Author Topic: Employer removed from loan description  (Read 18837 times)

core

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Re: Employer removed from loan description
« Reply #15 on: September 27, 2013, 01:05:51 AM »
If true I may stop investing on LC.

While LC doesn't exactly want to lose investors (or so I have read here), they aren't exactly short on them recently.  I'm sure you have noticed the ratios recently.  These types of threats are only useful when the company in question needs one's business.  I am sure there are quite a few of us they would rather do without.

Employer is a huge piece of information while job title is virtually meaningless.

Maybe.  But it really goes both ways.  Consider if you were only given one piece of info from the following two applicants:

Employer: Charlie's Go-Go Joint
Job Title: Massage Therapist

Employer: Fox News Corp
Job Title: Janitorial Engineer

I would prefer both pieces of information if I had a choice.  Otherwise you really don't know what you're getting into.


Dennis

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Re: Employer removed from loan description
« Reply #16 on: September 27, 2013, 01:52:18 AM »
I think my favorite job title (sarcasm) would have to be analyst.  For those of you who have Prosper accounts, have you noticed how so many people seem to have that title??  I guess it's right up there with consultant, professional, other, administrative assistant, etc., all descriptions that tell you little or nothing about the job.  Which brings me to another point, Prosper has always (or at least for the two years I've been there) only listed occupation, not employer, on its loan listings.  So this is nothing new for some of us.   

Fred

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Re: Employer removed from loan description
« Reply #17 on: September 27, 2013, 02:48:01 AM »
Advance notice was not given, at least to P2P-Picks' one institutional client. And yes, it screwed our buying for 6am. Spent the next hour rebuilding the application to account for the change.

I "hard code" the browsenotes URL to v6.  Didn't even realize it has been updated until I read this thread.   Good thing that LC still keeps v6 ; will update to v7 this weekend.


core

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Re: Employer removed from loan description
« Reply #18 on: September 27, 2013, 03:14:05 AM »
I "hard code" the browsenotes URL to v6.  Didn't even realize it has been updated until I read this thread.   Good thing that LC still keeps v6 ; will update to v7 this weekend.

Is this an API thing?  Can someone translate this statement for a Folio-only-state farm guy without API access? 

From what I can pick up from the conversation, it might be worth it to have a script hitting v9, v10, etc. waiting for anything but 404, and alerting the responsible party when that happens. 

Whatever is going on it sounds interesting.  If Fred is hitting v6 happily, then why was bryce under the gun at 6am?  Can you guys post some URL samples?  Argh.  I'd hate to have to move this weekend just so I can see what this is all about.  I think I've just thought of a new use for that Nevada Corp I started decades ago...

Peter

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Re: Employer removed from loan description
« Reply #19 on: September 27, 2013, 08:26:46 AM »
Wow, WTF are they thinking.  >:(. Employer is a huge piece of information while job title is virtually meaningless. If true I may stop investing on LC. Absolutely crazy how they treat their investors sometimes.

While I haven't spoken to LC about this I am confident that Randawl hit the nail on the head with his original posting. Armed with an employer name and location it has been relatively easy for a snoopy investor to locate and even talk with some of these borrowers. The legal ramifications of that are so negative that I am surprised this move took so long.
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brycemason

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Re: Employer removed from loan description
« Reply #20 on: September 27, 2013, 08:55:10 AM »
Advance notice was not given, at least to P2P-Picks' one institutional client. And yes, it screwed our buying for 6am. Spent the next hour rebuilding the application to account for the change.

I "hard code" the browsenotes URL to v6.  Didn't even realize it has been updated until I read this thread.   Good thing that LC still keeps v6 ; will update to v7 this weekend.

I also hard coded to V6, but the column heading changed anyway.

core

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Re: Employer removed from loan description
« Reply #21 on: September 27, 2013, 09:07:28 AM »
I'm sure we can all look forward to 1000s of loans to 'associates', 'coordinators', 'managers' and 'consultants'..
In fact a 'consultant' is a perfect and very informative title for everyone from a hairdresser, to networking engineer, to someone unemployed looking for work...

Right on, lender_john.   I agree 100%.  The only thing is, these days we call an unemployed person with an ego a blogger.  *shrug*

Lovinglifestyle

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Re: Employer removed from loan description
« Reply #22 on: September 27, 2013, 09:35:34 AM »
Wow, WTF are they thinking.  >:(. Employer is a huge piece of information while job title is virtually meaningless. If true I may stop investing on LC. Absolutely crazy how they treat their investors sometimes.

While I haven't spoken to LC about this I am confident that Randawl hit the nail on the head with his original posting. Armed with an employer name and location it has been relatively easy for a snoopy investor to locate and even talk with some of these borrowers. The legal ramifications of that are so negative that I am surprised this move took so long.

Is it legal for employers to verify employee names to anybody who calls and lies?

Fred

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Re: Employer removed from loan description
« Reply #23 on: September 27, 2013, 10:51:51 AM »
Advance notice was not given, at least to P2P-Picks' one institutional client. And yes, it screwed our buying for 6am. Spent the next hour rebuilding the application to account for the change.

