC / Notes don't show up on FolioFn when I list them at 95% discount

« on: December 27, 2013, 06:04:39 PM »

I listed a few notes at a 95% discount, as they have been nearly three-month late. However, they don't show up on FolioFn even after one day. Does anyone know why this happened?

In fact, I am surprised that there are only three notes on FolioFn with a 93%+ discount and none is more than 94% discount. I remember there were many notes with higher discount before.

Joe

15

Interest Radar / Note not listed for sale

« on: November 21, 2013, 09:55:16 PM »

Hi Rev,  I received the email of "Interest Radar listed your notes for sale" but the notes are not actually listed. Is this because any change on the Folio website?

I wonder if it is just me who observed this problem. Anyone else?

Jingqiao