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Author Topic: Employer removed from loan description

R
  • Posts: 114
Employer removed from loan description
OP: September 24, 2013, 11:00:00 PM
Anyone else notice that the "current employer" column has been removed from loan descriptions?  LC replaced it with "Job Title" so we're seeing things like "factory worker", "sales", and "registered nurse" instead.  In the past I had looked at the employer and surmised if the claimed income was reasonable.  People with sales jobs tend to have much more volatile cash flows.  If the employer was "Super Maxx Auto World" I would shy away from it.  I like this change because instead of just telling me who they work for it gives me a better idea of what they do.  Of course, this only applies to those actually being honest with this unverified information.

LC probably also wanted to anonymize borrower details a bit more.  It was relatively easy to google the employer with the city and state and find out exactly where they work and be able to call the business, especially if the borrower worked at a less-than-national company.

LC also added a loan counter in the top right corner of the browse notes page that displays the number of loans listed in the past week.  Perhaps they are hoping this will help counter some of the perception of limited loan availability.
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y
  • Posts: 182
Employer removed from loan description
#1: September 24, 2013, 11:00:00 PM
I'm not seeing that. What page are you on?
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W

WES

  • Posts: 34
Employer removed from loan description
#2: September 24, 2013, 11:00:00 PM
I see listings both ways, with "Job Title," and with the old "Employer." Is this choice up to the Borrower?
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b
  • Posts: 152
Employer removed from loan description
#4: September 24, 2013, 11:00:00 PM
Yup, the new ones say Job Title. BrowseNotes V7 also. Hate these silent updates. They really waste my time.
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T
  • Posts: 6588
Employer removed from loan description
#6: September 24, 2013, 11:00:00 PM
Advance notice was not given, at least to P2P-Picks' one institutional client. And yes, it screwed our buying for 6am. Spent the next hour rebuilding the application to account for the change.
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T
  • Posts: 6588
Employer removed from loan description
#7: September 24, 2013, 11:00:00 PM
This loan that was just listed contains the old "Current Employer".

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7372343&previous=browse

However, in the browseNotes Infor Global is listed under "emp_title".  Maybe there are some loans with the old borrower form that hadn't been fully processed and listed due to the borrower taking a long time with their application or some other delay.
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a
  • Posts: 1
Employer removed from loan description
#10: September 24, 2013, 11:00:00 PM
Does anybody else see this change as negative? I for one lost a very useful piece of information about the stability of the borrower's income, because the same position in different companies or industries may imply very different risks. On the other hand, knowing the position, doesn't give me much more information than combined employer + income, since the position can be guessed from the two. In sum, this means less information about the borrower, higher uncertainty, and, in the end, lower returns. It may be easier for computers to sort through a shorter list of positions, but excluding the employer is not helping us humans. Not a good change IMHO. Thanks!
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s
  • Posts: 10
Employer removed from loan description
#11: September 24, 2013, 11:00:00 PM
Definitely a negative. I use employer to make final yes/no decisions on whether to make a loan after making it through my filter.
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L
  • Posts: 241
Employer removed from loan description
#12: September 24, 2013, 11:00:00 PM
I don't like it.  I infer peripheral information from the employer--like what a person's interests along that line could have to do with a responsible attitude or how he/she got into too much overspending.  Using only generic information attached to labels eliminates another element of the P2P factor, imho.  Since this is already a too-much-time-consuming "hobby" for me, I need more "fun" associated with the numbers.
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l
  • Posts: 29
Employer removed from loan description
#13: September 25, 2013, 11:00:00 PM

I don't like this at all. Since I can only use FolioFN, I feel like I lost one of the most valuable pieces of information.
I used to be able to skip plenty of loans because I know that company x or y was laying off people or that a particular government position was no longer secure, while some others might be.
Job title provides nearly no useful information, especially in the current era of corporate speak.

I'm sure we can all look forward to 1000s of loans to 'associates', 'coordinators', 'managers' and 'consultants'..
In fact a 'consultant' is a perfect and very informative title for everyone from a hairdresser, to networking engineer, to someone unemployed looking for work...
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L
  • Posts: 38
Employer removed from loan description
#14: September 26, 2013, 11:00:00 PM
Wow, WTF are they thinking.  >:(. Employer is a huge piece of information while job title is virtually meaningless. If true I may stop investing on LC. Absolutely crazy how they treat their investors sometimes.
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