Author Topic: Funds Returned  (Read 10974 times)

DutchNurse

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Funds Returned
« on: September 06, 2013, 09:19:02 PM »
So through investing in my first 100 loans the proceeded to enter the review processs upon being fully funded. This afternoon I had my account get refunded $25. I reinvested so on and so forth.

Now I realize this is because LC, while reviewing the loans before actual issuance, threw one of them out while fact checking.

I own ABC and E that I bought off the bat, but I have no idea which loan was axed. I like the idea of being able to track what loan was refunded to me so I can build up some statistical ideas about falsified information or rejected loans. Is there any way to see what loan was axed and the reason for this?

Probably not a huge deal...but just something I'm curious about and wouldn't mind looking over if it was possible. I certainly can't skim over my port and say "aha #47890134 disappeared!"

storm

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Re: Funds Returned
« Reply #1 on: September 06, 2013, 09:39:19 PM »
Click on "Order History", look for something in the "Expired" column, and click on the order number to see the note that cancelled from that order.  You are wasting your time though as LC doesn't tell you the exact reason the note was cancelled, and there are a multitude of reasons.

DutchNurse

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Re: Funds Returned
« Reply #2 on: September 06, 2013, 09:47:37 PM »
Thanks storm.

core

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Re: Funds Returned
« Reply #3 on: September 06, 2013, 09:55:14 PM »
I certainly can't skim over my port

You drink wine whilst investing?  Or got a yacht or something?  What is port skimming?  (n00b question from a 99%'er)

Joleran

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Re: Funds Returned
« Reply #4 on: September 06, 2013, 10:22:41 PM »
It wouldn't be a yacht, you need to get up to some really high speeds to catch enough air to skim over a port, so probably a racing speedboat.

Really though, it's short for portfolio.

DutchNurse

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Re: Funds Returned
« Reply #5 on: September 06, 2013, 10:29:51 PM »
I can see the logic behind the speedboat inference, alas I was referring to my catamaran.

A very low percentage of the hull is actually in contact with the waters, and as such I consider it skimming.

 ::)

But really...Who doesnt imbibe heavily whilst investing. Or captaining his or her catamaran.

Fred

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Re: Funds Returned
« Reply #6 on: September 06, 2013, 10:43:40 PM »
Probably not a huge deal...

Some people reported that up to 50% of their orders were cancelled.  The time and energy to find new loans to invest can add up quickly, especially if you do this manually.

For me, this is not a small deal, either.

GS

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Re: Funds Returned
« Reply #7 on: September 06, 2013, 11:47:56 PM »
I mostly try ABC loans and I get about 1/3rd cancelled.  Keep in mind that if the loan gets cancelled its not necessarily because of fraud being detected, it could be that the borrower changed his/her mind or found a better deal elsewhere.

cfb

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Re: Funds Returned
« Reply #8 on: September 07, 2013, 11:45:51 AM »
I get a ton of canceled notes.  In fact, it was running to half or more while the notes were thin and I didn't know anything about the four 'drop times'.  Interestingly enough, none of the notes I've written in the past ~ 2 weeks has issued at all or been canceled.

Between the canceled notes and the high rate of early payback I'm seeing, I'm guessing the notes that looked good were either too good to be true, the people didn't need the money, or they got a better rate/terms elsewhere.

Fred

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Re: Funds Returned
« Reply #9 on: September 07, 2013, 01:10:37 PM »
Just got this 100% order cancellation email this morning:  :-\

Quote
Your investment order 1072xxxx submitted on August xx, 2013 has been processed. Of the 2 note(s) in your order, for a total of $xxx:

2 note(s) did not issue
« Last Edit: September 07, 2013, 01:12:17 PM by Fred »

DutchNurse

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Re: Funds Returned
« Reply #10 on: September 07, 2013, 04:48:40 PM »
Cfb - can you elaborate on the 'four drop times'? I'm not sure if this is a phrase I should be familiar with?

cnmor54

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Re: Funds Returned
« Reply #11 on: September 07, 2013, 06:02:48 PM »
Quote
'four drop times'

6:00am 10:00am 2:00pm 6:00pm PST - when LC notes are supposed to be posted.

core

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Re: Funds Returned
« Reply #12 on: September 07, 2013, 06:08:07 PM »
PDT when daylight saving time is in effect.  Which it is now.  Easier just to say "PT".   Nitpicky, maybe, but it's an hour difference for crissake.  And it does make a difference when you start talking about automation.

Fred

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Re: Funds Returned
« Reply #13 on: September 07, 2013, 06:35:22 PM »
And it does make a difference when you start talking about automation.

Certainly you have a way to isolate this issue.   ;)

core

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Re: Funds Returned
« Reply #14 on: September 07, 2013, 07:13:33 PM »
Certainly you have a way to isolate this issue.   ;)

I'm not sure how you'd "isolate" such an issue.  There are locations on standard time right now... California/LC isn't one of them.  If I type in MST rather than MDT during DST I expect my code to OBEY.  With a freaking smile.  If you write what you mean, and mean what you write, there isn't an issue.  It's just as easy to get these things right the first time around.