Author Topic: All Charged Off loans now show "Outstanding Principal $0.00"?  (Read 3708 times)

yojoakak

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All Charged Off loans now show "Outstanding Principal $0.00"?
« on: November 01, 2016, 03:55:02 PM »
Is this a recent change? What's the point?

For example,  https://www.lendingclub.com/account/loanPerf.action?loan_id=55401024&order_id=92547888&note_id=88707596

"Outstanding Principal   $0.00"

But right above it, it says:

"Remaining Payments (24)   $18.07"

and in the Payment History:

"Principal Balance $17.10"


Also, if you look at the same loan in Foliofn, it shows the amount:

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=55401024&order_id=92547888&note_id=88707596

"Outstanding Principal   $17.10"
« Last Edit: November 01, 2016, 04:21:46 PM by yojoakak »

Fred93

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #1 on: November 01, 2016, 05:01:56 PM »
There are several things that show differently in folio vs LC, and some that show differently in the folio API than the web pages.

Almost none of the fields are ever defined anywhere so you could tell how they're supposed to act in any particular situation, such as chargeoff for example.

I abhor this sloppiness. 

BruiserB

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All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #2 on: November 01, 2016, 06:02:54 PM »
I just noticed this change as well for the first time yesterday. I used to go to my defaults and look at the recent ones and be able to get a feel for the losses I've recently incurred as well as if they are newer loans or more seasoned loans. Now just seeing a column of zeroes doesn't give me any feel for my losses. Maybe that's their intention.

Or maybe there was something "wrong" with them showing a supposedly "worthless" asset as having value from an accounting/legal point of view?  If that's the case, I'd rather they change the column heading to "Amount written off" and keep the values.


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Debt Free

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #3 on: November 01, 2016, 06:08:07 PM »
Ditto...   ???

Lovinglifestyle

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #4 on: November 01, 2016, 08:03:02 PM »
I agree, unless by happy-stance this leads to better tax treatment!

Debt Free

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #5 on: November 02, 2016, 07:25:44 AM »
A charge off is a charge off either way.  But for the investors, it's nice to be able to review bad debt for analysis without having to open the note.
I wonder if they are preparing to adjust their calculation method.

jheizer

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #6 on: November 02, 2016, 07:57:42 AM »
I emailed yesterday asking/complaining.  I'll post what they reply with.
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jheizer

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #7 on: November 02, 2016, 05:24:43 PM »
Quote
Thank you for your email and your continued support of Lending Club.

We appreciate you taking the time to provide us with your suggestions regarding the update to the principal balance on Charged-Off loans. We have forwarded your thoughts and feedback to the appropriate management team for further review.

Your feedback is valuable, and some of the best updates to our site are largely based on the suggestions that we received from our members. You can view the principal balance by clicking directly into the loan or downloading an Excel file of your Notes.

I had also asked if there was any plans to support H&R tax software but they didn't reply to that part at all.  I'm spoiled in that we've used H&R for the business so I don't have to buy it myself, but I've had significant folio transactions this year so that would suck to do by hand.
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bluto

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #8 on: November 03, 2016, 09:22:13 AM »
I have a few very old charge offs (2008 and 2009 vintages).  It sure looked like the Weighted Average Age of Portfolio was being impacted by these (which had a high weight because they were principle balances that are now 60-70+ months old).  Perhaps lending club noticed this. 

rubicon

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #9 on: November 03, 2016, 10:05:57 AM »
can't you just find it under the download file? PrincipalRemaining column?

BruiserB

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Re: All Charged Off loans now show "Outstanding Principal $0.00"?
« Reply #10 on: November 03, 2016, 12:06:34 PM »
can't you just find it under the download file? PrincipalRemaining column?

You can find Principal Remaining for any loan, but is there a Date Charged Off column?  That's what's hard to find, and that's what's needed to know exactly what was written off when.  All it shows on the web is the last "Payment Due Date" which can be used to approximate the month the note got written off in, but it's not exact.