Author Topic: "Borrower Contacted LendingClub," etc.  (Read 13227 times)

New Jersey Guy

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Re: "Borrower Contacted LendingClub," etc.
« Reply #15 on: August 27, 2013, 02:34:35 PM »
"Am I just being dense?  Is there another way?"

You're right about it being too easy to do.  But, I don't know of any other way.

Even using Interest Radar, no such link exists.
If I find a note I want on IR (though a note ID search), I have to find different avenues to track it down.  Most of the time it's back to using the Folio platform, and we all know how much we love that!

Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

Zach

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Re: "Borrower Contacted LendingClub," etc.
« Reply #16 on: August 27, 2013, 03:46:36 PM »
I bought this note on Friday the 16th for $12.
https://www.lendingclub.com/account/loanPerf.action?loan_id=3697958&order_id=10743185&note_id=20707887
It settled Monday the 19th.

I put it back up for sale the same evening for $1.48
Anybody want it?

I'm curious... I see links to Folio notes all the time on here like that; is there an easy way to buy them from such a link?   Whenever I see one that I want to buy I have to adjust my search parameters so that the note _should_ show up in the list (based on what I know about it), then sort by note/loan ID and keep using Ctrl+F on each page of results until I find it.  And even then there's no guarantee it's still for sale or in the results of your search.

That's a lot of effort to find one little note.  There should be a 'Buy' button on the page where the details are displayed, but noooo, that would be too easy.  Am I just being dense?  Is there another way?

Interest Radar plays with the server-side scripting of Folio to provide a link for direct purchase, but that somehow bypasses the unique token required to buy the note. Have you tried using IR before? If not, I highly suggest trying the 30-day free trial. Especially for Folio users it's a valuable service for a very nominal price (even for a small portfolio).

New Jersey Guy

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Re: "Borrower Contacted LendingClub," etc.
« Reply #17 on: August 27, 2013, 04:34:22 PM »
"Especially for Folio users it's a valuable service for a very nominal price (even for a small portfolio)."

Zach....Maybe you know something about IR that I don't.

Go onto Folio, find any note.
"Copy" the loan number.

Go onto IR and "Paste" the loan number in the search.  Up it comes, right!

Yea....you get all of that great IR information!  But wait!  How do you buy it?  There is no link.  No direct access for a purchase.

In other words, when working like this, you gotta start digging to find the note.  Like Core said, this usually results in going back to the Folio Platform.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

TonySaunders

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Re: "Borrower Contacted LendingClub," etc.
« Reply #18 on: August 27, 2013, 04:51:28 PM »
It's not "Bankruptcy", it's "Bankruptcy counsel" also known as "Credit counseling".

Are you sure? When I read it I thought it meant that they gave LC their bankruptcy lawyer's phone number. Their "counsel information".

Zach

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Re: "Borrower Contacted LendingClub," etc.
« Reply #19 on: August 27, 2013, 05:19:43 PM »
"Especially for Folio users it's a valuable service for a very nominal price (even for a small portfolio)."

Zach....Maybe you know something about IR that I don't.

Go onto Folio, find any note.
"Copy" the loan number.

Go onto IR and "Paste" the loan number in the search.  Up it comes, right!

Yea....you get all of that great IR information!  But wait!  How do you buy it?  There is no link.  No direct access for a purchase.

In other words, when working like this, you gotta start digging to find the note.  Like Core said, this usually results in going back to the Folio Platform.

The "Buy" link next to Folio listings used to work properly in IR - I guess LC changed something on their end that broke the buy link...

Did it ever work for you NJ Guy?

(I don't buy any notes off Folio so hadn't looked at it for a while)

New Jersey Guy

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Re: "Borrower Contacted LendingClub," etc.
« Reply #20 on: August 27, 2013, 05:57:29 PM »
"Did it ever work for you NJ Guy?"

Nope!  The only way you get the "Buy" link is if you're running the "Analyisis" feature.  Then, you get a whole list of notes, each with their own "Buy" tab.

However, if you just "paste" a loan number into the search box, you get the information which shows all the notes for sale and their prices, but no way you can buy any of them.  You actually have to write down some information about the loan, then use that information on the Folio platform to track the note you want to buy.

In any case, regardless of what you do in IR or Folio, it requires several steps to track down an individual note.

And just like Core said, there still is no guarantee you'll find it.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

yojoakak

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Re: "Borrower Contacted LendingClub," etc.
« Reply #21 on: August 27, 2013, 06:10:39 PM »
It's not "Bankruptcy", it's "Bankruptcy counsel" also known as "Credit counseling".

Are you sure? When I read it I thought it meant that they gave LC their bankruptcy lawyer's phone number. Their "counsel information".

I'm not sure of anything with LengindClub, so much is undocumented.

But there are plenty of "filed for Chapter" notations that come out of nowhere, and probably at least a few "Bankruptcy counsel" notations that don't end up in Bankruptcy, so at least it does not appear to be a 1 to 1 correlation.
« Last Edit: August 27, 2013, 06:14:25 PM by yojoakak »

Cries

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Re: "Borrower Contacted LendingClub," etc.
« Reply #22 on: August 27, 2013, 06:50:27 PM »
BK Counsel = "talk to my BK lawyer; peace"

core

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Re: "Borrower Contacted LendingClub," etc.
« Reply #23 on: August 27, 2013, 07:55:45 PM »
The "Buy" link next to Folio listings used to work properly in IR - I guess LC changed something on their end that broke the buy link...

