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Lending Club Discussion => Investors - LC => Topic started by: lascott on September 24, 2015, 11:00:00 PM

Title: Updates to your Lending Club data
Post by: lascott on September 24, 2015, 11:00:00 PM
Updates to your Lending Club data
 
Dear <name>,
 
In a few weeks, we will be introducing a new feature for our borrower members. To accommodate this feature and your ability to filter for loans that include/exclude those criteria, we are adding four additional columns to our data files. The columns will appear on the following reports:
 
•   Loan Statistics downloadable file
•   Browse Loans downloadable file
•   My Notes downloadable file
 
Additionally, four additional fields will be returned for API users as part of the regular response when calling the GetListing endpoint.
 
The columns/fields will be added to the end of each file and should not affect your code. However, please verify that your systems can continue to operate uninterrupted. The new columns/fields are scheduled to be added on October 6th, and you will be able to find details on the changes on our developers page as of that date. If you wish to adjust your code now to bypass new columns/fields, please feel free to do so.
 
If you have any questions or concerns, please contact us.
 
Sincerely,
The Lending Club Team

Quote"> from: PhilGD on October 06, 2015, 01:38:07 PM
Title: Updates to your Lending Club data
Post by: rawraw on September 24, 2015, 11:00:00 PM
Borrower member?
Title: Updates to your Lending Club data
Post by: TravelingPennies on September 24, 2015, 11:00:00 PM
from: rawraw on September 25, 2015, 10:09:40 PM
Title: Updates to your Lending Club data
Post by: Kombinator on September 26, 2015, 11:00:00 PM
So what are the 4 new columns / fields they are adding?
Title: Updates to your Lending Club data
Post by: kbenson99 on September 27, 2015, 11:00:00 PM
How did you receive this notification from LC; email???  I surprised I didn't receive any notification...
Title: Updates to your Lending Club data
Post by: TravelingPennies on September 27, 2015, 11:00:00 PM
from: kbenson99 on September 28, 2015, 09:45:37 AM
Title: Updates to your Lending Club data
Post by: PhilGD on September 27, 2015, 11:00:00 PM
I haven't received a similar email, yet I've been investing with LC for close to 6 months now. Do you think it was supposed to be sent out to all investors?
Title: Updates to your Lending Club data
Post by: TravelingPennies on September 27, 2015, 11:00:00 PM
Sent LC an email about not receiving the API update notification.  The response I received was as follows:

"We noticed that you were mistakenly excluded from the email distribution list for this update but we have added you to receive this type of communication going forward.

We apologize for any inconvenience this may have caused. Please feel free to contact us with any additional questions."

I should have been on the distribution list prior to this email since I asked to be put on it about 1 year ago.
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 05, 2015, 11:00:00 PM
The four new data fields are available as of today's 1:00 PM EST loan release. New columns in the browse notes file include:

-application_type (INDIVIDUAL or JOINT)
-annual_inc_joint
-dti_joint
-verified_status_joint

So far the historical notes files haven't been updated with these fields, but it will be interesting to see whether LC appends the new data to old records once they update for the Q3 loan issuance.
Title: Updates to your Lending Club data
Post by: Fred93 on October 05, 2015, 11:00:00 PM
Have they said when they're going to start filling these fields in?  I just looked at the listings file, and all the loans are "INDIVIDUAL", and the three following fields are empty. 

It is difficult to deal with fields that are sometimes present and sometimes not present. 

Have any "JOINT" loans shown up yet?

I presume that all past loans are of type "INDIVIDUAL", in which case we have zero historical data on joint loans, and no information to make informed choices. 

Given that a loan is either "INDIVIDUAL" or "JOINT", but never both, then why do they have separate fields for income, dti and verified?  Will one set of these fields always be empty or what?

The way this should be done is to explain what the heck they are doing, and give us the documentation at least one month before the change.  This surprise stuff is not functional.  Perhaps they think they are Apple or something.
Title: Updates to your Lending Club data
Post by: Rob L on October 05, 2015, 11:00:00 PM
from: Fred93 on October 06, 2015, 04:57:32 PM
Title: Updates to your Lending Club data
Post by: jennrod12 on October 05, 2015, 11:00:00 PM
So if I'm used to filtering on individual loans and one of my fields is "Max debt-to-income ratio", how would it treat that field on a Joint application, if there is nothing in that field because it's in the dti_joint field?

I am using just the Lending Club filters, and there is still only one Dti field to filter on - so maybe in their own filtering they choose the correct Dti field based on the application type.

Jenn
Title: Updates to your Lending Club data
Post by: jheizer on October 05, 2015, 11:00:00 PM
Email I just got.