I "hard code" the browsenotes URL to v6.  Didn't even realize it has been updated until I read this thread.   Good thing that LC still keeps v6 ; will update to v7 this weekend.

I also hard coded to V6, but the column heading changed anyway.

Ah yes, I extract the fields by positions, not by names.  If LC changed the fields order & kept the same types order, I'd be ....

Anyway, V7 skips APR field as well.  Not good.  In home lending, this is a part of "Good Faith Estimates".

meeotch

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Re: Employer removed from loan description
« Reply #24 on: September 27, 2013, 12:18:58 PM »
No employer info is definitely a negative for me.  (So much so that I registered for this forum just now as a consequence of googling the issue this a.m.)  Employer + years employed was my "sanity check" rejection criteria for loans filtered for me by nickelsteamroller.  In particular, I'd pass on loans where the employer was listed as N/A.

I'm starting to get a bit uneasy about the involuntary decline of my filtering process in general, as the investor-to-loan ratio has risen.  I used to ask questions, and wait to see if & how the borrowers would answer.  That went out the window in the past year.  With the semi-recent rush to invest in loans before they go 100%, I'm starting to feel like (modulo LC identity verification that I'm not privy to) I might as well be playing the slots with my money.

LonghornSF

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Re: Employer removed from loan description
« Reply #25 on: September 27, 2013, 01:40:54 PM »
If true I may stop investing on LC.

While LC doesn't exactly want to lose investors (or so I have read here), they aren't exactly short on them recently.  I'm sure you have noticed the ratios recently.  These types of threats are only useful when the company in question needs one's business.  I am sure there are quite a few of us they would rather do without.

Employer is a huge piece of information while job title is virtually meaningless.

Maybe.  But it really goes both ways.  Consider if you were only given one piece of info from the following two applicants:

Employer: Charlie's Go-Go Joint
Job Title: Massage Therapist

Employer: Fox News Corp
Job Title: Janitorial Engineer

I would prefer both pieces of information if I had a choice.  Otherwise you really don't know what you're getting into.

My point was not to "threaten" LC with leaving - my absence as an investor will make little difference either way - but that at some point it becomes uneconomic as an investor. Employer is a HUGE information piece and is also a VERIFIABLE information piece. Job title is meaningless because there is no way LC can verify the information and anybody can fudge the info (in your example, maybe the janitor's title is really "sanitation engineer" which they then shorten to "engineer"). You're kidding yourself if you think this won't have a major impact on returns.

Rob L

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Re: Employer removed from loan description
« Reply #26 on: September 27, 2013, 02:41:49 PM »
While I haven't looked into specific employers as a predictor term, I think employer N/A was significant. I'd bet that was in a lot of filters and models out there (big guys and little guys as well), but of course I'm only guessing. It will take a long time to know if its replacement has any value at all.

viking

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Re: Employer removed from loan description
« Reply #27 on: September 27, 2013, 05:40:24 PM »
It is often confusing when comparing the information in the Browse notes file, LC web site and info on IR. Take loan ID 7339187 for example:
BrowseNotes.csv:
emp_title = Self
emp_status = Employed

LC Website
Current Employer = Self
---

Interest Radar Loan Info
Employer = N/A
Employment Status = Employed

I would like to avoid unemployed borrowers (previously filtering out Employer = N/A), but from the Browse file it appears that the borrower is employed!? However, the title"Self" makes me think otherwise. I wonder how IR determines Employer=N/A unless it is an error?




Rob L

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Re: Employer removed from loan description
« Reply #28 on: September 27, 2013, 10:24:05 PM »
My opinion was formed while piddling about using NSR; nothing more. I'm not yet seriously into the note selection thing since I've been using P2P picks since day one. For me it is nice to have  a (hopefully) profitable hobby rather than an expensive one. My wife is into Miche (sic) purse covers and, like shoes, she can never have enough.  Go figure... (not a sexist comment; simply the absolute truth). LC is a nice hobby for me though,  so I must eventually build my own loan selection models to validate my ability to do so. We engineers are not without a certain degree of independence and self confidence, no matter how badly misplaced, Meanwhile there's a Doors concert special on TV and I think for now I'll just just kick back , enjoy and remember ...

faeriering

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Re: Employer removed from loan description
« Reply #29 on: September 28, 2013, 04:28:34 PM »
I actually prefer this to knowing the employer.  Employer's big or small lay people off and go out of business.  I think an individual's ability to bounce back from these setbacks based on what career field they choose.  In the last 10 years: I've been fired twice, Laid off twice because the plant was shutting down, changed companies for promotions 3 times, and worked as an independent contractor for a year making way more than I had working for a private company.  Any time I've sat down to look for work it normally takes 2-3 weeks for me to get multiple offers often at better pay than I had been making.

People don't work places for their whole career anymore.  Having a stable company is good, but is no guarantee of ongoing work.  I look at borrowers that can recover from job loss as a way better bet than those that work for big companies.