Author Topic: LC made changes to the platform over the weekend, with no notice.  (Read 1951 times)

jrl

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Looks like LC has been busy!



1st change: A notice about Hardship Payments was added to the corresponding notes:

Quote
This borrower has had an unexpected life event and has entered in a hardship plan. Hardship plans can be either short-term (ranging 3 - 12 months) or long-term (permanent) with the obligation that the borrower continue to make regular monthly payments at a lower payment amount. At the end of the short-term plan a borrower will revert to paying their original payment amount.

As seen here: https://i.imgur.com/2tVhN82.png

Which is confusing, because Hardship was only supposed to be 3 months max. IIRC extending duration was a regulatory issue. It appears they've made a major change with no notice or explanation. Although the effect doesn't sound very much different from the "3rd party contacted Payment Solutions specialist and agreed to pay a settled amount" Collection Log note. Hopefully this brings down Charge Offs.

2nd change: Instead of reporting a late loan's next payment as the total amount to bring the loan current, LC now reports the next payment as the regular monthly payment.

3rd change: Notes that are in the 31-120 days late category and make payments are now reclassified properly based on payments. I had a few notes that went from being "31-120 days late" on Saturday to "16-30 days late" on Sunday. (No payments are credited or registered on weekends or holidays.)

4th change: Loans now go IGP immediately after missing a payment, instead of taking "3-5 business days", this is more in line with the action taken a year ago to credit payments on the day they're made.

5th issue: Late Wednesday Night/Thursday (Not sure on exact timing, but on charge-off days notes usually charge off soon after the day's payments come in.) marked the first time I've ever seen notes charge off before the 15th of the month, aside from when the 15th falls on a weekend. (In this case charge offs should've happened Friday Night)

6th issue: Stale Credit Scores: This is once again a problem. https://forum.lendacademy.com/index.php/topic,21603.0.html I hope this is not a trend, as it makes folio note buy/sell decisions difficult.

7th issue: Aside from it now taking forever to load a note's payment history/performance page, a few notes simply refused to load and instead redirected to https://www.lendingclub.com/account/summary.action?M=lpe over the weekend. It appears they're no longer redirecting, but still take over 90 seconds to load.




6 & 7 are major issues IMO, though they may just be related to the maintenance, hopefully they'll be resolved soon.

5 is kinda weird, not sure what happened there, maybe they needed to get that done early to devote manpower to these other changes?

The rest, IMO, seem like long overdue changes. Maybe (Hopefully?) a sign of more interest in keeping retail customers. Though 6 & 7 take away from the positives of 1-4. Also, 4 seems to make ANAR appear lower, though it seems to be somewhat negated by 3.

Also, I thought today was a holiday, (President's Day) but I just had a few more notes with Sunday (2/16) payment dates go IGP while typing this up? Strange, it was holiday for LC last year..

Anything I've missed?

jrl

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Re: LC made changes to the platform over the weekend, with no notice.
« Reply #1 on: February 23, 2020, 10:56:55 PM »
Also: Payments on weekends? The banks are closed, no?

So now there's account activity every day, not just Business Days. Interesting...