Now Available
 
We are excited to announce that Lending Club now offers joint application loans on our platform. If you do not want Automated Investing to fund joint application loans, you can opt-out starting today, October 6, 2015, by modifying your Automated Investing filters to exclude joint application loans.
 
For more information on joint application loans, please click here. For more information on how to update your Automated Investing filters, please click here.
 
Thank you for your continued support of Lending Club. If you have any questions, please feel free to reach out to us.
 
Best regards,
 
The Lending Club Team
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 05, 2015, 11:00:00 PM
Nice that they decided we just auto get these.  I just updated my code to ignore them for now.  I don't like to be surprised.  (especially when I never got the original notice either)
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
I just sent the following to LC regarding the recent data changes...

Quote
Title: Updates to your Lending Club data
Post by: jennrod12 on October 06, 2015, 11:00:00 PM
Thanks, Fred!  :)

Jenn
Title: Updates to your Lending Club data
Post by: Fred93 on October 06, 2015, 11:00:00 PM
Quote"> from: PhilGD on October 06, 2015, 01:38:07 PM
Title: Updates to your Lending Club data
Post by: jheizer on October 06, 2015, 11:00:00 PM
Nicely saying WTF mate!

My assumption is that they are giving us only these fields for the joint application and the rest is still for the primary person.  But that is just a guess.  Which means we know jack about person #2. 

When in doubt, throw it out. 

Edit: I see they at least updated the API documentation already.  I don't think it was there yesterday.  But pretty vague still.
Title: Updates to your Lending Club data
Post by: PhilGD on October 06, 2015, 11:00:00 PM
I would put money on the assumption that all other credit fields apply to the person who filled out the loan application. Perhaps they ask joint filers who is the "head of household," and it's this person who's credit data is listed.

One interesting thing is that both parties are on the hook for the loan, and even if one party dies the other party is still obligated to pay. Ceteris paribus, joint loans will likely be safer risks than individual loans.
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
Well there was at least one released during this feeding time, but I was too slow to dump out its info or even get the ID before it was bought up.  So they are coming through already.
Title: Updates to your Lending Club data
Post by: Kombinator on October 06, 2015, 11:00:00 PM
Interesting, these are de facto safer as both are separately and jointly liable for the loan...interesting to see if the joint means jst family members, or in fact allow for other cosigners?
Title: Updates to your Lending Club data
Post by: cjpat on October 06, 2015, 11:00:00 PM
Does anyone know if there is a statistically greater or lesser *general* risk when there are two applicants instead of one -assuming the rest of the borrowers' profiles are similar?  Intuitively the fact that two people are legally liable for the loan seems to be a plus, but that may not be born out in the default rates...  Anyone know where we can get that kind of data?  I looked on NSR, it ain't there  :-
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
from: cjpat on October 07, 2015, 06:07:40 PM
Title: Updates to your Lending Club data
Post by: AnilG on October 06, 2015, 11:00:00 PM
It is just a speculation that joint means 'co-signer', that is both parties are legally responsible for the loan. It just could simply be a primary borrower who is using spouse's income and credit history as additional supporting data for the loan to lower interest rate or higher loan amount (similar to disclosure of alimony, spousal and child support).
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
from: AnilG on October 07, 2015, 06:25:01 PM
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
Pretty sure I read that somewhere too.

Edit: oh yeah a link from the email I posted before.

Quote
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
I don't think we have any basis to complain that there's no historical performance data on joint loans. To put this in perspective, the original retail investors who put their money on the line with LC had zero historical performance data to analyze for individual loans, the exact situation we find ourselves in now with joint loans. The same can also be said for when Lending Club originally introduced 60-month loan terms.

By now, I think we can give LC's underwriting the benefit of the doubt. In the meantime, I agree with Fred93 that we need additional clarification on how the rest of the credit factors are being handled for joint applicants.
Title: Updates to your Lending Club data
Post by: Rob L on October 06, 2015, 11:00:00 PM
The way this was handled seems to me that the old fields stay the same and the new fields are additional new information for a new type of loan LC is now offering borrowers.

If individual then the there's nothing new. If joint then the three new fields provide new information and the old fields continue to provide the same old information for the applicant his/her self. This provides backwards compatibility with the existing data base for all the existing fields and adds a very limited amount of new information for the new loan type starting today. Maybe this is all the new information LC is getting from joint applicants. Who knows? If they spelled it out this way I don't think it would be a problem and we would be happy to have the backwards compatibility retained.

