Author Topic: Employer removed from loan description  (Read 16752 times)

Randawl

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Employer removed from loan description
« on: September 25, 2013, 01:34:51 PM »
Anyone else notice that the "current employer" column has been removed from loan descriptions?  LC replaced it with "Job Title" so we're seeing things like "factory worker", "sales", and "registered nurse" instead.  In the past I had looked at the employer and surmised if the claimed income was reasonable.  People with sales jobs tend to have much more volatile cash flows.  If the employer was "Super Maxx Auto World" I would shy away from it.  I like this change because instead of just telling me who they work for it gives me a better idea of what they do.  Of course, this only applies to those actually being honest with this unverified information.

LC probably also wanted to anonymize borrower details a bit more.  It was relatively easy to google the employer with the city and state and find out exactly where they work and be able to call the business, especially if the borrower worked at a less-than-national company.

LC also added a loan counter in the top right corner of the browse notes page that displays the number of loans listed in the past week.  Perhaps they are hoping this will help counter some of the perception of limited loan availability.

yojoakak

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Re: Employer removed from loan description
« Reply #1 on: September 25, 2013, 02:30:47 PM »
I'm not seeing that. What page are you on?

WES

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Re: Employer removed from loan description
« Reply #2 on: September 25, 2013, 02:36:06 PM »
I see listings both ways, with "Job Title," and with the old "Employer." Is this choice up to the Borrower?

Randawl

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Re: Employer removed from loan description
« Reply #3 on: September 25, 2013, 02:40:11 PM »
I'm not seeing that. What page are you on?

Here's a link to one:

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7514619&previous=browse


Quote
I see listings both ways, with "Job Title," and with the old "Employer." Is this choice up to the Borrower?

You're right, WES, some say "Job Title" and others still have "Current Employer."  Perhaps it is up to the borrower to choose which to enter and display.  Or, the ones still showing employer were on the platform before the change was made.  I'm leaning towards the latter because the newest browseNotes changed the column to "emp_title" instead of "emp_name" in older ones.
« Last Edit: September 25, 2013, 02:59:51 PM by Randawl »

brycemason

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Re: Employer removed from loan description
« Reply #4 on: September 25, 2013, 02:53:45 PM »
Yup, the new ones say Job Title. BrowseNotes V7 also. Hate these silent updates. They really waste my time.

core

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Re: Employer removed from loan description
« Reply #5 on: September 25, 2013, 03:14:13 PM »
Hate these silent updates. They really waste my time.

I'm sure these silent updates would also waste the time of the institutional investors who may be running automated systems that took a fair amount of development time.  Systems that just might take into account this field.  I say "would" because I don't believe for a second that LC would just spring this change on them overnight and say "too bad, I guess you're out of luck until you can get your system modified".  I'll bet advance notice was given... just not to us. 

Is it too much to ask to have a place on the site where they notify investors/developers/whoever of site changes that are being implemented in the next 48 hours?

brycemason

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Re: Employer removed from loan description
« Reply #6 on: September 25, 2013, 03:57:37 PM »
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.

Randawl

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Re: Employer removed from loan description
« Reply #7 on: September 25, 2013, 05:23:26 PM »
This loan that was just listed contains the old "Current Employer".

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7372343&previous=browse

However, in the browseNotes Infor Global is listed under "emp_title".  Maybe there are some loans with the old borrower form that hadn't been fully processed and listed due to the borrower taking a long time with their application or some other delay.

yojoakak

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Re: Employer removed from loan description
« Reply #8 on: September 25, 2013, 07:56:56 PM »

Is it too much to ask to have a place on the site where they notify investors/developers/whoever of site changes that are being implemented in the next 48 hours?

The LendingClub blog would be perfect for that... especially since they hardly ever update it.

http://blog.lendingclub.com/

core

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Re: Employer removed from loan description
« Reply #9 on: September 25, 2013, 08:21:21 PM »
The LendingClub blog would be perfect for that... especially since they hardly ever update it.

It's an idea, but I hope such "clutter" would not displace important bits of information like this most recent entry:
Renaud Laplanche Named 2013 Ernst & Young Entrepreneur Of The Year Award Winner

The blog should be reserved for the most urgent and important news.  Like awards that Laplanche has won, how his yacht's doing, or how much his latest tea set cost.  Looking over the archive I see most of the entries are equally newsworthy.

I would prefer an optional email to go out to those who are subscribed which warns of such changes, rather than having to remember to check a blog each day.  If they really wanted to do some good, they'd give us access to the site they use to test all these changes before they are rolled out.  (This is, of course, assuming they test them at all.)  This way all investors could prepare with real examples, plus there would be at least a chance that somebody would report some new bugs that otherwise would have made it to the production side.

atom

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Re: Employer removed from loan description
« Reply #10 on: September 25, 2013, 08:36:04 PM »
Does anybody else see this change as negative? I for one lost a very useful piece of information about the stability of the borrower's income, because the same position in different companies or industries may imply very different risks. On the other hand, knowing the position, doesn't give me much more information than combined employer + income, since the position can be guessed from the two. In sum, this means less information about the borrower, higher uncertainty, and, in the end, lower returns. It may be easier for computers to sort through a shorter list of positions, but excluding the employer is not helping us humans. Not a good change IMHO. Thanks!

stanny2

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Re: Employer removed from loan description
« Reply #11 on: September 25, 2013, 09:08:17 PM »
Definitely a negative. I use employer to make final yes/no decisions on whether to make a loan after making it through my filter.

Lovinglifestyle

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Re: Employer removed from loan description
« Reply #12 on: September 25, 2013, 11:31:50 PM »
I don't like it.  I infer peripheral information from the employer--like what a person's interests along that line could have to do with a responsible attitude or how he/she got into too much overspending.  Using only generic information attached to labels eliminates another element of the P2P factor, imho.  Since this is already a too-much-time-consuming "hobby" for me, I need more "fun" associated with the numbers.

lender_john

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Re: Employer removed from loan description
« Reply #13 on: September 26, 2013, 11:28:11 AM »

I don't like this at all. Since I can only use FolioFN, I feel like I lost one of the most valuable pieces of information.
I used to be able to skip plenty of loans because I know that company x or y was laying off people or that a particular government position was no longer secure, while some others might be.
Job title provides nearly no useful information, especially in the current era of corporate speak.

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...

LonghornSF

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Re: Employer removed from loan description
« Reply #14 on: September 27, 2013, 12:24:01 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.