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Messages - Fred93

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1966
Investors - LC / Re: Terribly Slow ACH Transfers
« on: June 17, 2014, 06:20:16 PM »
ACH is an ancient system.  It was designed with no positive acknowledgement.  The person owning the sending account has a long time, sometimes over 30 days, during which he can tell his bank "Cancel that transfer!".  The original idea from the 60s was that you should allow enough time so that the monthly bank statement can be created, mailed, and read by the account owner.  Therefore, moving quickly has risk.  There is risk that a transfer might be cancelled.
http://en.wikipedia.org/wiki/Automated_Clearing_House

It is not the situation that there is just some stupid supplier in the middle.   That would be easy to fix!

A recipient, such as LC, has to make a business decision.  How long do they wait until they let a person use the funds?  LC has made the decision to wait 4 days.

Early in Prosper's existence, I was a Prosper investor, and there was discussion back then about ideas for speeding this up.  One idea was that perhaps if an investor had done several successful ACH transfers, and/or was a Prosper investor for some period of time, that Prosper's computer might be set up to trust them more, and allow them to use the money they transfer in more quickly.  I still think that's a reasonable idea.  Money from borrowers on the other hand... I'm not sure if you can ever trust them, as a significant fraction of them have failed payments, default, etc.


1967
Investors - LC / Re: Loan Information Asymmetrical Timing
« on: June 17, 2014, 02:29:00 PM »
Looks like the CSV delay is permanent (from Lending Club support):

Thank you for your email and interest in Lending Club. If you are using an API that gets loan information from the "Download All" in our Browse Notes tab, there is a small delay. The "Download All" information is updated once per minute rather than continuously. This is a permanent feature to allow equal access to the platform for all investors.

Keep in mind you just got a form leter response from a low level employee.  This has to be escalated.  There are obviously some people in the middle who don't understand, and need to be educated.

1968
Investors - LC / Re: Account Summary page hanging
« on: June 13, 2014, 10:38:43 PM »
Ah... the Friday night code change.

1969
Investors - LC / Re: New URL for Browsenotes Download
« on: June 11, 2014, 03:44:44 PM »
Peer Lending Server appears to not be working today.  LC's API is a disaster.  I feel for people who are trying to program around it.

Indeed.  I've done some of the work required to interface to LC's API, and this has made me aware of many missing pieces, difficulties, etc.  I thought I had worked around them all, but the constant changes which break implementations are frankly ridiculous.  If they don't want people to screen scrape, they should add the appropriate functions into the API so people won't be forced to screen scrape.  If they don't want people to poll, they should provide mechanisms allowing people to operate without polling.  If ...

1970
I could not figure out why browseNotes.csv was downloaded in 3 seconds in a few seconds ago then it took 20+ seconds to download the file.

I've noticed the same thing when using the equivalent API function.  Often I get the available loans in 1 second, or 2 or 3, but occasionally it takes 15 to 20 seconds. 

1971
General P2P Lending Discussion / LendingHome.com
« on: June 07, 2014, 11:38:37 PM »
Saw a guy from this company speak at Lendit, so I created an account at their web site to learn about them.  Can't get the account to work, and can't get a password reset.

Are they real?

1972
Investors - LC / Re: New Lender Question
« on: June 07, 2014, 11:36:43 PM »
I've used LendingRobot some.  It worked very well.  I do not consider it worth the fee however.

I'm presently using PeerLendingServer, which is free.

1973
Investors - LC / Re: Daily time of payment credits
« on: June 05, 2014, 04:37:18 PM »
I haven't tried to figure out their exact behavior.  Seems to be late in the day. 

1974
Investors - LC / Re: LC filters don't work--temporarily?
« on: June 02, 2014, 05:51:08 PM »
My LC customer service rep writes today: "We are aware of the filter issue which is affecting the number of notes that you might see on the Browse Notes page.  We are currently working on a resolution.  Thank you for reporting it. I will let you know if I receive any updates."

Exact words they sent me!  Copy & paste!

1975
Investors - LC / Re: LC filters don't work--temporarily?
« on: May 31, 2014, 06:48:45 AM »
The filters were definitely wonky when I logged in this morning.  They'd get into a mode where the page would only show me a small fraction of the loans I knew were there, even tho I repeatedly tried to zero out the filters.  Refresh would sometimes show different numbers of loans.  It seems to be quite broken.

1976
Foliofn - LC / Re: How will the IPO effect the secondary market?
« on: May 29, 2014, 11:14:50 PM »
How do you think the IPO will effect the secondary market for loans?

It will increase.  Most humans have still not heard of Lendingclub.  The increased publicity will increase volume.

1977
Investors - LC / Re: Payment History File
« on: May 28, 2014, 04:47:03 PM »
I suppose once first payment date is set, every subsequent one should be one month apart and there is no more flexibility for borrowers, right?

Well, ideally, but of course some payments can and do come in early and some late.

1978
Investors - P / Re: Prosper 1.0 Settlement
« on: May 25, 2014, 08:27:10 PM »
But, according to the settlement, they only have 10 days to make the first installment.

I'm suspecting that doesn't mean the money has to make it all the way to the class members' mailboxes within the 10 days.  I'm betting Prosper met the payment deadline by wiring money to some trust account and the lawyers are getting ready any day now to negotiate a contract with some disbursement contractor to send us checks.

PS: The court's docket isn't visible today.  Web site says "Enterprise Server Not Found" !  Not the first time I've seen funny error messages instead of the docket.  That court could use a couple more IT guys.

1979
What did LC do?  "Pardon him" from paying?

3/20/14 (Thursday)    Borrower completed all payments for the negotiated settlement amount and will not be making additional payments

Please ask LC for an explanation, and post here what they say. 

Looking at the sequence of events, it appears that LC engaged an external collection agency on 10/16/13, when the loan was not quite 60 days in arrears.  I didn't know they went external so early.  Judging from the log entry about a negotiated settlement, it sounds like the external agency made a "deal".  I thought such deals were only done after default.  If this is right, was the external agency authorized to negotiate a settlement? 

1980
Investors - P / Re: Prosper 1.0 Settlement
« on: May 24, 2014, 04:09:57 PM »
The judge's final order approving the settlement was only entered April 16, 2014.  At the speed of legal stuff, that's just a few seconds ago.

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