Author Topic: 25+% triggers?  (Read 11989 times)

Lovinglifestyle

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Re: 25+% triggers?
« Reply #15 on: December 20, 2014, 08:23:34 PM »
Thanks, Anil.  I was thinking of that field's use in the custom filter's Total Current Balance/Annual Income field that I love.  When it goes away I will stop looking for new notes and will instead buy from Folio or begin transferring money out.

Perhaps revol_bal would work for you?

No, it doesn't.  I'm looking for total debt from known sources, such as second mortgages and helocs.  Have no idea if gov't student loans get in any debt field, but revolving balance on Int. Radar is often lower than its credit balance excl. mortgage, which in turn is often lower than total current balance of all accounts on PeerCube.  Don't know what the other services do about reporting debt totals.

Fred93

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Re: 25+% triggers?
« Reply #16 on: December 20, 2014, 10:00:19 PM »
Perhaps revol_bal would work for you?

No, it doesn't.  I'm looking for total debt from known sources, such as second mortgages and helocs.

I understand.  The borrower's annual income has gotta pay all that stuff, so it makes sense to count it all.

Quote
Have no idea if gov't student loans get in any debt field, but revolving balance on Int. Radar is often lower than its credit balance excl. mortgage, which in turn is often lower than total current balance of all accounts on PeerCube.  Don't know what the other services do about reporting debt totals.

The only thing they can do is take some or all of the (very poorly defined) fields LC gives us, and hand them to you.  There is no other source.

Since you have looked at the debt related fields closely, I have a question for you.  How does DTI relate to the various debt balance fields?  I know this may be a little hard to figure, because the payments on various debts depend on their terms (rate, maturity, etc).  I have no idea what things are counted in DTI, and I've never tried to figure it out.



Lovinglifestyle

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Re: 25+% triggers?
« Reply #17 on: December 21, 2014, 02:57:22 PM »

Since you have looked at the debt related fields closely, I have a question for you.  How does DTI relate to the various debt balance fields?  I know this may be a little hard to figure, because the payments on various debts depend on their terms (rate, maturity, etc).  I have no idea what things are counted in DTI, and I've never tried to figure it out.

In the past, LC's DTI has not included mortgages nor the payment amount of the requested loan.  It has been based on borrowers' self-reported income, which may or may not have been verified.  So if the borrower is honest and accurate, the DTI relevant to revolving balance and installment payments should be accurate after the required minimum payments due according to the credit report are added up.  I asked once about what is included and received a good answer that I no longer seem to have.  Darn.  You have a good point about maturity.  As time goes on, old debts may drop off and new ones be added, so the DTI only helps at the beginning. 

A recent loan seemed to have a high income for a "server", so I wondered if tips were included.  LC says "under the table" income doesn't count.  But if tips are reported to the IRS, it should count, so I took it at face value.  For whatever reason, the loan was just removed. 

AnilG

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Re: 25+% triggers?
« Reply #18 on: December 21, 2014, 08:01:07 PM »
Personally, I haven't found DTI to be a good indicator of loan defaults except when DTI is extremely low. In my analysis, Lending Club appears to take DTI into consideration when it assigns the interest rate. But I haven't found DTI to be a good predictor of defaults.

In the past, LC's DTI has not included mortgages nor the payment amount of the requested loan.  It has been based on borrowers' self-reported income, which may or may not have been verified.  So if the borrower is honest and accurate, the DTI relevant to revolving balance and installment payments should be accurate after the required minimum payments due according to the credit report are added up.  I asked once about what is included and received a good answer that I no longer seem to have.  Darn.  You have a good point about maturity.  As time goes on, old debts may drop off and new ones be added, so the DTI only helps at the beginning. 

A recent loan seemed to have a high income for a "server", so I wondered if tips were included.  LC says "under the table" income doesn't count.  But if tips are reported to the IRS, it should count, so I took it at face value.  For whatever reason, the loan was just removed.
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Anil Gupta
PeerCube Thoughts blog https://www.peercube.com/blog
PeerCube https://www.peercube.com

rawraw

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Re: 25+% triggers?
« Reply #19 on: December 22, 2014, 06:52:38 AM »
Back in the day when I played around with NSR, low DTI had higher defaults.  People often speculated it was because they weren't used to managing bills. 

Fred93

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Re: 25+% triggers?
« Reply #20 on: December 27, 2014, 03:51:16 AM »

Quote
Perhaps revol_bal would work for you?

No, it doesn't.  I'm looking for total debt from known sources, such as second mortgages and helocs.

I was just looking at peerform tonite, and they appear to provide the numbers you're looking for.  They now provide more than LC.
« Last Edit: December 27, 2014, 03:06:24 PM by Fred93 »

AnilG

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Re: 25+% triggers?
« Reply #21 on: December 27, 2014, 02:28:18 PM »
Prosper also provides lot more data points than Lending Club. Prosper even separates out credit balance by real-estate, installment, etc.


Quote
Perhaps revol_bal would work for you?

No, it doesn't.  I'm looking for total debt from known sources, such as second mortgages and helocs.

I was just looking at peerform tonite, and they appear to provide the numbers you're looking for.  They now provide more than LC.
« Last Edit: December 27, 2014, 06:11:14 PM by AnilG »
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PeerCube Thoughts blog https://www.peercube.com/blog
PeerCube https://www.peercube.com

Lovinglifestyle

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Re: 25+% triggers?
« Reply #22 on: December 27, 2014, 05:31:05 PM »

Quote
Perhaps revol_bal would work for you?


No, it doesn't.  I'm looking for total debt from known sources, such as second mortgages and helocs.

I was just looking at peerform tonite, and they appear to provide the numbers you're looking for.  They now provide more than LC.

Thanks.  Since you pointed this out I looked at their .csv of loans today and I see what you mean.  Looks like a lot of "privacy violation" excuses don't apply for them!  Some of those fields would add interest to the loan hunt, for sure.   :)

brec

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Re: 25+% triggers?
« Reply #23 on: December 28, 2014, 08:39:56 AM »
... Or is this the guy who will pay for 3 months and then be offered a new lower rate loan from LC screwing investors while collecting a second set of origination fees from him?

Uhhhhhhh ... what?!  My first imagination is an email from LC saying, "Hey there! How'd you like to abandon your current obligation to us and start a new one at a lower rate?" But, nah, impossible. Or, maybe a paper mail -- the borrower's on a bunch of mailing lists -- with a general solicitation of new borrower customers; the recipient, already having an LC loan, applies again and is granted another loan, then defaults on the first one? Or: Uhhhhhhh ... what?!

brec

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Re: 25+% triggers?
« Reply #24 on: December 28, 2014, 09:08:44 AM »
... I was just looking at peerform tonite, and they appear to provide the numbers you're looking for.  They now provide more than LC.

I hadn't heard of Peerform before, so I looked at their site, and downloaded currently in-funding loans. There were 52 of them, which were 6% funded in aggregate. I notice that their investors must be accredited, which I assume has the industry meaning taken from the S.E.C.

Regardless of the attractiveness of investor features, I am wondering: how does a newer platform like this get any traction?