ive had very few notes issued and im getting 5-8 not issued and $ returned everyday...getting fed up
So, one of the big growing pains, here, which, after LC has gone through, will make it stronger, is that vast swaths of the American
populace are bad credit risks, and that these borrowers must be weeded out before they are presented to investors as "notes".
As the algorithms and the (tacit) institutional memory at LC both get stronger, you're going to see more notes fail to issue as they
continue scaling up marketing efforts [don't worry, they're keeping the info and will get back to those borrowers, later, when they
definitively have figured out how to make them profitable (in the aggregate)], but, for now, be glad they're turning so many away!
This has alway been one of their longterm selling points, the PR "line", in ~2009, used to be "We reject 99 out of 100 borrowers!"
No kidding, they really said that, in public, all the time. Now they're a little more polite, on the front end, but, still working in back.
(You'd rather have them originate a bunch of junk, just so you can "feel better" about cash drag, while buying non-conformings?)
(I didn't think so - and, luckily for you, their incentives are aligned with yours, as nothing would kill them faster than bad scoring.)
