Author Topic: maybe im sensitive  (Read 11868 times)

SkaXc0re77

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maybe im sensitive
« on: March 22, 2013, 10:35:15 PM »
So this might be a me thing.. but yesterday I had 4 notes that should have posted.  From Friday, Sat and Sunday... add the 4 days and boom - Thursday!  Well all 4 flipped and 4 cents came out of my account but for the last two days, only 2 posted funds over to my account.  When I check account history - same thing - only 2 payments and 2 fee's taken.  However I see (.02) in pending fees.

All 4 notes say "completed - on time" ... Am I just being silly harping on these payment discrepancies or should I be concerned?

Things like this make me nervous that I shouldn't dump more money into LC.

**edited for content*

SarahV

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Re: maybe im sensitive
« Reply #1 on: March 22, 2013, 10:40:22 PM »
A bunch of mine haven't posted from Thursday yet, either. Maybe it would be best to just assume payments take up to 48 hours to hit your account, and not worry about it till then? I mean, obviously you want to keep an eye out for whether the note is performing/late/grace/etc., but in terms of watching the money hit your account, it seems to always get there eventually. I don't know that LC ever promised it would happen on the same day.

AmCap

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Re: maybe im sensitive
« Reply #2 on: March 23, 2013, 11:44:33 AM »
A bunch of mine haven't posted from Thursday yet, either. Maybe it would be best to just assume payments take up to 48 hours to hit your account, and not worry about it till then? I mean, obviously you want to keep an eye out for whether the note is performing/late/grace/etc., but in terms of watching the money hit your account, it seems to always get there eventually. I don't know that LC ever promised it would happen on the same day.

Quite right.

PavelR

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Re: maybe im sensitive
« Reply #3 on: March 23, 2013, 12:18:36 PM »
I'm in the same boat.  I've had loans stop posting since Thursday, and my pending withdrawls have been at .68 since then.  This includes one loan which was allegedly paid off I believe.

Shouldn't we be getting interest for these delayed payments?   :)

SBryantMS

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Fragile IT Infrastructure
« Reply #4 on: March 23, 2013, 12:22:50 PM »
IMO, you are seeing a new risk emerge at LC - Fragile IT Infrastructure.

During the last two years, I have observed that LC growth has been taxing the ability of IT to process their daily volume.  The back office processing seems to get further behind during the week, requiring Friday’s processing to bleed over into Saturday and sometimes Sunday.

The web portal that we use appears to use “shadow files” created off the main databases.  The replication jobs used to synchronize these files are running further and further behind.  Right now, I can identify 20 notes that have Friday payments that appear in the “Note Portal” but have NOT synced to the main web page. 

My concern is that LC’s current IT structure may collapse at some future volume.  Today, we are seeing a lag in posting.  I expect to see a day in the near future when there are no loan originations.  My worst case is when LC goes down for several days while IT has to reorg and expand their databases.

Remember when Comair shut down for four days at Christmas because their crew scheduling system reached its maximum values:

http://usatoday30.usatoday.com/travel/news/2004-12-28-comair-cancellations_x.htm     

Zach

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Re: Fragile IT Infrastructure
« Reply #5 on: March 23, 2013, 12:40:14 PM »
IMO, you are seeing a new risk emerge at LC - Fragile IT Infrastructure.

During the last two years, I have observed that LC growth has been taxing the ability of IT to process their daily volume.  The back office processing seems to get further behind during the week, requiring Friday’s processing to bleed over into Saturday and sometimes Sunday.

The web portal that we use appears to use “shadow files” created off the main databases.  The replication jobs used to synchronize these files are running further and further behind.  Right now, I can identify 20 notes that have Friday payments that appear in the “Note Portal” but have NOT synced to the main web page. 

My concern is that LC’s current IT structure may collapse at some future volume.  Today, we are seeing a lag in posting.  I expect to see a day in the near future when there are no loan originations.  My worst case is when LC goes down for several days while IT has to reorg and expand their databases.

