Author Topic: Sudden drop in Lending Club loan count on July 1  (Read 9385 times)

ibonobos

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Sudden drop in Lending Club loan count on July 1
« on: July 03, 2015, 05:22:21 PM »
At 5:30 AM July 1, 2015 Lending Club had 4215 loans available for investment.
At 9:30 AM July, 1 2015 Lending Club had 2458 loans available for investment.
At 9:00 PM July, 1 2015 Lending Club had only 715 loans left.
Any ideas? Keep in mind on a good day perhaps 200 loans are filled and removed from listing.

lascott

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #1 on: July 03, 2015, 10:27:14 PM »
A few threads about this already.
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ibonobos

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #2 on: July 04, 2015, 07:04:57 AM »
@lascott  Where would one find these threads?


ibonobos

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #4 on: July 04, 2015, 08:31:12 AM »
Thanks for the links. What concerns me is not a question of loans not issuing but of loans disappearing from the board in great numbers as happened four days ago on July 1. Did anyone else witness this?

Lovinglifestyle

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #5 on: July 04, 2015, 10:11:23 AM »
Yes, a lot of people noticed.  Here's more, page 4:  http://www.lendacademy.com/forum/index.php?topic=3272.45

Rawraw posted a link I can't find right now.  It shows quantities and times of release, I think.  It was a good chart--darn.   

In general, there weren't enough buyers for a couple of days and then things went back to normal because LC arranges things that way according to demand and how many loans are allocated to whole or fractional.

That was probably the biggest fluctuation ever!

lascott

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #6 on: July 04, 2015, 10:50:37 AM »
Yes, a lot of people noticed.  Here's more, page 4:  http://www.lendacademy.com/forum/index.php?topic=3272.45

Rawraw posted a link I can't find right now.  It shows quantities and times of release, I think.  It was a good chart--darn.   

In general, there weren't enough buyers for a couple of days and then things went back to normal because LC arranges things that way according to demand and how many loans are allocated to whole or fractional.

That was probably the biggest fluctuation ever!
Thinking of my graphs in this thread?
http://www.lendacademy.com/forum/index.php?topic=3272.msg29510#msg29510
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Lovinglifestyle

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #7 on: July 04, 2015, 11:06:29 AM »
f
Yes, a lot of people noticed.  Here's more, page 4:  http://www.lendacademy.com/forum/index.php?topic=3272.45

Rawraw posted a link I can't find right now.  It shows quantities and times of release, I think.  It was a good chart--darn.   

In general, there weren't enough buyers for a couple of days and then things went back to normal because LC arranges things that way according to demand and how many loans are allocated to whole or fractional.

That was probably the biggest fluctuation ever!
Thinking of my graphs in this thread?
http://www.lendacademy.com/forum/index.php?topic=3272.msg29510#msg29510

Yes, that's what I meant by "page 4" of that thread.  Thank you for posting that!  But I also was thinking of a tab I'd saved for days, and somehow closed it.  Pretty sure I'd found it myself from the lc address on it in the other posted link (rawraw?),  but now no roads lead to Rome.  Can't even get it in my History.  It had exact release times and options such the hour, day,, week, month or whatever.  Think it had a jagged black line instead of colors.  Hours across the bottom and # of notes released at that time up the left side. 

Lovinglifestyle

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #8 on: July 04, 2015, 11:27:35 AM »
ok, thanks to my fuzzy mind, this is what I couldn't find.  It's also from you, lascott, at the bottom of page 1 in "Weird Goings On at LC".  Thank you for that.  I had never navigated to it before your post.  It isn't that hard to find for one who is looking for it on PeerCube instead of on the LC site!

https://www.peercube.com/histperf/available_loans/lc

f
Yes, a lot of people noticed.  Here's more, page 4:  http://www.lendacademy.com/forum/index.php?topic=3272.45

Rawraw posted a link I can't find right now.  It shows quantities and times of release, I think.  It was a good chart--darn.   

In general, there weren't enough buyers for a couple of days and then things went back to normal because LC arranges things that way according to demand and how many loans are allocated to whole or fractional.

