Author Topic: Change to note status updates  (Read 7587 times)

Randawl

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Change to note status updates
« on: October 10, 2013, 05:53:04 PM »
I was glancing at a note that I had in grace period and noticed new information listed under "Status" where it normally would show "Current", "Completed - on time" and the like.

Quote
Scheduled
Recurring payment date changed to 9th per approved borrower request

The loan for reference:

https://www.lendingclub.com/account/loanPerf.action?loan_id=6896459&order_id=10845228&note_id=29525133

I wonder what other changes are in the pipeline?

core

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Re: Change to note status updates
« Reply #1 on: October 10, 2013, 06:54:51 PM »
Hey thanks for the heads-up.  I probably wouldn't have noticed.  This is quite a step in the right direction!

That one has a little "Info" link next to it, but I can't get it to do anything.  Odd.  I'm dying to know what that's supposed to do.


Randawl

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Re: Change to note status updates
« Reply #2 on: October 10, 2013, 06:59:35 PM »
Hey thanks for the heads-up.  I probably wouldn't have noticed.  This is quite a step in the right direction!

That one has a little "Info" link next to it, but I can't get it to do anything.  Odd.  I'm dying to know what that's supposed to do.

The link doesn't work for you?  When I click on the link it brings up a box with Stephanie's direct phone number and extension.

Strange. . .

core

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Re: Change to note status updates
« Reply #3 on: October 10, 2013, 07:18:35 PM »
That's it Randawl, I knew it.  The execrable witch of LC has flagged my account so that I can't click the link.  I wonder what I did to deserve this?  After all the positive things I've said here...    :-\

There's some profits to be made hiding behind that link.  I am certain of it.

New Jersey Guy

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Re: Change to note status updates
« Reply #4 on: October 10, 2013, 07:32:59 PM »
"The link doesn't work for you?  When I click on the link it brings up a box with Stephanie's direct phone number and extension."

Same here!  She even saw to it that I got a $50 account bonus just for calling in!
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

Joleran

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Re: Change to note status updates
« Reply #5 on: October 11, 2013, 11:17:16 AM »
I wonder if that note has a payment being processed right now, since the original due date was 10/3 and the page says the next pay date is 11/9, that would be quite an extension if that's not just a display bug and there's really a payment being processed for 10/9.

The Info link is a blank anchor tag right now, so it's not a client side bug anyway!

yojoakak

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Re: Change to note status updates
« Reply #6 on: October 11, 2013, 11:22:10 AM »
The Info link is a blank anchor tag right now, so it's not a client side bug anyway!

I got the impression the "Recurring payment date..." note was supposed to be a tooltip and they messed up their code.

core

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Re: Change to note status updates
« Reply #7 on: October 11, 2013, 11:40:35 AM »
I got the impression the "Recurring payment date..." note was supposed to be a tooltip and they messed up their code.

Hey, that makes perfect sense.  I'll bet you are exactly right.  I kinda like it the way it is though (except for the useless link showing), as you can instantly see what's going on without having to mouseover.

yojoakak

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Re: Change to note status updates
« Reply #8 on: December 14, 2013, 04:59:43 PM »
I just noticed that you'll lose interest when this happens.

For example, when it happened to this loan the gap between payments was 6 weeks. But you still only got 1 months worth of interest.

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=768946&order_id=2967948&note_id=4945885&ts=1387057874471

pplinvestor

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Re: Change to note status updates
« Reply #9 on: December 14, 2013, 07:10:12 PM »
yojoakak,
Great catch.  I wonder what other LC's funny math cost us.

Randawl

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Re: Change to note status updates
« Reply #10 on: December 14, 2013, 08:44:53 PM »
What's strange is that the borrower made a payment on 10/16:

Quote
565093171 10/16/13 Lender Service Fee Service Fee, Loan 6896459 $0.00 $0.03

565093170 10/16/13 PAYMENT PAYMENT, Loan 6896459 $2.79 $0.00

Then the borrower made a payment of $73.47 on 10/29:

Quote
581025251 10/29/13 Lender Service Fee Service Fee, Loan 6896459 $0.00 $0.73

581025250 10/29/13 PAYMENT PAYMENT, Loan 6896459 $73.47 $0.00

Take a look at the loan:

https://www.lendingclub.com/account/loanPerf.action?loan_id=6896459&order_id=10845228&note_id=29525133

The log was falsified (big surprise) to make it seem as if the borrower paid in full on the 16th.  The borrower actually owed another ~$0.65 for the extra two weeks in between the 16th and 29th.  In fact, almost an additional entire month's worth of interest (of $1.27 on this note) was actually owed because the loan was issued on 9/3 and fully paid on 10/29 but the borrower only paid 30 days of interest on 56 days worth of borrowing time.

This is the same practice you're talking about yojo, and there are many more examples of this that I can pull up.  Over time, these practices are costing us a non-insignificant amount of money.  But why should LC care?  They already collected the bulk of their money at origination and only lose 1% of an interest payment while the lenders lose the other 99%.
« Last Edit: December 14, 2013, 08:46:39 PM by Randawl »

david450

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Re: Change to note status updates
« Reply #11 on: December 09, 2014, 02:06:22 PM »
Hi
I chased the same type of things ------ after several iterations with LC phone/email support this is what I got:

Current Practice:

    When a loan is fully paid off between  normal payment  N and N+1, it is back dated to N and there is no interest collected for the period (and thus non-payed).   This is because (I am told) LC does not do daily interest accounting, only period. 

Future Practice:
   (On loans originating after October )---- LC will collect and distribute the for the period between N and day full payout is processed.)

They could not tell me why this was hooked to Loans originating after October even though borrower is not aware they will not be paying interest on outstanding balance pending that full payout.

They reminded me that under a recent policy, when a loan is paid off during the first year, the investor only pays the normal payment service fee and I should be happy for that.

---I am happy for that, but floor by the other.
-------------
db