Remember when Comair shut down for four days at Christmas because their crew scheduling system reached its maximum values:

http://usatoday30.usatoday.com/travel/news/2004-12-28-comair-cancellations_x.htm     

I think that's why they brought onboard John MacIlwaine, and are really trying to expand their development team. We can probably expect an overhaul of their current system in the near future based on the survey they've been sending out. I'd also be surprised if they didn't realize their system is not able to scale to their volumes, and common sense would tell them they need to make some changes.

SarahV

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Re: maybe im sensitive
« Reply #6 on: March 25, 2013, 04:53:28 PM »
Still haven't seen the payments come through from last week. Starting to be a concerning problem at this point, I think.

They also never did fix those notes marked "grace period" on 3/9 that weren't really late.

SkaXc0re77

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Re: maybe im sensitive
« Reply #7 on: March 25, 2013, 05:09:45 PM »
Quote
They also never did fix those notes marked "grace period" on 3/9 that weren't really late.

Yah - that bugs me.  I sent them an email but heard nothing back.  I might call tomorrow about it.

As far as the payment goes - I am waiting to see what happens tonight and treat it like a payment I would expect today.  If it's not there then I'll def call.

Sensitive or not, pennies or not... as JG Wentworth says .... "its my money and I want it now"

PavelR

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Re: maybe im sensitive
« Reply #8 on: March 25, 2013, 05:30:24 PM »
Still waiting on my payments from last week too.  Pending withdrawals is continuing to trickle up.  Looking forward to getting my money.

SarahV

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Re: maybe im sensitive
« Reply #9 on: March 25, 2013, 05:36:16 PM »
On the plus side, the 3/13 FICO updates seem to have finally gone through.

I went through all my down-trending notes and decided to sell a few based on FICO trends. Three of them sold near instantly, and then I looked at them and saw that they were misreporting the amount of principal - it hadn't updated since last week's payment. It looks like several days last week didn't get that particular bit of info updated (maybe it's the same ones which have pending payments, I don't know). I would be double-checking everything carefully if you are purchasing notes on Folio right now. I suspect the ones I sold so quickly were showing up as much bigger discounts than they should have.

SBryantMS

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Re: maybe im sensitive
« Reply #10 on: March 25, 2013, 08:02:30 PM »
See my post above -- Fragile IT Infrastructure.

I am losing faith in their ability to manage the current load.  I have 30+ notes from 03/22 that show in the note as posted -- but do not show in my activity log and do not show in my cash position.  If I had not noticed it would anyone at LC have noticed.  There has to be an out of balance condition that is being ignored!   

I do not have the time to monitor every loan payment from receipt to deposit in my account.   

I think I am going to stop my automatic bank deposits until I get a better feeling about their IT environment.

I have 30+ years in IT and I have seen more than one company implode due to growth issues. 

Randawl

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Re: maybe im sensitive
« Reply #11 on: March 25, 2013, 08:18:07 PM »
Notes of mine that "completed payment" on 3/21 finally posted today.  None yet posted from 3/22 or today.  I thought they would have caught up over the weekend.

SBryantMS

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Re: maybe im sensitive
« Reply #12 on: March 25, 2013, 08:33:28 PM »
What bothers me is that -- No loan payments posted on 03/22 -- but my 03/25 loan payments have started posting this evening.  So -- at least for me -- my 03/22 payments are lost somewhere in the LC system.

From my banking background, we never started the next cycle posting until we had balanced the previous cycle.  Maybe, my payments are in the great suspension account where all problems wait for someone to complain.

mitgib

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Re: maybe im sensitive
« Reply #13 on: March 25, 2013, 08:38:04 PM »
What bothers me is that -- No loan payments posted on 03/22 -- but my 03/25 loan payments have started posting this evening.  So -- at least for me -- my 03/22 payments are lost somewhere in the LC system.

From my banking background, we never started the next cycle posting until we had balanced the previous cycle.  Maybe, my payments are in the great suspension account where all problems wait for someone to complain.

ok, you have me confused with this, my 3/19 payments posted today, 4 days after as usual, or are you explaining something else?

SarahV

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Re: maybe im sensitive
« Reply #14 on: March 25, 2013, 08:47:59 PM »
mitgib - we are talking about the actual money getting into your account, not just the note updating to "completed." There are a bunch of "completed" notes where the money has not been paid since last week. The dates he is referring to are the days he should have received the money.