It would be nice not to have to COMPLETELY GUESS though!!  ???
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 06, 2015, 11:00:00 PM
from: Rob L on October 07, 2015, 09:09:57 PM
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
from: jheizer on October 07, 2015, 05:26:06 PM
Title: Updates to your Lending Club data
Post by: jheizer on October 07, 2015, 11:00:00 PM
It was in between drop times.  I happen to be on the web UI searching with and without exclude joint marked with no other filters just to see if any showed up and the count was toggling +/- 1.  I threw some debug code into my code but accidentally hit run after hitting a break point on it and lost the data as it was then gone.  I left it going the rest of the evening but never caught another one.  I don't save everything but this is yet another time I wish I stored all the loans always. 
Title: Updates to your Lending Club data
Post by: Fred93 on October 07, 2015, 11:00:00 PM
from: jheizer on October 08, 2015, 12:42:54 AM
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
from: Fred93 on October 08, 2015, 01:05:25 AM
Title: Updates to your Lending Club data
Post by: Rob L on October 07, 2015, 11:00:00 PM
If we have to keep guessing then the following from the Lend Academy Q&A with LC is helpful:

Q: Will the expected loss rate be lower given there are two parties on the loan?
A: Our experience would indicate that we will likely see a benefit in credit performance given there are two parties on the loan.
The ‘expected loss’ shown on the site will be based only on individual performance, until we see actual performance on joint applications at LC.

Another way of saying it is that the grade (interest rate) assigned to the loan will not change immediately.

I plan to ignore the new fields for now, the assumption being that a joint loan is never worse than an individual one.
If LC begins assigning lower interest rates to joint loans than would have been assigned an individual then my software will see them as less desirable. It may or may not buy them that being the case.
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
Here's one more tidbit from the lendacademy interview:
Quote
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
from: Fred93 on October 08, 2015, 02:16:34 PM
Title: Updates to your Lending Club data
Post by: PhilGD on October 07, 2015, 11:00:00 PM
If I were to guess, I'd say they won't show the co-applicant's score to us because maybe they're allowing co-applicants to have a credit score lower than 660, or even no credit history at all
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
I saw some joint loans appear at a regular feeding time...  So they are now in the regular flow.

10/08/15 14:00:03.2  LC 556 individual  3 joint  0 other
Title: Updates to your Lending Club data
Post by: AnilG on October 07, 2015, 11:00:00 PM
The two loans detected by PeerCube. The primary and joint annual income and DTI relationship is interesting. Is the DTI and Annual Income joint for the co-signer only or combined primary and co-signer together?

Code: [Select]
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
from: AnilG on October 08, 2015, 05:33:42 PM
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
I only found 2 as well.  If you anyone wants to see the full data set.

{ "_id" : 62002798, "memberId" : 66195523, "term" : 36, "intRate" : "11.53", "expDefaultRate" : "4.65", "serviceFeeRate" : "0.85", "installment" : "395.89", "grade" : "B", "subGrade" : "B5", "empLength" : 72, "homeOwnership" : "MORTGAGE", "annualInc" : "48000.0", "isIncV" : "NOT_VERIFIED", "acceptD" : null, "expD" : "2015-10-22T13:53:36.000-07:00", "listD" : "2015-10-08T14:00:00.000-07:00", "creditPullD" : "2015-10-08T12:09:18.000-07:00", "reviewStatusD" : null, "reviewStatus" : "NOT_APPROVED", "desc" : null, "purpose" : "debt_consolidation", "addrZip" : "335xx", "addrState" : "FL", "investorCount" : 0, "ilsExpD" : "2015-10-08T14:00:00.000-07:00", "initialListStatus" : "F", "empTitle" : "Fire Protection Consultant", "accNowDelinq" : 0, "accOpenPast24Mths" : 4, "bcOpenToBuy" : 1191, "percentBcGt75" : "33.3", "bcUtil" : "84.7", "dti" : "26.08", "delinq2Yrs" : 0, "delinqAmnt" : "0.0", "earliestCrLine" : "2006-01-07T16:00:00.000-08:00", "ficoRangeLow" : 705, "ficoRangeHigh" : 709, "inqLast6Mths" : 0, "mthsSinceLastDelinq" : 0, "mthsSinceLastRecord" : 0, "mthsSinceRecentInq" : 0, "mthsSinceRecentRevolDelinq" : 0, "mthsSinceRecentBc" : 29, "mortAcc" : 1, "openAcc" : 19, "pubRec" : 0, "totalBalExMort" : 117522, "revolBal" : "6609.0", "revolUtil" : "24.4", "totalBcLimit" : 7800, "totalAcc" : 42, "totalIlHighCreditLimit" : 115794, "numRevAccts" : 13, "mthsSinceRecentBcDlq" : 0, "pubRecBankruptcies" : 0, "numAcctsEver120Ppd" : 0, "chargeoffWithin12Mths" : 0, "collections12MthsExMed" : 0, "taxLiens" : 0, "mthsSinceLastMajorDerog" : 0, "numSats" : 19, "numTlOpPast12m" : 1, "moSinRcntTl" : 11, "totHiCredLim" : 243046, "totCurBal" : 214899, "avgCurBal" : 11310, "numBcTl" : 6, "numActvBcTl" : 1, "numBcSats" : 3, "pctTlNvrDlq" : 100, "numTl90gDpd24m" : 0, "numTl30dpd" : 0, "numTl120dpd2m" : 0, "numIlTl" : 28, "moSinOldIlAcct" : 117, "numActvRevTl" : 1, "moSinOldRevTlOp" : 113, "moSinRcntRevTlOp" : 22, "totalRevHiLim" : 27100, "numRevTlBalGt0" : 1, "numOpRevTl" : 8, "totCollAmt" : 324, "fundedAmount" : "0.0", "loanAmount" : "12000.0", "applicationType" : "JOINT", "annualIncJoint" : "68000.0", "dtiJoint" : "20.42", "isIncVJoint" : "NOT_VERIFIED" }

