Author Topic: Offering Hardship Plans for Borrowers and Protecting Returns for Investors  (Read 14327 times)

fliphusker

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There are. But I have a sneaky feeling you will not like them.
https://help.lendingclub.com/hc/en-us/articles/115004323368-Recent-and-upcoming-changes-to-the-downloadable-data-files-and-API-services
Never read the damn title until now. No wonder the fields are not in the note.
Reason is blank-Sigh.
Everything else looks as I thought it might.
We need DEFINITIONS for those fields.  If you talk with LC about any of this, please make that point.

Fred93

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There are. But I have a sneaky feeling you will not like them.
https://help.lendingclub.com/hc/en-us/articles/115004323368-Recent-and-upcoming-changes-to-the-downloadable-data-files-and-API-services

Well that's better than last time I looked! 

I wonder what is unsaid.

fliphusker

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Like what? Seeing everything straight forward for the fields.
There are. But I have a sneaky feeling you will not like them.
https://help.lendingclub.com/hc/en-us/articles/115004323368-Recent-and-upcoming-changes-to-the-downloadable-data-files-and-API-services

Well that's better than last time I looked! 

I wonder what is unsaid.

mrwhizzard

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Any idea under what circumstances these two fields would be different?

Quote
Deferral_Term - Amount of months that the borrower is expected to pay less than the contractual monthly payment amount due to a hardship plan
Quote
Hardship_Length - The number of months the borrower will make smaller payments than normally obligated due to a hardship plan

mrwhizzard

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So one of my IGP notes is on a "Hardship Plan" now.

Well, even though this note is still showing up in my portfolio, when I try to click on it to see the details, I now get an error message: "Invalid Note or Order specified". No idea what that means, but it doesn't seem good...

Fred93

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So one of my IGP notes is on a "Hardship Plan" now.

Well, even though this note is still showing up in my portfolio, when I try to click on it to see the details, I now get an error message: "Invalid Note or Order specified". No idea what that means, but it doesn't seem good...

Seems like a software bug.  Suggest you tell LC.

kib

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Bump.

How is the Hardship Plan working out for everyone?  I used to lend privately and as I understand it, the hp is the same as I offered some people - the amortization schedule gets pushed down a few months with all the numbers other than date remaining as-is, and in the interim, you go on getting interest.  It actually has benefit for the lender in that the loan generates more interest over its lifespan, assuming of course that the note comes current again after the extension period.  Frankly, I wish they'd offer a longer option and extend to loans with longer delinquencies; I'd rather get a little than nothing at all while paying for collection efforts and imagining frantic depressed borrowers getting hassled as well. 

So,  are your hardship loans coming current or just failing at a later date?    Do you like the option?


mrwhizzard

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So,  are your hardship loans coming current or just failing at a later date?    Do you like the option?

Looking at my "Download All - Extended" csv file, I can only find "active" (3) and "broken" (1) hardship status listed. I'm almost certain I had some other loans go into hardship plans, though, so I'm wondering now whether they clear out those fields once the loan goes back to regular status? I'll have to watch more carefully to see.

jheizer

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Code: [Select]
HARDSHIP_FLAG HARDSHIP_TYPE HARDSHIP_REASON HARDSHIP_STATUS
Y INTEREST ONLY-3 MONTHS DEFERRAL MEDICAL ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL OTHER ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE
N INTEREST ONLY-3 MONTHS DEFERRAL BROKEN
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE
N INTEREST ONLY-3 MONTHS DEFERRAL COMPLETED
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE
Y INTEREST ONLY-3 MONTHS DEFERRAL FAMILY_DEATH ACTIVE

The few I have and their info.
Replacement to P2P Quant's Percentile Tool http://lc.geekminute.com