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Messages - Joleran

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Investors - LC / Re: What loan purpose to avoid?
« on: February 20, 2017, 03:40:51 PM »
Yikes!  Garbage in-garbage out. I continue to be incredulous at these comments.

So, is your argument that some statistically significant percentage of people lie for some reason (e.g. perception of better rates offered, embarrassment, laziness, etc.), and any categorical differences observed are due to random chance?  Personally, I think most people will be relatively honest, and mistakes in loan categorization will be far more honest errors than malicious intent.

Investors - LC / Re: Worst Month Yet
« on: January 15, 2017, 04:37:24 PM »
EV?? Sorry, what's that?

Expected value, effectively I meant expected final return rate for an average portfolio.

Investors - LC / Re: Worst Month Yet
« on: January 15, 2017, 12:29:28 PM »
I've started cutting back from around $50k to around $25k invested, mostly passively but I think I want to accelerate that slightly now.  I expect LC returns to slowly improve from the last 5 months and stabilize at some point, but it will be lower than the historical returns.  I don't expect any sharp improvement, and I'm very uncertain of the final EV, which is why I'm drawing back.

At any rate, I would note that this is seasonally the time of year for things to go south with late payments and defaults, so the default merely not getting worse for the next few months might indicate a positive trend.

I'm seeing this 100%, getting constant 503s.

LendingClub rejects anyone with a FICO score below 660.

Why do people with such low scores even bother applying?

It's almost like people with low credit scores don't know how to knowledgeably manage their credit!

Investors - LC / Re: Lending Club Cost Basis
« on: February 03, 2015, 09:24:35 PM »
Huh, two revisions so far by LC.  Good thing I didn't try to file as early as possible!

Investors - LC / Lending Club Cost Basis
« on: January 29, 2015, 01:52:44 AM »
Well, the new LC tax forms are out, and Lending Club has added a fun surprise, cost basis is now reported to the IRS, using a method that is in line with LC's traditional high standards for accuracy and reporting.  Also, cost basis has been reported for each individual Folio note transaction, so we can have more fun.

To be fair, it's only like 5 dollars off from my method, but good luck ever trying to figure that out, and it looks like some of the more optimistic methods of calculating cost basis for LC notes are about to be rendered obsolete.

Investors - LC / Re: Monthly FICO Pulls
« on: October 14, 2014, 05:04:20 PM »
Somewhat related:  I'm not sure if the Flash one shows all the pulls.  I seem to recall that it only shows one per month?  LC does many more frequent pulls on some borrowers and these show up in this hidden data.  Of course I would not want to give away too many secrets without remuneration.  Maybe LC has improved the Flash version lately.  I visit the actual site as little as possible.

The Flash version does indeed show all the data points, including multiple pulls in the same month.

Investors - LC / Re: Lending Club contacted 3rd party?
« on: October 10, 2014, 03:54:50 PM »
Could be husband/wife.  I see that a lot on borrower deceased notes.

Foliofn - LC / Re: Automate Note Buying on Folio?
« on: October 02, 2014, 10:20:15 PM »
Regarding the smoking, I don't touch the stuff.

You should start then!  It makes dealing with LC shenanigans much more tolerable.

Investors - LC / Re: Loan Information Asymmetrical Timing
« on: October 02, 2014, 08:18:31 PM »
I don't know why everyone focuses on the IPO so much.  I doubt people will care.  It's not accounting fraud.

The people that care are those who own LC stock.  If there's a reliable metric that gives insider information in an SEC-compliant fashion, this is a big deal.

Investors - LC / Re: Loan Information Asymmetrical Timing
« on: September 28, 2014, 06:28:56 PM »
There's a post in the Lending Club borrower's forum where a borrower states they were fully funded and approved on 9/25 but told they will get their funds on 10/2. More evidence that LC is holding business till next quarter...they must have this quarter's numbers in the bag already.

It will be interesting after the IPO if this behavior will continue - fresh issues throughout the last few days of a quarter could be a strong sell signal.

Foliofn - LC / Re: Automate Note Buying on Folio?
« on: September 27, 2014, 03:22:05 PM »
So I wrote Excel macros to automate the fetching of numbers from the mainframe (no small feat, this was way before TCP was everywhere) and to spit out the charts on the printer.

Out of curiosity, what are you smoking these days?  Lately you seem to be taking your insanity shtick a bit too far. Anyways, TCP was around 20 years before Excel with graphs and macros was created.

Investors - LC / Re: Monthly FICO Pulls
« on: September 27, 2014, 11:35:59 AM »
Are there any statistics regarding FICO drops correlating to defaults?  I'm sure there's a correlation, but there are plenty of notes that drop to ~600 credit scores and dig themselves out over time too.

Investors - LC / Re: When are deadbeats reported to credit agencies
« on: September 17, 2014, 12:22:52 AM »
Just don't mention the word 'deadbeats'.  I had an LC guy get all offended when I used that term regarding people who stop paying on a loan.  :D

I like to refer to them as those "delinquent dick-waffles".

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