Author Topic: LC Eliminating 41 credit data fields from note download... goodbye modeling  (Read 19222 times)

core

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #30 on: November 06, 2014, 09:25:17 PM »
LC just can't be trusted.

I think that sums it up nicely.  Best 5 words spoken today.

All of this complaining (warranted or not) about the data being removed is missing the point:  Lending Club doesn't want people hammering their servers with hundreds requests and cherry picking the best notes.  They don't want 3rd parties essentially making money off data that LC cannot (or will not) itself present to investors.  And they certainly don't want thousands of phone calls from individual investors asking about why this-or-that is screwy with the data.

What they want is to sell the entire basket of notes 4 times a day with as little fuss and cost as possible.  That will happen whether data is there or not, so it's in their best interests not to provide it.  You take the notes that you are given and you better like them.  They don't need you except for the PR value.  You can take your bat & ball and go home but this is precisely what they want.

And does anyone really believe that some of the hand-picked institutions won't still be getting this same data?

JoeB

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #31 on: November 06, 2014, 09:28:00 PM »
I think the fat lady has left the building.   :P
Best to all,

JB

Fred

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #32 on: November 06, 2014, 11:33:11 PM »
And they certainly don't want thousands of phone calls from individual investors asking about why this-or-that is screwy with the data.

+1.  This is also the most important reason for me not to open my programs to the public.


Fred93

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #33 on: November 07, 2014, 03:22:18 AM »
Situation is worse than LC's announcement.

Tonite I downloaded the three big historical loan data files, and all these fields are GONE NOW.  Not December 10th.  Now. 

File previously had 100 fields.  Now has 56.

core

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #34 on: November 07, 2014, 03:51:37 AM »
Tonite I downloaded the three big historical loan data files, and all these fields are GONE NOW.  Not December 10th.  Now. 

They are trying to prevent a stampede perhaps.  Grabbing the files was on my to-do list as well.  Rats.

P.S.  JoeB this is no time for Stephanie jokes.

DanB

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #35 on: November 07, 2014, 05:46:20 AM »
LC just can't be trusted.

I think that sums it up nicely.  Best 5 words spoken today.

All of this complaining (warranted or not) about the data being removed is missing the point:  Lending Club doesn't want people hammering their servers with hundreds requests and cherry picking the best notes.  They don't want 3rd parties essentially making money off data that LC cannot (or will not) itself present to investors. And they certainly don't want thousands of phone calls from individual investors asking about why this-or-that is screwy with the data.

What they want is to sell the entire basket of notes 4 times a day with as little fuss and cost as possible.  That will happen whether data is there or not, so it's in their best interests not to provide it. You take the notes that you are given and you better like them. They don't need you except for the PR value.  You can take your bat & ball and go home but this is precisely what they want.

And does anyone really believe that some of the hand-picked institutions won't still be getting this same data?

Core..............Well I'm not sure how wanting to sell their product "with as little fuss and cost as possible." is any different from most companies in the world, & I know that you're not one of those gullible people who actually believed that "transparency" was anything other than "marketing". 

So why would  they do things differently?  Or are you saying that when you're CEO of say, Hard Core Pictures Inc*., your staff would welcome lots of phone calls from some of your retail customers who will ask questions like............... why the dvd box or ad lists the movie as 89 minutes long, but it's really only 87 minutes? (They verified it using an atomic clock, not the dvd or streaming one, or so they say) Or why the actress on the boxcover appears in only 2 of the 5 scenes, whereas someone else is in 3 of the 5 ?  Or why the photo on some ad contains a pose that they can't precisely find in the movie? Or etc etc.

Or would you say all the right things about valuing your retail customers who believed in you & gave you your start blah blah blah,  but sometimes quietly wish that  they'd just take the movies you make & just shut up about it.............& wildly celebrate the day when you're selling to enough big distributors that you wouldn't need your retail customers anymore ? And what if you could then wave a wand & magically earn the same margin regardless of whether you sell to retail customers or in bulk to the big players?

Well, as we all know, in the p2p biz no magic wand is needed. That is the reality. So why do any of you express surprise or disappointment when inevitable & logical steps are taken considering the rise in volume?

PS  In case you doubt the ability of your future office staff to intelligently answer questions such as those posed above because you intend to hire them for looks & not brains (like I did), I would be happy to provide tried & trusted answers................for a small fee. :)

*Disclaimer.............This scenario is only meant to be illustrative & of course in no way implies that a harmonious & clearly pure soul like our Core would ever consider involvement in such a contentious & divisive business


core

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #36 on: November 07, 2014, 06:13:37 AM »
Yes Dan all businesses exist to make money and LendingClub is no different.  You are preaching to the choir.  They just need to be more honest about it so these types of "misunderstandings" don't continue to happen in the future, with investors threatening (hah!) to go elsewhere with their frownie faces.  Like LendingClub is supposed to care in the least.

Certainly, if I was the CEO of LC I'd start preventing retail investors from investing in new notes pronto... soon after the IPO.  Gentle encouragement would be a good start.  Remove access to data, ban the script kiddies, make the site as hard to use as possible, etc.  (Gee, I think they got a head start on these.)  Only later would it become necessary to forcefully block new investments.  Problem is there's still notes on the platform for 5 years.  To fix that, I'd start to have little "system errors" from time to time where I take 1% of the notes off the table.  Rinse and repeat.  Eventually all the undesireables are gone.  If I play my cards right I could even keep a nontrivial amount of those investors' balances in the form of 18% fees and other creative fees.  Sounds like they're getting a head start on that too.

