Author Topic: LendingClub is missing a couple of my notes  (Read 3033 times)

kcook73

  • Newbie
  • *
  • Posts: 7
    • View Profile
LendingClub is missing a couple of my notes
« on: June 16, 2018, 01:19:00 AM »
I have been investing on LendingClub for close to 2 years.  Because returns are comparable to what I can get from bond funds, I have stopped investing returns into new notes and have been pulling my returns out periodically as of the past 6 months.  Given the LendingClub site tracks notes from Active to ultimately being Fully Paid Off or Charged Off, my number of notes has been static since I stopped purchasing new notes.  As of the last couple of days, my total number of notes has decreased by two.  I have not gone to the trouble of digging through last month's statement to find the two missing notes (to see which category they fall into) - but am curious if anyone else has seen this happen before, especially if in the past couple of days.

Fred93

  • Hero Member
  • *****
  • Posts: 2243
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #1 on: June 16, 2018, 05:04:12 AM »
Lots of notes pay off early, so the total # notes in your account going down is not exactly unusual.

kcook73

  • Newbie
  • *
  • Posts: 7
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #2 on: June 16, 2018, 06:38:15 AM »
If they pay off early, which is close to 40% for all of mine, they just move to a new bucket (Paid Off or similar), but they are still part of the general reporting of all notes in LC.  I have been doing this for close to 2 years with a large number of notes, so I have many notes paid off or charged off ... This should not cause my total number of notes to decrease (btw, I have not sold any notes).

Rob L

  • Hero Member
  • *****
  • Posts: 2131
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #3 on: June 16, 2018, 10:18:45 AM »
I started letting my account run off (no purchases or sales) beginning with my statement ending 3/31/2017. Total number of notes all in all status bins was 9716. That number remained constant until my statement ending 1/31/2018 where it dropped by one to 9715 where it remains as of my last statement. Where that note went I have no idea. I'm not going to try and find it. Just looked at my account on-line where "my notes at-a-glance" shows the number 9710. Wonder what my next statement will say?

kcook73

  • Newbie
  • *
  • Posts: 7
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #4 on: June 16, 2018, 12:42:25 PM »
I'm going to require an explanation from LC - their platform is responsible for managing my loans / notes, so as a customer I am not going to tolerate this.  Are there any LC people on this forum?

Data Junkie

  • Newbie
  • *
  • Posts: 15
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #5 on: June 16, 2018, 05:04:43 PM »
Yes, I noticed that my number of FP loans dropped by 2 recently.  I have not (yet) tried to track down what and why because something else popped up that caught my attention: a note I held that issued and defaulted in 2016 was listed as "Not Verified" in the historical data files, but now shows up as "Source Verified" in my notes_ext file (and I download these files regularly so this had to be a recent change).  Not a big deal as it is fini, but I did submit an inquiry.  So I'm beginning to wonder about LC's data management.

Lovinglifestyle

  • Hero Member
  • *****
  • Posts: 902
    • View Profile
    • Email
Re: LendingClub is missing a couple of my notes
« Reply #6 on: June 16, 2018, 06:57:35 PM »
I just checked mine.  The note number dropped by 2 from what it was on 6-1-18.  One left the Fully Paid category, and one left the Charged Off category.  Have no idea which notes those were.

Fred93

  • Hero Member
  • *****
  • Posts: 2243
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #7 on: June 16, 2018, 11:40:21 PM »
If they pay off early, which is close to 40% for all of mine, they just move to a new bucket (Paid Off or similar), but they are still part of the general reporting of all notes in LC.

Oh I see.  The total went down.  I'm buying almost every day so I would never observe this in my own account.

It is possible that LC "unissued" a couple of loans.  Some funny things like this have happened in the past when they decide they screwed up something.

Let us know when you get an answer from LC!

Data Junkie

  • Newbie
  • *
  • Posts: 15
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #8 on: June 18, 2018, 11:17:45 AM »
I have identified the two notes in my account that were removed.  In my account activity two items posted June 14:   Transfer    Credit for Ineligible Loan ID ___.  I compared an old notes_ext file to a recent one, and those two notes that were once in my account are now missing.  The Loan IDs are 90015185 and 85097245.  Both were 60-month FP notes, listed in July and Sept 2016, $40k loan amount, B-grade with 800+ Fico.

dr.everett

  • Full Member
  • ***
  • Posts: 238
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #9 on: June 18, 2018, 04:04:41 PM »
I guess my question is, why is LC doing this? If they are paid notes, with no money coming back to the lender, why bother? Anyone have any thoughts?
I have seen them do this in the past, i.e. fraud, but it usually happens very early in the loan lifecycle. These just don't make sense from my limited POV.
In my case I really don't care what they do since I'm closed out. But if there's money coming back to me, I'd at least like to know the why and what for, and how often.

kcook73

  • Newbie
  • *
  • Posts: 7
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #10 on: June 18, 2018, 04:28:56 PM »
I called LC today.  Must faster getting response on their phone number # versus waiting for email.  The person I spoke with was very helpful.  It turns out they identified 2 notes in my portfolio that were part of fraud - they were likely either late in payment or had been charged off.  They deleted the notes from my portfolio and refunded the money.  They were able to provide me the loan # (xxxx5185 and xxxx6043).  In general, their support was very helpful - but it would be nice to have this process tracked electronically so I can see the audit trail myself versus having to call into the support.  I am guessing most people don't watch their loans that closely - and may be this type of fraud process is new and they haven't developer the proper online reporting for it yet - I am glad they are doing this!

Data Junkie - the first loan is the same as you listed.  It sounds like your other one probably falls into the same category if it happened at the same time.

kcook73

  • Newbie
  • *
  • Posts: 7
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #11 on: June 18, 2018, 09:48:47 PM »
And for full fairness to LC - I also found in Activity reporting the Credit for the Ineligible Loans on 6/14 - as Data Junkie noted above.  Unfortunately the 2 accounts removed in my case were already fully-paid, so no account credit.  Data Junkie thanks for pointing out.

Data Junkie

  • Newbie
  • *
  • Posts: 15
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #12 on: June 20, 2018, 11:43:54 AM »
kcook73, thanks for the follow-up.  I'm glad LC was helpful and forthcoming.

Rob L

  • Hero Member
  • *****
  • Posts: 2131
    • View Profile
Re: LendingClub is missing a couple of my notes
« Reply #13 on: July 08, 2018, 09:45:57 AM »
My June statement still had a total of 9715 so I didn't lose any more last month.
Notes at a glance on my web page still says 9710; I have no idea why the difference.

dbailey75

  • Guest
Re: LendingClub is missing a couple of my notes
« Reply #14 on: July 10, 2018, 12:28:26 PM »
loans issues, found out to be fraudulent seem to disappear. 

I have a "Credit for ineligible Loan ID 358566" of $0, but this loan ID is not listed on my account.