It would be difficult to come up with a link that would work because of LC's blasted shopping cart thing.  It would be possible to programatically build form post data to simulate an add to shopping cart checkbox click but that has its own issues.

But there are plenty of "filed for Chapter" notations that come out of nowhere, and probably at least a few "Bankruptcy counsel" notations that don't end up in Bankruptcy, so at least it does not appear to be a 1 to 1 correlation.

The ones were it comes out of nowhere are the ones where the borrower had plenty of money to pay the attorney and get things going right away.  I'm assuming.  They're the ones that likely knew precisely what they were doing.  It would be interesting to run stats on the % of borrowers who provide bankruptcy counsel but never file.  Unfortunately I don't know of any way to come up with this data accurately:  I'd have to use data on notes for sale but the fact that some people might not bother to sell it once is gets to that point might seriously skew things.

I'm still curious if anyone has any theories about this collections note:
Performing advanced borrower tracking activities

It's gotta be different from a skip trace or else they would have just said skip trace.  The idea of them putting a 'tail' on a borrowser is quite entertaining.  A guy sitting in a car outside the borrower's house pretending to read the newspaper, secretly taking notes on what the borrower is doing? 

Ran

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Re: "Borrower Contacted LendingClub," etc.
« Reply #24 on: August 27, 2013, 07:57:08 PM »
Is it reasonable to argue that this borrower is using LC loans to pay equity to his mortgage then go bankruptcy assuming court will let him keep his house?

You are suggesting the borrower lied about the loan purpose?  How little faith you have in your fellow man! ;)

Based on the credit score history, in this case he/she appears to have used the funds for the intended purpose:  Paying down $19k in credit card debt.  Paying down a mortgage balance does not boost your credit score like we see here.  And the following the initial bump the FICO declined steadily each month.  Maybe he ran the cards back up due to some event or maybe that $5k medical debt started hassling him via collections.  It's pretty sad filing BK over such a low total debt though.

I only have faith on data and our fellow man's track record :). But thank you for pointing out his credit score boost in the past three months.
This actually made me to think I should be able to improve my model by comparing loan amount/revolving balance, adjusted by DTI, to gorge our fellowman's ability to use LC loans to improve his/her financial situations and avoid default. Because it looks like LC loans will increase or accelerate our fellow man's chance of default when LC loan amount is too big or too small.
« Last Edit: August 27, 2013, 08:09:33 PM by Ran »

core

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Re: "Borrower Contacted LendingClub," etc.
« Reply #25 on: August 27, 2013, 08:10:16 PM »
This actually made me to think I should be able to improve my model by comparing loan amount/revolving balance, adjusted by DTI, to gorge our fellowman's ability to use LC loans

Gorge? I'm guessing this was a Freudian slip and you meant 'gauge'. :)  I do the same thing.  Borrowers = rats.  Put them in Skinner boxes and threaten them with various collection activities, I say.

But seriously, if your model doesn't take into account that credit boost (or lack thereof) on debt consolidation loans then it probably could use some tweaking.  True you only get FICO change after the fact but you can sell the notes off when you don't see good news.

Fred

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Re: "Borrower Contacted LendingClub," etc.
« Reply #26 on: August 28, 2013, 02:53:14 AM »
It's not "Bankruptcy", it's "Bankruptcy counsel" also known as "Credit counseling".

Are you sure? When I read it I thought it meant that they gave LC their bankruptcy lawyer's phone number. Their "counsel information".

This thread brought me to this U.S. Courts link about DIY bankruptcy: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyResources/FilingBankruptcyWithoutAttorney.aspx

"Individual debtors are generally required to obtain credit counseling from an approved provider within 180 days before filing a case, and to file a statement of compliance and a certificate of credit counseling furnished by the provider."

So if the borrower is doing a do-it-yourself bankruptcy (no attorney involved), it is possible that when s/he provided "certificate of credit counseling", LC noted it as "Borrower provided Bankruptcy counsel information."  No?
« Last Edit: August 28, 2013, 02:58:29 AM by Fred »

core

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Re: "Borrower Contacted LendingClub," etc.
« Reply #27 on: August 28, 2013, 03:58:21 AM »
So if the borrower is doing a do-it-yourself bankruptcy (no attorney involved), it is possible that when s/he provided "certificate of credit counseling", LC noted it as "Borrower provided Bankruptcy counsel information."  No?

Nah, not possible.  I'm not a lawyer and I don't play one on TV, but the borrower would have absolutely no reason to present such a certificate to each of his creditors.  That proof would be for the court, and once everything is rolling, LC gets told to simply take a hike.

If you think about it, the borrower has nothing to gain by presenting the silly certificate of completion to LC, and LC certainly doesn't want it.    If it stopped the collections calls you could just take the class online for no/low cost and use the printout to silence your creditors and stop collection efforts without really taking any legal steps.

You know, this is one of the few questions on this board that Lending Club would probably be glad to answer if someone was that curious about it.