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Messages - bkcarp00

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Yah a bank account that I can't transfer any money into! So useful!!!! Thanks for all the years lendingclub!

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It's going to be not even worth your time. Most likely less than .50.

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Investors - LC / Re: RIP Lendingclub Notes
« on: October 07, 2020, 11:37:53 AM »
And what will that yield be? That's conspicuously missing from the email. Perhaps 0.05% instead of 0.01%? Oh joy.

Given that Radius Bank currently offers only .25% on their high yield savings account. I'll bet they give us an extra .10% as our thank you gift for the years we stayed invested in notes. Lucky us! :D

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Investors - LC / Re: RIP Lendingclub Notes
« on: October 07, 2020, 11:28:02 AM »
Really this is the end of the original lendingclub model and transformation into a totally new company.

Oh, I don't know about that.  They have been bending over the little guy and giving him the shaft since the very beginning.  This is just the money shot.

I supposed you could say the original peer-to-peer lendingclub died when they took away the communication between lender/borrowers and started significantly limiting loans available to the retail platform. There were a few years there in the beginning when it was really only the retail peer-to-peer lending model. Obviously when all these banks/institutional investors started coming in and buying all the good loans was when they gave up on the small retail investor.

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Investors - LC / Re: RIP Lendingclub Notes
« on: October 07, 2020, 11:06:10 AM »
Sounds like they are basically giving up on the whole "peer-to-peer lending" model and turn into a Wealthfront/Robinhood/Betterment type of company but with an actual bank charter. They will probably keep some lending in place but it will only be for the other big banks/companies/funds that buy the whole loan instead of little pieces. Really this is the end of the original lendingclub model and transformation into a totally new company. Only problem is they are years behind those other companies so it's going to be a hard hill to climb to transform from a peer-to-peer lending company into a totally different model with more competition.

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Investors - LC / Re: Folio is closed, how'd you do?
« on: August 28, 2020, 11:47:23 AM »
I sold off pretty much the rest of my account. Down to the last 1,400 that no one wanted to buy even at a good discount. Guess I'll have to remember to login once a month to withdraw my $10.

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Foliofn - LC / Re: Folio ending August 28th.
« on: August 27, 2020, 01:23:29 AM »
I don't think they care. I left my account dormant for 2-3 years before investing any new money.

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Foliofn - LC / Folio ending August 28th.
« on: August 06, 2020, 08:06:54 PM »
Official email today Folio investing will be discontinued on August 28th. Very bad news for anyone that uses folio to buy/sale. I've sold off around ~160K over the last year to liquidate my account. so happy I was able to get out while I had the chance.

"An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability."

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Investors - LC / Folio ending August 28th.
« on: August 06, 2020, 07:18:44 PM »
Official email today Folio investing will be discontinued on August 28th. Very bad news for anyone that uses folio to buy/sale. I've sold off around ~160K over the last year to liquidate my account. so happy I was able to get out while I had the chance.

"An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability."

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Investors - LC / Re: LC Securities Litigation Class Action Settlement
« on: September 19, 2019, 08:59:02 AM »
I got around the same amount. Hey at least we got something back. Its unfortunate the people that actually did the crime simply left the company and started a new company in the same industry. I doubt any of the settlement actually came from the people responsible for causing it.

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Investors - LC / Re: Lending Club Portfolio Score
« on: February 12, 2018, 07:13:30 PM »
Got it. 45.1.

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Investors - LC / Re: Develop Loan-Picking Algorithm
« on: October 04, 2017, 12:34:07 PM »
Hi - Some responses to your different Areas. Interested in reading more.

Area 1:
Some areas to cover would be:
- LC steadily downgrades it's "solid" return which can be earned - indicating a downturn in potential profitability for investors?
     - Yes I am concerned with the lowering of the expected return each month. I only focus on my own returns, and based on changes lendingclub is implementing I hope that the return rate will stabilize soon and lead to more higher quality loans.
- Is it a problem that institutional investors pick "cherry loans" within seconds - leaving only shitty loans?
     - No. I don't concern myself with that institutional investors are investing. I don't consider any loans as "shitty". Every loan has a purpose and place depending on an investors level of risk.
- Do you see LC as an attractive place to invest and why or why not?
     - Yes. My return is still far above what I could receive in a savings account. I use lendingclub as a holding place for cash that I am going to at eventually deploy into a different investment. I don't expect super high returns from placing money in lendingclub.
- What is a topic that you would like to get examined?
      - What are the biggest factors of defaulted loans that could be used to predict future defaults on current loans. Is there any single set of factors that are unique across charged-off/defaulted loans. How do you predict when a loan is nearing default based on collection/notes from customer service that is placed on the loan.
- Do you think P2P lending can continue to offer lower rates for borrowers (compared to bank loans) and higer rates for investors or will regulation drive will change the game?
      - Yes as long as there is capital willing to invest they will be able to maintain lower rates. I'm not concerned about new regulations at least in the short term. The current administration has made it clear they are removing regulations so I don't worry about any new ones being added at this point.


Area 2:

Especially:
- How would you set up your model development?
- Are there some variables that are your smoking gun predictors?
      -I look at Credit Score, Past Defaults, debt to income ratio, total income, and loans less than $25,000 total.

- Since it was stated that the default rate is different over vintages, a predictive model should not be developed on all data, to predict the future - instead, one should develop the model on data spanning over eg. the last year to predict the defaults over the next (ignoring what happened before)?
      - Could be a good idea. Maybe look at when lendingclub changes their credit rates/model and use that to identify trends. Go back perhaps 2-3 years. Is data from 10+ years ago when lendingclub was starting still applicable to current day loans?
 
- Is it advisable to perform predictions separate for each loan class? - Maybe. Every loan class seems to work in different unique ways.

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Investors - LC / Re: Description of Payment History File
« on: October 04, 2017, 12:12:11 PM »
Look at the Data Dictionary. It list all the columns and details of what they mean.

https://www.lendingclub.com/info/download-data.action

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Investors - LC / Re: So, let's talk liquidation strategies….
« on: October 04, 2017, 12:08:29 PM »
When you list on folio you can markup all your loans at once. Just select them all and at the top of the column hit the + next to the markup until you get to the % that you want to markup. You can use that to markup all your loans so you don't have to do them one at a time. You can also use that when you reprice as well.

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.

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