Author Topic: Notes I Had Funded "Disappearing"  (Read 3608 times)

avid investor

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Notes I Had Funded "Disappearing"
« on: January 28, 2015, 08:36:36 AM »
Since the new API was rolled-out, I have been maintaining a detailed status on all notes I funded.  For notes where the "last update date" was not today's date, and the status was "In Review" or "In Funding", I simply changed their status to "Declined" as it seemed safe to assume that these were loans not issued, and therefore no longer reported to me in the "Detailed Notes Owned" output.  Using this method, I was always able to match up the details for any status with the LC web platform data.

Something happened on 11/6/2014, however, and I now have a bunch of notes that were in "Current" or "In Grace Period" on that day that I am no longer getting any updates on.  Was this the day that LC issued an "oops" and "bought back" a bunch of notes that were issued?  It doesn't seem to have happened since.

GS

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Re: Notes I Had Funded "Disappearing"
« Reply #1 on: January 28, 2015, 08:38:55 AM »
Look at your account activity and see if you have a coorisponding credit on those dates.

avid investor

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Re: Notes I Had Funded "Disappearing"
« Reply #2 on: January 28, 2015, 08:43:40 AM »
Bingo.  "Credit for ineligible loan".  I only looked in one of the accounts, but each loan in that account was credited in full for the loans that no longer have been updated.  Do you know if this is ongoing behavior or an anomaly?

avid investor

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Re: Notes I Had Funded "Disappearing"
« Reply #3 on: January 28, 2015, 09:01:29 AM »
Ok, so I applied the fix.  All notes where the update date is not today = Declined.  Looking at the data that way, however, I notice that there's money missing on the LC website.  One account has $100 in "issued" that is not in the "issued and current" total on the website.  Another account as $50.  Further, it is not that the money is just in "Not Yet Issued" or any of the late statuses.  Those categories prove to the dollar.  Interesting.

avid investor

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Re: Notes I Had Funded "Disappearing"
« Reply #4 on: January 28, 2015, 09:13:39 AM »
Wow.  After detailed review, the loan is in "Issuing" status on the website.  That's fine, but:

1) the money is NOWHERE on the website, not COMMITTED, not in Issued and Current, and,
2) They don't provide "Issuing" as a status in the data retrieved for the API.

Grrr...  This makes the account data on the website wrong, and depending on how much you have that is in "issuing" status, it could be thousands of dollars.

https://www.lendingclub.com/browse/loanDetail.action?loan_id=40297437

I meant to add that the money is not in your account totals, either.
« Last Edit: January 28, 2015, 11:29:50 AM by avid investor »

PennySaved

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Re: Notes I Had Funded "Disappearing"
« Reply #5 on: January 28, 2015, 04:07:32 PM »
Apparently LC sometimes takes back loans that they had issued.  Discussed on previous thread
http://www.lendacademy.com/forum/index.php?topic=2845.0

PennySaved

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Re: Notes I Had Funded "Disappearing"
« Reply #6 on: January 31, 2015, 08:40:42 PM »
I think I have about ten of these "Disappeared" notes showing up on the LC 1099-B tax form for recoveries.  They show the Sale price as $24.xx and the income as $0.xx and Gain/loss as $0.00 (zero).  All were sold on 11/6/14.  I tried to find the first couple by searching on the LC Website in my account but they are not there.  I looked at All notes, searching by both Note ID and Loan ID, but could not find them.  So I guess the small amounts of change per note was refunded to the investor when the loans were taken back by LC but it seem strange how it ends up on the 1099-B recovery form.  It is not technically recovery of defaulted loan, but since the gain/loss reported is zero, I guess it has no effect on my taxes.    I will report it on my tax forms because I like my numbers to match up to what LC submitted to IRS.  Date of acquisition for all ten notes are various dates in Sept 2014.

BruiserB

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Notes I Had Funded "Disappearing"
« Reply #7 on: February 01, 2015, 04:53:05 AM »

I think I have about ten of these "Disappeared" notes showing up on the LC 1099-B tax form for recoveries.  They show the Sale price as $24.xx and the income as $0.xx and Gain/loss as $0.00 (zero).  All were sold on 11/6/14.  I tried to find the first couple by searching on the LC Website in my account but they are not there.  I looked at All notes, searching by both Note ID and Loan ID, but could not find them.  So I guess the small amounts of change per note was refunded to the investor when the loans were taken back by LC but it seem strange how it ends up on the 1099-B recovery form.  It is not technically recovery of defaulted loan, but since the gain/loss reported is zero, I guess it has no effect on my taxes.    I will report it on my tax forms because I like my numbers to match up to what LC submitted to IRS.  Date of acquisition for all ten notes are various dates in Sept 2014.

I noticed the same when entering transactions into TurboTax today.  Was trying to figure out why I had what appeared to be sales of notes when I hadn't sold any. Then realized all had the same 11/6 sale date and remembered that LC had cancelled a bunch of notes after issuance.  I guess these have to be counted as sales of notes with no gain or loss.


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