Or why the photo on some ad contains a pose that they can't precisely find in the movie?

Now that you mention it, that happens to me all the damn time.  Not just occasionally, it seems like every darn movie.  Why do you guys do that to people?!?  Some kind of porn box conspiracy or inside joke or simply tradition?

avid investor

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #37 on: November 07, 2014, 07:24:56 AM »
It may not be "good". But I think it's "reasonable".

This may be the best solution for keeping the playing field theoretically level. You can't reasonably expect them to undergo a large development effort on the website in order to offer 41 new ambiguously-useful and overwhelmingly-various filters for every investor.
IMO They made it level by going in the opposite direction they should have.
I couldn't agree more.  They should just open up more filtering options on the browser platform.

I also noticed that the list of 41 isn't actually correct.  It contains lots of underscore characters that aren't in the real element names in the JSON.  Thanks for that LC.  Since I don't map all of the fields (I don't really care how many pets the borrower has), I was trying to match up the list programmatically to those that I do map to our database.  Now I have to do the long method.

avid investor

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #38 on: November 07, 2014, 07:38:28 AM »
While the 41 fields may have been removed from the downloadable files, they are still in the REST API content for now, at least as of the 9 PM feeding last night.

avid investor

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #39 on: November 07, 2014, 08:27:02 AM »
Just an FYI... Other than the date fields, these were all fields that have been added fairly recently.  My filtering was on fields available from the original XML dataset.  As such, I won't lose anything here that I was ever really relying on.  I was capturing some of this info though, for future filtering considerations.  Sad to see it go. 

turing

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #40 on: November 07, 2014, 04:44:13 PM »
Another bad sign for Lending Club.  Very easy solution that wouldn't have hurt other tools: add functionality to the browser instead of taking it away from two other parts of site (API and download)

hippo387

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #41 on: November 08, 2014, 06:57:54 AM »
Posted on the main site but will probably get more interesting responses here:

As I've mentioned in another context, most 3rd party sites--which make up the so-called "ecosystem"--are just derivatives on something LC created. As an average non-accredited retail investor, I view the ecosystem as mostly adding a layer of fees to provide services of questionable value (speed, extra filtering, etc) that in some cases attempts to advantage certain investors at the expense of the rest. My bet is that the vast majority will fail to outperform a simple filter or investment approach, which has been shown again and again in all types of markets.

I know this opinion will annoy many users, especially the active crowd on this site or those who profit from LC's product, but personally Iím not sure why LC owes derivative businesses anything. I'm for any move that helps LC ensure a level playing field for retail investors, and as Peter said this change mostly impacts very large investors (and those that service them). Is the negativity here really about transparency? Or is it just about money and the fear that a derivative player won't be able to grab a slice of the pie?

No offense intended and just one guy's opinion!

hoggy1

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #42 on: November 08, 2014, 07:12:05 AM »
I reported the following bug to LC soon after they added the traded notes file download

Quote
Here are the two files download one after the other, both sorted by loanid. Look at loan 647778 (highlighted). The TREND in the traded-notes file shows FLAT (as do all purchased notes in this file) but show UP in the notes-ext file. The FICO scores are correct in both and the trend is in fact UP, so the traded notes file is internally inconsistent. I provide the other file only for reference.

They fixed it! They have removed Trend from the traded notes file. I didn't need that kidney anyway. 
Steve

dontvote

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #43 on: November 09, 2014, 12:54:11 AM »
I'm psyched. Those fields were stupid anyway.
dontvote

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turing

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Re: LC Eliminating 41 credit data fields from note download... goodbye modeling
« Reply #44 on: November 10, 2014, 10:15:09 AM »
Posted on the main site but will probably get more interesting responses here:

As I've mentioned in another context, most 3rd party sites--which make up the so-called "ecosystem"--are just derivatives on something LC created. As an average non-accredited retail investor, I view the ecosystem as mostly adding a layer of fees to provide services of questionable value (speed, extra filtering, etc) that in some cases attempts to advantage certain investors at the expense of the rest. My bet is that the vast majority will fail to outperform a simple filter or investment approach, which has been shown again and again in all types of markets.

I know this opinion will annoy many users, especially the active crowd on this site or those who profit from LC's product, but personally Iím not sure why LC owes derivative businesses anything. I'm for any move that helps LC ensure a level playing field for retail investors, and as Peter said this change mostly impacts very large investors (and those that service them). Is the negativity here really about transparency? Or is it just about money and the fear that a derivative player won't be able to grab a slice of the pie?

No offense intended and just one guy's opinion!

There is demand for those services only because Lending Club does not provide features that some users want.

For example, Nickel Steam Roller let's users slice and dice data that comes entirely from Lending Club or Prosper.  Lending Club doesn't provide any way to slice and dice it but there are people who want that ability.  So the market created it.

If Lending Club were to offer that directly on their site there would be no need for a 3rd party tool that does it (assuming it was done as well with as many features).

Instead of taking away features on their site to level the playing field, they should be adding features to the site to level the playing field.