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Messages - kib

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16
Investors - LC / Re: Develop Loan-Picking Algorithm
« on: October 16, 2017, 11:53:16 AM »
I'd be interested in knowing why different loans are handled differently in terms of recovery attempts.  I'll have one loan where an attempt is made to contact the borrower just about every day, and then another one that looks similar to my eye where apparently no attempt whatsoever is made for weeks.  Possibly, knowing how a loan would be treated if it went delinquent would contribute to modeling (along with information about which recovery method was most reliable.)  E.g. I would be less likely to invest in loans allowed to go three weeks delinquent without any outreach; I'd like to know which ones those are upfront.

17
Investors - LC / Re: Worst Month Yet
« on: October 16, 2017, 10:49:51 AM »
After being on mental auto pilot for a while I took a look at my own returns and had a small stroke.  I'm sure this has been addressed, but is anyone else flaming mad over LC going public, basically creating a legal mandate for increasing their own profit that trumps profit or even any protection for the people actually taking the risk (us)?  In a nutshell, now they Have to prioritize their own profit by law, and whether they get it from the lenders or the borrowers is irrelevant.  As we can see. 

Basically, stockholders are betting on *US* to go on providing a good return for LC regardless of what the borrowers are doing, as opposed to the earning model in which the borrowers are the ones generating income for the company. We've gone from paying fees to cover the cost of the middleman to "promising" a return for investors who have nothing to do with the social process of P2P lending.  We are providing great stability for lending club's stockholders, at our own cost.  Our profit is at risk from deadbeat borrowers as has always been the case and is the risk we signed up for, but now it also gets tugged at from the other side, from the middleman twiddling with lending standards and - I think - quicker charge-offs, that leave us holding the bag.  As far as I know, we never got the option of opting out when LC decided to exchange our support for borrowers to support for profiteers, other than the arduous and sometimes expensive process of liquidating our loans one by one.  Basically, we got put in chains as far as being beholden to stockholders.

I predicted this decline in anything good for us when LC first went public, and I think the current swamp is at least in good part that chicken coming home to roost.   Good grief and, I think, good riddance already. Arduous and expensive is probably still better than being a patsy.

18
Bump.

How is the Hardship Plan working out for everyone?  I used to lend privately and as I understand it, the hp is the same as I offered some people - the amortization schedule gets pushed down a few months with all the numbers other than date remaining as-is, and in the interim, you go on getting interest.  It actually has benefit for the lender in that the loan generates more interest over its lifespan, assuming of course that the note comes current again after the extension period.  Frankly, I wish they'd offer a longer option and extend to loans with longer delinquencies; I'd rather get a little than nothing at all while paying for collection efforts and imagining frantic depressed borrowers getting hassled as well. 

So,  are your hardship loans coming current or just failing at a later date?    Do you like the option?


19
Investors - LC / Re: Smart Phone App?
« on: October 16, 2015, 12:18:29 AM »
I will be out of contact for 4 weeks, I will need to have transaction capacity.  I've done it with the phone through the standard website before but it's an odious job.

20
Investors - LC / Smart Phone App?
« on: October 15, 2015, 11:31:28 AM »
I will be away for several weeks and the only access to LC I am certain I'll have is thru either my ipad or my android smart phone.  Is there an app for either that's approved by LC?  I see what appear to be third party apps including a new one just posted about, but I don't know how to vet the security of these.  I'd appreciate any info or point me to a thread about this if there is one.  Thanks.

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