Did payments not post today?

[mitgib]

Another month later... I guess Lending Club has no intention of fixing this. Knowing full well that a batch of your securities are being incorrectly listed - in a way that could significantly impact the value - and refusing to correct it is a pretty seriously bad business practice, no?

We can only hope Google will teach them how to run a database that grows much faster than expected.  My payments are slowly posting in dribs and drabs, which is rough since the 1st-5th payments are a large chuck of my monthly cashflow.

[SeanMcD]

Another month later... I guess Lending Club has no intention of fixing this. Knowing full well that a batch of your securities are being incorrectly listed - in a way that could significantly impact the value - and refusing to correct it is a pretty seriously bad business practice, no?

I keep pinging them, and keep hearing back that they're looking into it.  No indication that anything's actually been done over the last two months, but I have no intention of dropping the issue.

[ee1x]

We can only hope Google will teach them how to run a database that grows much faster than expected.  My payments are slowly posting in dribs and drabs, which is rough since the 1st-5th payments are a large chuck of my monthly cashflow.

Very good point. I can't imagine Google sitting on the sidelines while LC's technology suffers.

[Vlad]

It seems that the payments that were supposed to be posted today, those that were due 5/13, did not post. I'm guessing most of them will be completed in Grace tomorrow, just like the ones that were due on 3/4.

I doubt LC is going to fix the error with these late payments, since they will also need to undo many Folio transactions. I had a few pending sales from notes due on 5/13 that should've been cancelled with a payment, but it went thru today.

[SarahV]

Yep. All of my 5/13s are still hanging too, including one that had a failed payment and I sold yesterday. Really hope the sale goes through (it hasn't yet).

[GS]

I have 3 from 5/11 that updated yesterday but haven't posted to cash, and one from 5/13 that didn't update, but two from 5/12 that did update and post to cash ... Seems like there is a problem.

[GS]

I wonder if it is a Problem related to Fridays...  The 3/4 notes were due Monday and should post Friday, as were 5/13 notes. 

Could it be that notes due Saturday, Sunday, and Monday all process on Friday, so they are having a problem processing 3 times the normal daily volume?

[mitgib]

I wonder if it is a Problem related to Fridays...  The 3/4 notes were due Monday and should post Friday, as were 5/13 notes. 

Could it be that notes due Saturday, Sunday, and Monday all process on Friday, so they are having a problem processing 3 times the normal daily volume?

I have noticed Friday, Saturday and Sunday usually post on Thursday, which did this week, but Monday 5/13 has not yet.  Up through the 12th is still posting to cash, and looks like the held fee is much higher than it should be so I am thinking there is an early payoff on some note.

[GS]

I think you are right, I thought Sat-Mon posted Friday, but now that I take a better look, it looks like Fri-Sun posts Thursday.  Still could be related to an end of the week server overload, though.  My last note scheduled to post to cash from 5/11 just posted this morning (5/18), about 36 hours later than normal, so they are apparently still trying to catch up.

[SarahV]

I assumed it was the server load from Thursday also, since Thursday payments often lag way past the time payments normally occur.

I was hoping since they shut down the website late last night for maintenance or upgrades (can't remember what it said) that they would be fixing this. But they didn't, and 5/13 notes are still hanging. (And no, they didn't go in and fix the 3/4-3/9 ones either.)

[GS]

Well, my 5/13 just posted ...

"Completed - in grace period"   

Problem not solved

[yaoyao]

That's not good.  Last time, it affected part of 3/4 notes.  This time, I believe that it affected all of 5/13 notes. 

[MTaylor]

Ugh. Me too. If this keeps happening, eventually all notes will have an incorrect "grace period" payment. The borrowers can't be happy about that either. I've said it before, but what really bugs me is the way they sweep problems like this under the rug and never publicly address them. It's not an individual user problem, it's system-wide.

[mitgib]

Ugh. Me too. If this keeps happening, eventually all notes will have an incorrect "grace period" payment. The borrowers can't be happy about that either. I've said it before, but what really bugs me is the way they sweep problems like this under the rug and never publicly address them. It's not an individual user problem, it's system-wide.

About the only thing I can think of for this to change since LC seems to be unwilling is harassing their underwriter prior to their going public, upto threatening a class action as this only lowers the resale value of the underlying notes on Folio by placing false info on the note history.  The proper thing is to correct the entries, or place an entry taking blame, something like "Completed - Late Posting by servicer"

[SeanMcD]

Just had an interesting conversation with LC about the issue, and will pass along the details as soon as they get back to me again.