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Messages - dbailey75

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1
Investors - LC / Re: LendingClub is missing a couple of my notes
« on: July 10, 2018, 12:28:26 PM »
loans issues, found out to be fraudulent seem to disappear. 

I have a "Credit for ineligible Loan ID 358566" of $0, but this loan ID is not listed on my account.

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Investors - LC / Re: So, let's talk liquidation strategies….
« on: October 04, 2017, 12:50:05 PM »
I guess your strategy is worth a try. I find people rarely buy my loans that are marked up more than 2%. Let us know how it goes.

I second this, while there's always a chance you'd sell something, I have several never lates/current loans that i've been lucky to sell at +1%, but most were -1%.

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Investors - LC / Re: Anyone selling Florida loans?
« on: September 05, 2017, 01:31:30 PM »
I'm fairly certain I've excluded FL in general, I believe it was mentioned a couple years ago, that FL as state had a higher than average default rate. I don't recall.

Yep, just have 10 active loans in FL, origination dating back to 2015. 

4
Investors - LC / Re: Question about payments
« on: September 01, 2017, 01:27:22 PM »
You get paid roughly when lending club gets paid, note payments take 3-4 business days to process once received by lending club before they hit your account. Payments hit around 9:50 EST every business day, assuming you have payments that day

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Investors - LC / Re: Selling Houston loans
« on: August 31, 2017, 08:30:55 PM »
thanks for the heads up,  you know I had 34 loans in those zips, and every single active note is current. Hate to sell them, but you don't know who got hit and how didn't

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Investors - LC / Re: Lending Club Collection Actions
« on: May 17, 2017, 12:13:31 PM »
I have an interesting C and D.

What was the final disposition of this note? I have a note with a "settled amount" in the collection log now, as well:

Quote
5/12/17 (Friday)    Payment Solutions specialist contacted 3rd party and 3rd party agreed to pay a settled amount
5/12/17 (Friday)    3rd party contacted Payment Solutions specialist and was unable to pay at this time
5/10/17 (Wednesday)    Borrower requested that Lending Club cease and desist all communications
5/10/17 (Wednesday)    3rd party contacted Payment Solutions specialist and was unable to pay at this time

I'm curious what bucket this falls in. Would it still be a charge-off, even though a settlement was reached?

Going back to look at this note,  Loan id: 69513508, doesn't look like the settlement amount was ever paid, a payment was posted 12/9 that was a 1/3 of the regular monthly payment, loan charged off January.

7
nope, got at least 15 loans getting charged off starting this month going into April,  most stopped making payments at 10-14 months, right on time.

This is out of 645ish active loans.



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Investors - LC / Re: Deadbeats
« on: March 01, 2017, 12:40:20 PM »
I've actually had quite a flurry of those, 0-4 payments and then bankruptcy and it was across all credit grades.

It was funny, I said the word 'deadbeats' in an email to lending club (this was maybe 3.5-4 years ago) and the guy totally flipped out, insisting that I not call them that because LC doesn't pass through any "deadbeats".

maybe criminals or fraudsters is a more appropriate term. 

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Investors - LC / Re: This is new to me on collection log
« on: February 14, 2017, 09:57:53 PM »
I think I can write off this 16-30 day late note.  Maybe I can slip it by onto one of the auto buy guys on FOLIO. 
2/7/17 (Tuesday)    Payment Solutions specialist seeking to locate borrower using alternative means (skip trace)

I haven't seen that one in a while, but I think that's collections lingo for "borrower skipped town" and they are calling next of kin.  Question, have they made any payments at all?

10
Investors - LC / Re: Worst Month Yet
« on: February 03, 2017, 12:24:57 PM »
If they are forgetting to log when they contact the borrower, then that is a bigger problem altogether, and a failure of internal controls and compliance on LC's part. I've had several notes I've had to sell because the notes go into grace period and there is no log of contact from the time the payment is due to the supposed settlement date and after that date.  At some point I am going to call customer service to see what is up about that, because from this and logs with multiple calls but no message left is simply frustrating. When I worked at Springleaf, now OneMain, from last June to September all late borrowers got left a message if they didn't answer the phone.
It isn't uncommon in consumer lending to use models to determine which customers should be contacted first. LendingClub may rely on this sort of model to focus collections on where it seems to make the most sense.  But over the years I think we've learned those logs are often inaccurate and miss events that occur.

Sent from my SAMSUNG-SM-G935A using Tapatalk
Core use to post about how bad the logs are. He was convinced there was a secret log. May be useful to find his posts (he was quite the character)

I don't think I'd call it a "secret log", but i'd be will to guess there's an official log that has more than just canned response's, I just like to see that something is being doing, canned responses are fine, If I knew the details of why deadbeats aren't paying, I'm might be inclined to go find them them, ;-) it's better we don't see/know the gritty details.

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Investors - LC / Re: Worst Month Yet
« on: February 01, 2017, 02:51:04 PM »
here's another one, failed payment 12/7, nothing else listed in a call log. Has something changed with LC's call logging or collections process?

I can only guess that they are getting more delinquencies than they have time/staff to follow up on!  :-\

Jenn

If that's the case, we are in some serious trouble.   :o

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Investors - LC / Re: Worst Month Yet
« on: February 01, 2017, 11:07:16 AM »
here's another one, failed payment 12/7, nothing else listed in a call log. Has something changed with LC's call logging or collections process?  Anyone else seeing similar?

Loan id Loan id: 64008463

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Investors - LC / Re: Worst Month Yet
« on: February 01, 2017, 10:21:03 AM »
Here' an interesting charge off, Loan id: 65108282, customer last paid in August, but looking at the call log, LC barely even attempted to collect, I can only assume this was a C&D, but they didn't list it in the call log.  I have another loan similar to this one with limited details in the call log before getting charging it.

And yes, this is one of those where the borrow says, the checks will be mailed and to never be heard from again.

This was not my worst month, still interest positive for now, this tread seemed like the best place post this. 

14
I haven't tired to import the files yet, but I did get receive an email over night saying it was ready, maybe it just went live for Turbo tax.

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Investors - LC / Re: Reference
« on: January 13, 2017, 12:01:42 PM »
I believe 3rd parties or references are already listed on the application, I've seen several notes in the collections logs saying, "spoke to 3rd party blah blah agreed to payment plan".
Maybe some one can confirm if this is the case.

But unless the reference is co-signing on the loan, would you believe them?  They have no skin in the game.


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