Title: "Borrower Contacted LendingClub," etc.
Post by: investforfreedom on August 25, 2013, 11:00:00 PM
Post by: investforfreedom on August 25, 2013, 11:00:00 PM
Would you still sell a late note on Folio if the collection log keeps saying, "Borrower contacted LendingClub"? How about "Borrower contacted Collection Agency"? What are the chances of borrowers making good their late payments if they contacted LC or collection agencies?
Title: "Borrower Contacted LendingClub," etc.
Post by: New Jersey Guy on August 25, 2013, 11:00:00 PM
Post by: New Jersey Guy on August 25, 2013, 11:00:00 PM
"What are the chances of borrowers making good their late payments if they contacted LC or collection agencies? "
I would have to say better than average.
But this is a double edged sword. Reason being is that you don't know WHY the borrower called. Most likely it's about a missed payment. So you would think.
I bought this note on Friday the 16th for $12.
https://www.lendingclub.com/account/loanPerf.action?loan_id=3697958&order_id=10743185¬e_id=20707887
It settled Monday the 19th.
I put it back up for sale the same evening for $1.48
Anybody want it?
I would have to say better than average.
But this is a double edged sword. Reason being is that you don't know WHY the borrower called. Most likely it's about a missed payment. So you would think.
I bought this note on Friday the 16th for $12.
https://www.lendingclub.com/account/loanPerf.action?loan_id=3697958&order_id=10743185¬e_id=20707887
It settled Monday the 19th.
I put it back up for sale the same evening for $1.48
Anybody want it?
Title: "Borrower Contacted LendingClub," etc.
Post by: Randawl on August 25, 2013, 11:00:00 PM
Post by: Randawl on August 25, 2013, 11:00:00 PM
I'd give you $0.61 for it. 
Title: "Borrower Contacted LendingClub," etc.
Post by: core on August 25, 2013, 11:00:00 PM
Post by: core on August 25, 2013, 11:00:00 PM
$0.62 
Good thing LC didn't copy Prosper in that area. What a nightmare forced auctions would be.
Good thing LC didn't copy Prosper in that area. What a nightmare forced auctions would be.
Title: "Borrower Contacted LendingClub," etc.
Post by: Ran on August 25, 2013, 11:00:00 PM
Post by: Ran on August 25, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: GS on August 25, 2013, 11:00:00 PM
Post by: GS on August 25, 2013, 11:00:00 PM
If it says borrower contacted LC, or LC contacted borrower, but doesn't say "borrower promised to pay", I'd take that as a bad sign. Of course, the person making the log might have been lazy and not entered that line ... Unfortunately, there is a lot of guess work based on information LC provides.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 25, 2013, 11:00:00 PM
Post by: TravelingPennies on August 25, 2013, 11:00:00 PM
"Is it reasonable to argue that this borrower is using LC loans to pay equity to his mortgage then go bankruptcy assuming court will let him keep his house?"
Who knows!
Like GS said, there's a lot of inaccurate information and guesswork on our part.
Who knows!
Like GS said, there's a lot of inaccurate information and guesswork on our part.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 25, 2013, 11:00:00 PM
Post by: TravelingPennies on August 25, 2013, 11:00:00 PM
I recently found that comment on one of my notes: "borrower contacted lending club", after it went into grace on the second of 36 payments. A week or so later, the loan was payed off in full. So, yeah, would have been nice to know that was the reason that they called in. I wouldn't have bothered putting it up for sale on folio if I had that info. It didn't sell.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: yojoakak on August 26, 2013, 11:00:00 PM
Post by: yojoakak on August 26, 2013, 11:00:00 PM
It's not "Bankruptcy", it's "Bankruptcy counsel" also known as "Credit counseling".
It would be interesting to know how may loans have that notation without ever going into Bankruptcy.
It would be interesting to know how may loans have that notation without ever going into Bankruptcy.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
"It would be interesting to know how may loans have that notation without ever going into Bankruptcy."
Interesting? Yes. Important? No.
To me, it's the biggest indicator of looming trouble. This holds espcially true if the loan purpose was for "Credit Card" or "Debt Consolidation".
Obviously, I look at many, many 31-90 Day Late notes. I've seen many where in one month, they get "Bankruptcy Councel", and the following month you see "Borrower declared Chapter 7".
I do not think I have ever seen one where they get "Bankruptcy Councel", and then see monthly payments made after the notation.
Personally, I'd like to know what is discussed when a borrower calls and obtains Bankruptcy Counsel. But as far as investing is concerned, to me, it's a DEAD, worthless note.
Interesting? Yes. Important? No.
To me, it's the biggest indicator of looming trouble. This holds espcially true if the loan purpose was for "Credit Card" or "Debt Consolidation".
Obviously, I look at many, many 31-90 Day Late notes. I've seen many where in one month, they get "Bankruptcy Councel", and the following month you see "Borrower declared Chapter 7".
