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Messages - Fred93

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1966
I have no idea why you are having this problem.  However, I can tell you that I am using PLS without this difficulty.

One speculation is that perhaps this is because I am using the API and you are not.  That might give you a clue how to work around the problem.  However, this is idle speculation.

1967
Investors - LC / Re: when first payment is due
« on: March 11, 2014, 01:53:42 PM »
I  got an answer from Lendingclub this morning
Quote
Thanks for your question.  Generally, the borrower's first payment is due 30 days after issuance.  It looks like the borrower in your example requested a different payment date, which can be done although it is not the norm. Since interest accrues monthly on the borrower's loan, the interest for this payment does not change.  We are working on a way to calculate interest daily but currently the system is set up to calculate monthly interest.

1968
@Fred93 tell me more about how to use PLS API? Don't I have to have my account API enabled at LC? Is there something I need to do at LC to enable my account?

You ask LC to enable the API.  They ask you to sign a form.  They turn it on.  Not very exciting really.

Quote
What are the pros and cons of an API account? Always heard able it, but never found enough data on how, what where and why I should have my accounts API enabled.

Should be more reliable and faster. 

API is an interface designed for computer-to-computer communication.  The web site, on the other hand, is designed for human interaction, and although you can misuse it for computer-to-computer communication, it would be expected to be slower and less reliable than it could be.  For example they make changes to the web page at their whim without informing anyone in advance.  Humans adapt, but computers have more trouble.

I don't know of any cons. 

1969
PLS can use API if you tell it to.

1970
Investors - LC / when first payment is due
« on: March 10, 2014, 03:45:46 AM »
Seems like this should be obvious, but apparently it is not.

I would expect that the first payment should be due one month after the loan issues.  For my old notes, this is correct.  For some of my recent notes, it is also correct. 

But... for some recent notes, there seems to be about an EXTRA TWO WEEKS in there, ie something like 6 weeks from issue to first payment.  I've attached a capture showing a note that issued on 3/5/14 with first payment due 4/20/14.

Has this been going on for a long time?  Have I just been oblivious?  Is this for real, or a bug, or what?

1971
Investors - LC / Re: Taxes - a sanity check
« on: March 10, 2014, 01:37:24 AM »
What I don't understand is why P2P notes would be treated differently than any other bond.  ... Interest on bonds is taxed on a cash basis, discounts are OID income spread over the term of the bond and premiums are amortized over the life of the bond.  Why the accrual accounting at LC?

The LC notes make contingent payments.  (They only pay you if the borrower pays on his loan.)  The IRS says contingent bond payments are treated as OID.   

Don't blame me.  I didn't make the rule.

1972
General P2P Lending Discussion / Re: Status on Peerform
« on: March 06, 2014, 04:09:29 PM »
Got a note from peerform this morning saying they got my stock broker's letter, and please call to discuss "next steps".  When I called, they wanted to discuss me transferring money into my account.

I explained that nowhere in the world would I put money in before seeing what you have to offer.  After a long discussion about this point, I now have access to the web site, and can see the loans offered.

There are 6 loans.  Five of them are for $5000 and one is for $4000.  On a positive note, they name the borrower's employer explicitly, and the city as well as state.  The loans have descriptions.  These are things that long ago disappeared from LC & Prosper.  They do list a "credit score range" but I do not see any of the credit report detail fields, such as inquiries, lates, public records, etc on which we have come to depend on other platforms.

They say a marketing push will occur about 2 weeks from now at which point there will be more loans.  They've told me that they were funding the loans themselves until recently, to test out their underwriting etc.  That sounds good, but I don't see any statistics or other information I could use to understand how well they're doing at said underwriting.

So, not much to see at this point.

1973
General P2P Lending Discussion / Re: Status on Peerform
« on: March 06, 2014, 03:03:52 AM »
Why not just throw in your credit card numbers, CVV codes, bank account numbers, mother's maiden name, and your birth certificate?

We're not done yet.  For all I know those things are coming next.

1974
General P2P Lending Discussion / Re: Status on Peerform
« on: March 06, 2014, 02:44:51 AM »
I'm still somewhere "in the process" of opening my peerform account.

First I filled out basic info, name, address, etc.

Then I filled out a questionnaire regarding my status as an accredited investor. 

Discovered that they won't let me browse loans 'til I go farther.

I entered my bank account info, and began the several day wait for the little transaction to appear.

Then I got form letter email that asked me to PROVE what I said in that questionnaire.