That was probably the biggest fluctuation ever!
Thinking of my graphs in this thread?
http://www.lendacademy.com/forum/index.php?topic=3272.msg29510#msg29510

Yes, that's what I meant by "page 4" of that thread.  Thank you for posting that!  But I also was thinking of a tab I'd saved for days, and somehow closed it.  Pretty sure I'd found it myself from the lc address on it in the other posted link (rawraw?),  but now no roads lead to Rome.  Can't even get it in my History.  It had exact release times and options such the hour, day,, week, month or whatever.  Think it had a jagged black line instead of colors.  Hours across the bottom and # of notes released at that time up the left side. 

ibonobos

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #9 on: July 04, 2015, 12:09:20 PM »
I am troubled by the idea that LC overextended itself and reacted badly. How does Lending Club go from 5000+ loans two weeks ago down  to 6 or 7 hundred today? If they hit the panic button and simply pulled the loans, what happens to investors who had money committed to the pulled loans and all those individuals hoping to have their loans filled?

edward

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #10 on: July 04, 2015, 12:29:00 PM »
I can't find the thread, but one poster contacted LC and they said they had problems with placing the loans on the "whole loan" platform, so for a few days until they got that resolved, they had to post all the notes on the "fractional" platform.
« Last Edit: July 04, 2015, 01:13:38 PM by edward »

lascott

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #11 on: July 04, 2015, 12:31:06 PM »
I am troubled by the idea that LC overextended itself and reacted badly. How does Lending Club go from 5000+ loans two weeks ago down  to 6 or 7 hundred today? If they hit the panic button and simply pulled the loans, what happens to investors who had money committed to the pulled loans and all those individuals hoping to have their loans filled?
Loans are still getting filled at the same rate AFAIK. Did you read this entire thread?  Several long time posters provided various opinions.
« Last Edit: July 04, 2015, 12:32:55 PM by lascott »
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ibonobos

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #12 on: July 04, 2015, 01:48:05 PM »
I am a newbie to this forum. That said, I have been with LC for five years and have made over twenty thousand loans from two different accounts. I pay close attention.  Something does not seem right with LC recently and I hope others will take a closer look as I have done.

lascott

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #13 on: July 04, 2015, 01:54:19 PM »
I am a newbie to this forum. That said, I have been with LC for five years and have made over twenty thousand loans from two different accounts. I pay close attention.  Something does not seem right with LC recently and I hope others will take a closer look as I have done.
Thanks for that perspective. Your first post did not appear like you did any research at all first before just posting. You didn't reference that you did or point to any threads that you looked at. Just an impression of how you came off to me.

Still your LC experience is primarily with the pre-IPO LC. We are only on the 2nd quarter with the post-IPO LC so I think things are different because of that.  As well they have a lot of new employees, lot of new borrowers from different sources, lot of pressure from institutional investors, etc, etc, etc. LOT has changed in the just the past 1.5 years that I've seen. LOTs!

The post about most going to fract then most going to whole were interesting. And post about how LC use to fund loans that weren't fully funded. Next weeks should be interesting and things may settle back down.

I can't find the thread, but one poster contacted LC and they said they had problems with placing the loans on the "whole loan" platform, so for a few days until they got that resolved, they had to post all the notes on the "fractional" platform.
This thread. http://www.lendacademy.com/forum/index.php?topic=3286.0
You'd think a "large" company would not have these issue. Still a lot of growing going on apparently.
I'm sure everytime there is a "major" problem they fix it and do post-mortem to determine how to avoid it again. I hope!
« Last Edit: July 04, 2015, 01:59:01 PM by lascott »
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nonattender

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Re: Sudden drop in Lending Club loan count on July 1
« Reply #14 on: July 04, 2015, 05:25:44 PM »
I am troubled by the idea that LC overextended itself and reacted badly. How does Lending Club go from 5000+ loans two weeks ago down  to 6 or 7 hundred today?

By making a call or two and having one of the hundreds of institutions dying to deploy capital into these notes send over ~$80 million into the fractional market.  I fail to see how this can be seen as a sign of distress, but, frankly, I don't think most people, here, understand the scale at which LendingClub operates these days.  I saw some guy post and say "Well, if they'd have opened TX and AZ sooner, I know at least 5 friends who would have put in $50k each - that's $250k!" and I'm sitting here thinking, does this guy have any idea what "billions" means?  I don't think the average forum/retail investor really have a clue at the staggering amount of loans LC funds per day, week, quarter, yr - many of them don't even seem to realize that the fractional note market is just the tip of the iceberg when it comes to total loan volume.  There are institutions that eat up dougle-digit millions per week and most of you guys don't see it.

*shrug*

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