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Investors - LC / Re: Crisis management - stop charge-offs ?
« Last post by Joe6Luck on Today at 02:05:16 AM »
Update/Edit: The two notes are now Current, with it saying "Deferred" in the payment status column for their March and April payments. The Next Payment Date is now listed as the day before their normal May/June payment, and the payment amount is now their normal monthly payment. Nothing more in the collection log. No indication of any of this in the notes_ext file yet. I was able to find 20 total out of my 1560 current+late notes with deferred payments and due dates over 30 days away. Half kept their IGP/Late status. My IGP/Late rate still looks normal.

It looks like I also have notes in the "Deferred" status. I tried lising them for sale and they showed up in "My Account" - "Open Sell Orders". However, they are actually not listed on on the page of "Browse Notes" when I tried searching for these notes. Am I the only one who notice this?

Lending Club should have provided an up-front notice on this (which is OK given the current situation), but they didn't and it is very disappointing.
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Investors - LC / Re: Crisis management - stop charge-offs ?
« Last post by jrl on April 01, 2020, 09:05:16 PM »
Two of my notes just popped into IGP with next payments scheduled in May. Both missed their late March payment.

It appears they're just doing a few months of deferred payments.

Apparently all 3 payments are on the date of their normal May payment. No additional interest.

Nothing out of the ordinary in the call log, it states: "4/1/20 (Wednesday)    Inbound Call (BR) - No Pay - Claims Hardship"

So basically the same thing as if they did nothing, except maybe no hit to their credit report for being prudent enough to call ahead? I'm assuming if they don't call they'll take a hit on their credit report at some point?

This action should seem reasonable to the average borrower, although it appears they need to call to put this in motion. They'll probably wind up having to extend this. Hopefully the borrowers get back to a financial situation where they're able to pay.

There were attempts to call the borrowers back after those calls, with no answer, so I'm assuming the decision was made in the last few hours.

Update/Edit: The two notes are now Current, with it saying "Deferred" in the payment status column for their March and April payments. The Next Payment Date is now listed as the day before their normal May/June payment, and the payment amount is now their normal monthly payment. Nothing more in the collection log. No indication of any of this in the notes_ext file yet. I was able to find 20 total out of my 1560 current+late notes with deferred payments and due dates over 30 days away. Half kept their IGP/Late status. My IGP/Late rate still looks normal.
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well now i'm glad lending club blocked my state. Prevented me from reinvesting $20k in what would be really risky assets right now.
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New scores are in. There was a predictable drop, but all things considered, not that bad.
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Foliofn - LC / Re: Folio API stopped working since yesterday
« Last post by Fred93 on April 01, 2020, 04:18:41 PM »
AFAIK the bank they bought wasn't heavily invested in risky derivative assets like the major multi-national banks. Assuming it's just a normal bank with mortgages and small business loans, they should be doing fine.

Is the sale done, or is it waiting for regulatory approval?  Right about now I'd be thinking about renegotiating the price!
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Foliofn - LC / Re: Folio API stopped working since yesterday
« Last post by jrl on April 01, 2020, 02:37:42 PM »
Regarding LC I've become a well known perma-cynic. They have never been transparent on these things.

LC Folio could go the Prosper way for all we know.
Why is it thought the API is down by fault rather than intent and why think it will be restored? They have so much bigger fish to fry.

They just bought a bank before banks crashed. My uninformed speculation is they must have vastly overpaid as compared to today's valuations.
Can they get out of the deal or renegotiate? Their idea was good but massively overtaken by events (extremely unfortunate and not of their making).

My theory is not backed up with any financial / balance sheet analysis at all and may be totally off base.
Anybody who has a better ground truth, or at least an opinion with some numerical analysis, please set me straight.

AFAIK the bank they bought wasn't heavily invested in risky derivative assets like the major multi-national banks. Assuming it's just a normal bank with mortgages and small business loans, they should be doing fine.
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The credit scores aren't updating.

Confirmed. I will also email them and ask. Furthermore, I'll tell them that the secondary market seems to be down.

Fixed! Finally!

They added 2 data points to (most of) the charts, but both say 3/20, since they differ on some notes and last_credit_pull_d is 3/30/20, I'm just going to assume it's mid-month and 3/30/20. I'm going to have to keep a lookout to see if it's now end-of-month instead of mid-month going forward.

Now I get to spend the rest of the week buying notes! lol
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This is not an easy question, you need to make calculations so as not to make mistakes. I have my own business and deal with numbers all the time, but I'm not good at exact science. Fortunately, a friend of mine recommended an excellent percentage calculator at https://www.percentagecalculator.co.uk which can calculate the percentage of the amount and the actual value of the percentage of the amount. This helps me save a lot of time and make more accurate calculations. In addition, it does not need to be installed and perform any operations. Just go to the site and make calculations online. This is very convenient when there is no time to perform calculations manually. In addition, I am completely sure of this information, since it has never been proved wrong
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Foliofn - LC / Re: Folio API stopped working since yesterday
« Last post by Ran on March 31, 2020, 11:24:45 AM »
I take is that as long as 1% fee can fairly compensate Folio without sizable subsidize from LC, LC will leave Folio the way it is. But zero improvements/enhancements
Liquid started buying again on Folio again at approximately 6:30 Sunday evening.

I guess my "Announcement of Folio's death was greatly exaggerated". :)
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Foliofn - LC / Re: Folio API stopped working since yesterday
« Last post by Rob L on March 31, 2020, 10:26:48 AM »
Liquid started buying again on Folio again at approximately 6:30 Sunday evening.

I guess my "Announcement of Folio's death was greatly exaggerated". :)
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