This is unusual.  I've invested in stuff that had the "accredited investor" restriction before, and every time, folks have accepted my statement that I met the criteria.  Peerform, on the other hand, wants me to prove it.  Look at what they said in the email...

Quote
Thank you for your interest in Peerform, Inc.

In order to verify your accredited investor status, kindly provide ONE of the following documentations.

Income: Forms W-2 or 1099 provided by an employer or other third party payor, or Forms 1040 filed by you (first 3 pages only) for the two most recent years.  If accredited investor status is based on joint income with your spouse, respective documentations must be provided by you and your spouse

Net Worth: Bank or brokerage statement or third-party reports to verify the assets and a credit report to verify liabilities, dated within the prior three months.  In absence of a credit report, a written representation of all liabilities and that all liabilities have been disclosed.  If accredited investor status is based on joint net worth with your spouse, the asset and liability documentation and representation must be provided by you and your spouse.

Third Parties: A written confirmation from a registered broker-dealer, an SEC registered investment adviser, a licensed attorney or a certified public accountant that you are an accredited investor and has taken reasonable steps to verify that you are an accredited investor within the prior three months.   
We look forward to working with you as an investor on Peerform.

Wow.  Two years of tax return?  One year isn't enough?  They want brokerage statements AND a credit report!  Brokerage statements alone aren't enough.  And ... Isn't it just incredibly strange that they ask ME to send a copy of my own credit report?  They could have pulled one themselves.  And remember I'm applying to be a LENDER, not a borrower.

I'm astounded.  I didn't feel like sending them all that stuff, so I asked my broker to send them a letter (option #3).  That will take several more days.  The broker had to get his legal department's ok, so it went into the mail today.

Meanwhile the cents appeared in my bank account, and I was able to go back to peerform and enter the number, thus verifying my bank account.  But that isn't enough.  They still won't let me browse loans.  I guess they're gonna wait 'til they get that broker letter to make damn sure I'm an accredited investor before they let me see anything.

I could understand making me wait for this stuff before I invest, but making me go thru all these steps just to be able to see what is on their web site... That's nuts.

I can't imagine that a large number of people have put up with all this nonsense without seeing anything about what they have to offer.  (LC & Prosper let you browse notes without even opening an account.)  These guys just don't look like people who actually want to do business.

1975
Peer Lending Server / Re: Which loans does PLS select?
« on: March 04, 2014, 04:35:34 AM »
Woo hoo!  I figured out the answer.

On the "lending club configuration" dialog, "options" tab, there are two parameters titled "order by field" and "sort order".  The help text for these say that they "set the priority of notes that will be added to an order".

I would actually prefer a "random" option.  I would like to select uniformly from the space defined by my filter.  If we sort on any field and prioritize by that field, this biases the filter. 

1976
Peer Lending Server / Which loans does PLS select?
« on: March 03, 2014, 09:33:05 PM »
I run PLS with the maximum number of loans per order set to 25.  My filter selects more than 25 loans typically when it runs, and (somehow) PLS chooses 25 of these to purchase.

How is PLS selecting these 25?

The results don't look random to me.  Seems like there might be something designed into the software which I don't understand.

1977
General P2P Lending Discussion / Re: Status on Peerform
« on: March 03, 2014, 04:19:33 AM »
I wanted to see the number and quality of the loans peerform offered, amount loaned so far, statistics, but one has to create an account, verify a bank account, etc, to see anything except generalities.   Can't browse until you've verified a bank account!  Yipes.  So I started the process.

I'd like to see another competitor to LC and Prosper, but these guys have been around for several years now, and have generated almost zero publicity, and borrower flow comes from brand awareness which comes from publicity. 

So I'm thinking they must still be very small.

1978
Peer Lending Server / "only run lendingclub filters" ???
« on: March 02, 2014, 11:34:20 PM »
On the "schedule service" dialog box, there's an option labelled "only run lendingclub filters".  I don't know what that means.  The english is ambiguous.

Does it mean only run "lendingclub" filters as opposed to some other filters?

Does it mean only run "lendingclub filters" (which is all the filters there are at this point) and do not do some other stuff which it doesn't explicitly mention, and I have no idea what that might be?

What happens when I turn this on?   I don't understand the implcations of not doing whatever this turns off.

1979
Peer Lending Server / Filter Analytics "show filters" button
« on: March 01, 2014, 05:38:09 PM »
On the Filter Analytics page, I push the "show filters" button, and nothing useful seems to happen. 

I do see some words go by in the upper right hand corner of the window, indicating that some calculations are taking place, but none of the displayed data changes.

What am I doing wrong?

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