I do not think I have ever seen one where they get "Bankruptcy Councel", and then see monthly payments made after the notation.
Personally, I'd like to know what is discussed when a borrower calls and obtains Bankruptcy Counsel. But as far as investing is concerned, to me, it's a DEAD, worthless note.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
"Counsel as in lawyer, not as in counseling."
So you're saying that the borrower is calling up LC to inform them that have received outside counseling? Okay, that makes sense if you read it from that point of view.
I actually thought they called LC and told them that they were considering Bankruptcy, and LC gave them information on how to proceed. Now I'm thinking, why would LC do that? It wouldn't be in their best interest to give people information on how not to pay their loan.
Core, the world would be in a confusing state if it weren't for you.
So you're saying that the borrower is calling up LC to inform them that have received outside counseling? Okay, that makes sense if you read it from that point of view.
I actually thought they called LC and told them that they were considering Bankruptcy, and LC gave them information on how to proceed. Now I'm thinking, why would LC do that? It wouldn't be in their best interest to give people information on how not to pay their loan.
Core, the world would be in a confusing state if it weren't for you.
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: New Jersey Guy on August 26, 2013, 11:00:00 PM
Post by: New Jersey Guy on August 26, 2013, 11:00:00 PM
"Am I just being dense? Is there another way?"
You're right about it being too easy to do. But, I don't know of any other way.
Even using Interest Radar, no such link exists.
If I find a note I want on IR (though a note ID search), I have to find different avenues to track it down. Most of the time it's back to using the Folio platform, and we all know how much we love that!
You're right about it being too easy to do. But, I don't know of any other way.
Even using Interest Radar, no such link exists.
If I find a note I want on IR (though a note ID search), I have to find different avenues to track it down. Most of the time it's back to using the Folio platform, and we all know how much we love that!
Title: "Borrower Contacted LendingClub," etc.
Post by: Zach on August 26, 2013, 11:00:00 PM
Post by: Zach on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
"Especially for Folio users it's a valuable service for a very nominal price (even for a small portfolio)."
Zach....Maybe you know something about IR that I don't.
Go onto Folio, find any note.
"Copy" the loan number.
Go onto IR and "Paste" the loan number in the search. Up it comes, right!
Yea....you get all of that great IR information! But wait! How do you buy it? There is no link. No direct access for a purchase.
In other words, when working like this, you gotta start digging to find the note. Like Core said, this usually results in going back to the Folio Platform.
Zach....Maybe you know something about IR that I don't.
Go onto Folio, find any note.
"Copy" the loan number.
Go onto IR and "Paste" the loan number in the search. Up it comes, right!
Yea....you get all of that great IR information! But wait! How do you buy it? There is no link. No direct access for a purchase.
In other words, when working like this, you gotta start digging to find the note. Like Core said, this usually results in going back to the Folio Platform.
Title: "Borrower Contacted LendingClub," etc.
Post by: TonySaunders on August 26, 2013, 11:00:00 PM
Post by: TonySaunders on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
"Did it ever work for you NJ Guy?"
Nope! The only way you get the "Buy" link is if you're running the "Analyisis" feature. Then, you get a whole list of notes, each with their own "Buy" tab.
However, if you just "paste" a loan number into the search box, you get the information which shows all the notes for sale and their prices, but no way you can buy any of them. You actually have to write down some information about the loan, then use that information on the Folio platform to track the note you want to buy.
In any case, regardless of what you do in IR or Folio, it requires several steps to track down an individual note.
And just like Core said, there still is no guarantee you'll find it.
Nope! The only way you get the "Buy" link is if you're running the "Analyisis" feature. Then, you get a whole list of notes, each with their own "Buy" tab.
However, if you just "paste" a loan number into the search box, you get the information which shows all the notes for sale and their prices, but no way you can buy any of them. You actually have to write down some information about the loan, then use that information on the Folio platform to track the note you want to buy.
In any case, regardless of what you do in IR or Folio, it requires several steps to track down an individual note.
And just like Core said, there still is no guarantee you'll find it.
Title: "Borrower Contacted LendingClub," etc.
Post by: yojoakak on August 26, 2013, 11:00:00 PM
Post by: yojoakak on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: Cries on August 26, 2013, 11:00:00 PM
Post by: Cries on August 26, 2013, 11:00:00 PM
BK Counsel = "talk to my BK lawyer; peace"
Title: "Borrower Contacted LendingClub," etc.
Post by: core on August 26, 2013, 11:00:00 PM
Post by: core on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: Ran on August 26, 2013, 11:00:00 PM
Post by: Ran on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Post by: TravelingPennies on August 26, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: Fred on August 27, 2013, 11:00:00 PM
Post by: Fred on August 27, 2013, 11:00:00 PM
Title: "Borrower Contacted LendingClub," etc.
Post by: TravelingPennies on August 27, 2013, 11:00:00 PM
Post by: TravelingPennies on August 27, 2013, 11:00:00 PM