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Messages - yojoakak

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Foliofn - LC / Re: Getting Shafted Buying Notes?
« on: February 26, 2017, 09:04:54 AM »

Investors - LC / Re: a view of LC's deteriorating investor returns
« on: February 20, 2017, 09:42:14 PM »
I don't remember where I got this chart.  Might have been from an Equifax publication.

Google Image Search suggests this:

"Household debt in the U.S. totals a staggering $12.58 trillion, a level not seen since 2008, according to the New York Federal Reserve's quarterly report released Thursday.

The figure represents a $226 billion increase in household debt for the fourth quarter, the largest quarterly increase since 2013.

The ballooning debt figure is attributed mostly to rising reliance on home and auto loans, the report said. Credit card debt and student loans also played a part."

Investors - LC / Re: Reference
« on: January 13, 2017, 02:41:05 PM »
Maybe LC should call a friend or any non relative that knows the borrower and ask if they think the person is credit worthy....

That's the "Social" part of "Social Lending."

LendingClub dropped pretty much every mention of "Social" from their business plan years ago. I don't see them going back to such a system anytime soon.

Foliofn - LC / Re: Odd FICO trend
« on: January 11, 2017, 04:03:53 PM »
Nice find. I can't imagine where the 499 came from.

EDIT (for anyone just joining this thread): fliphusker points out below that the FICO data for this loan stopped being updated a year ago (Dec 2015) and somehow NSR interprets that as a 499 FICO score. That's it.

Investors - LC / Re: How long before a loan gets charged off?
« on: December 31, 2016, 02:08:31 PM »
If you have Charged Off notes, there's always a chance money will come in from collections. I'm not sure I'd rush to close my account.

Off Topic / Re: Cash Parking
« on: December 12, 2016, 02:34:20 PM »
local bank advertising 5.5% rate on 12-18 month CD's.

Good times, good times.

Foliofn - LC / Re: Sell note in one account, buy in another?
« on: December 11, 2016, 04:22:29 PM »
Search the forum. It's been covered many times.

Investors - LC / Re: LC prepayments rising
« on: November 15, 2016, 05:02:48 PM »
Doesn't the borrower have to give LC a significant amount of money up front in origination fees (withheld from $ placed into their account)?
How can they just give that money away and come out ahead with another lender?
That implies the second loan they get is enough to pay off entire principal, not just the amount they received from LC.
Then the APR from the second lender must be low enough to pay all that and the borrower wind up with a lower monthly payment.
Nah; I wouldn't be surprised there's some scam here and it's growing. Just not devious enough to figure it out yet.

Origniation fees  are 1% to 5% on A loans, and 5% to 6% on B-G loans. The rate on a new loan would have to be pretty low to make it worthwhile.

Investors - LC / Re: New President - What does that mean for FinTech?
« on: November 10, 2016, 01:37:33 PM »
I am not sure of Trump's position on cryptography though or if he has one at all.

"I have a son—he's 10 years old. He has computers. He is so good with these computers. It's unbelievable."

Investors - LC / Re: Service fees in first year
« on: November 07, 2016, 08:50:14 PM »
Is this what he means? If so he's definitely confused.

"Beginning in Q4 2014, we will limit the size of the service fee charged to an investor during the first 12 months after a Note is issued in order to protect investor returns in the event of a prepayment.  For those 12 months, an investor will never pay a service fee greater than 1% of the contractual monthly payment amount."

He should post a link directly to the note so we have a better idea of what he's trying to say.

Is this a recent change? What's the point?

For example,

"Outstanding Principal   $0.00"

But right above it, it says:

"Remaining Payments (24)   $18.07"

and in the Payment History:

"Principal Balance $17.10"

Also, if you look at the same loan in Foliofn, it shows the amount:

"Outstanding Principal   $17.10"

Investors - LC / Re: End of Month bulk Charge Off pattern: Why?
« on: November 01, 2016, 03:49:12 PM »
Also, it seems that the bulk charge off catches loans that are not in default status but ranges even into 16-30 days late...pretty frustrating in estimating returns and CF...

Last time I checked, no one really knows how LendingClub calculates how many days "late" a loan is. But the good news is if the borrower continues to make payments, they'll show up as Recoveries.

I've made like 6 withdrawals over the past 3 days.  Working fine for me

Twice a day? What's the hurry?

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