Author Topic: phone call from Folio  (Read 2446 times)

Fred93

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phone call from Folio
« on: March 16, 2017, 05:45:16 PM »
Phone rang an hour or so ago.  It was a compliance guy from folio, with some questions about my LC folio trading. 

He said they run some screens, and talk with a few people who pop up on the screens from time to time.  Seemed reasonable.  He had a few questions about my strategy, and so forth.  Very general stuff.  He seemed to know my trades, and didn't ask for anything I would consider confidential, so I presume he was legit.

He asked if there were things that concerned me, so I told him about some of the software issues with FICO score updates being shown to some people days before being shown to others etc (as we've discussed in other threads here).  Not surprisingly he said that was LC's department, and outside of his purview.  He went on and on with that answer and I had to cut him off.  Told him "Look, just sayin' thats not my problem over and over in different ways doesn't help, so lets move on."

Was a pleasant conversation.  I told him I was glad to see somebody was watching.
« Last Edit: March 16, 2017, 05:47:15 PM by Fred93 »

Lovinglifestyle

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Re: phone call from Folio
« Reply #1 on: March 16, 2017, 07:55:11 PM »
Good to know.  Thanks for having that conversation!  So LC's door is the one to be knocking on for results....that's informative, if not specifically helpful.  Glad he called you!!

fliphusker

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Re: phone call from Folio
« Reply #2 on: March 17, 2017, 06:54:39 PM »
Now that is really quite interesting.
Curious if you asked him about updating the site to actually make it useful. Like NSR useful or PC useful. Right now you have such a limited search range there that it is basically useless for real limited searches like most of us FOLIO users need.
I actually tried to call FOLIO once about the 499 FICO score thing. I actually carried my phone around the house doing things and hung up after 22 minutes.  :P

Fred93

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Re: phone call from Folio
« Reply #3 on: March 17, 2017, 07:08:01 PM »
Curious if you asked him about updating the site to actually make it useful. Like NSR useful or PC useful.

No.  This was a compliance guy. 

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Right now you have such a limited search range there that it is basically useless for real limited searches like most of us FOLIO users need.

That's why I wrote my own software to screen notes offered for sale.

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I actually tried to call FOLIO once about the 499 FICO score thing. I actually carried my phone around the house doing things and hung up after 22 minutes.  :P

I doubt that anybody at folio knows the difference between a FICO and a banana.  They're just broker who happens to have tried to branch out into fintech and do some trading for LC & Prosper.

I'd bet that LC is responsible for the software that mishandles missing data in that field.  Various parts of the LC API were obviously written by different people with limited knowledge about the whole system, so you find things like missing data being handled about 10 different ways in different places.  It is disgusting.   

fliphusker

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Re: phone call from Folio
« Reply #4 on: March 17, 2017, 07:28:54 PM »
Sorry, I misread about him being a compliance guy, my bad.
One of you guys who write your own stuff for FOLIO needs to make that available to purchase. :):)
LC did not know the deal with the screwy FICO stuff until I brought it to them. They are working on it and I get updates from one of the team members on it. She is great and responds back quickly to my inquiries.
Here are a couple responses she had, probably should have made a thread about it, but oh well. Hope they do not botch the app.

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Secondly, we have recently made changes to our collections procedures which we hope will increase the amount of borrowers who get back on track. You should not be seeing a complete lack of communication between our collections team and borrowers, and if you do, please don't hesitate to send those cases to me directly. I will reach out to my contact in collections to find out what the delay is.

Also, good news! We are very close to launching our mobile app- in fact, between you and me, I have tried it out and it's fantastic. So stay tuned for that!

In regards to a voice on Lend Academy, that is great feedback. I will reach out to my compliance team and see if we can get a point of contact to be the Lending Club voice on the platform.

rubicon

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Re: phone call from Folio
« Reply #5 on: March 20, 2017, 09:47:02 PM »
I got the same call. I did ask what triggers they use. It wouldn't be anything surprising and what you would expect a compliance team to use