{ "_id" : 62002793, "memberId" : 66195517, "term" : 36, "intRate" : "20.99", "expDefaultRate" : "11.8", "serviceFeeRate" : "1.11", "installment" : "753.4", "grade" : "E", "subGrade" : "E5", "empLength" : 60, "homeOwnership" : "OWN", "annualInc" : "25000.0", "isIncV" : "NOT_VERIFIED", "acceptD" : null, "expD" : "2015-10-22T12:14:59.000-07:00", "listD" : "2015-10-08T14:00:00.000-07:00", "creditPullD" : "2015-10-08T12:02:15.000-07:00", "reviewStatusD" : null, "reviewStatus" : "NOT_APPROVED", "desc" : null, "purpose" : "debt_consolidation", "addrZip" : "207xx", "addrState" : "MD", "investorCount" : 0, "ilsExpD" : "2015-10-08T14:00:00.000-07:00", "initialListStatus" : "F", "empTitle" : "cashier", "accNowDelinq" : 0, "accOpenPast24Mths" : 4, "bcOpenToBuy" : 8634, "percentBcGt75" : "60.0", "bcUtil" : "52.3", "dti" : "37.11", "delinq2Yrs" : 0, "delinqAmnt" : "0.0", "earliestCrLine" : "1996-09-07T17:00:00.000-07:00", "ficoRangeLow" : 690, "ficoRangeHigh" : 694, "inqLast6Mths" : 1, "mthsSinceLastDelinq" : 0, "mthsSinceLastRecord" : 0, "mthsSinceRecentInq" : 4, "mthsSinceRecentRevolDelinq" : 0, "mthsSinceRecentBc" : 9, "mortAcc" : 0, "openAcc" : 11, "pubRec" : 0, "totalBalExMort" : 39866, "revolBal" : "11542.0", "revolUtil" : "35.1", "totalBcLimit" : 18100, "totalAcc" : 18, "totalIlHighCreditLimit" : 28996, "numRevAccts" : 14, "mthsSinceRecentBcDlq" : 0, "pubRecBankruptcies" : 0, "numAcctsEver120Ppd" : 0, "chargeoffWithin12Mths" : 0, "collections12MthsExMed" : 0, "taxLiens" : 0, "mthsSinceLastMajorDerog" : 0, "numSats" : 11, "numTlOpPast12m" : 3, "moSinRcntTl" : 4, "totHiCredLim" : 61896, "totCurBal" : 39866, "avgCurBal" : 3624, "numBcTl" : 8, "numActvBcTl" : 4, "numBcSats" : 5, "pctTlNvrDlq" : 100, "numTl90gDpd24m" : 0, "numTl30dpd" : 0, "numTl120dpd2m" : 0, "numIlTl" : 4, "moSinOldIlAcct" : 85, "numActvRevTl" : 5, "moSinOldRevTlOp" : 229, "moSinRcntRevTlOp" : 9, "totalRevHiLim" : 32900, "numRevTlBalGt0" : 5, "numOpRevTl" : 10, "totCollAmt" : 0, "fundedAmount" : "0.0", "loanAmount" : "20000.0", "applicationType" : "JOINT", "annualIncJoint" : "85000.0", "dtiJoint" : "11.13", "isIncVJoint" : "NOT_VERIFIED" }




Edit: Oh I see they are both still available.  Will leave the details here anyway for future conversation.
Title: Updates to your Lending Club data
Post by: jennrod12 on October 07, 2015, 11:00:00 PM
Weird - if I search for the E5 loan on PeerCube, I can find it and view it in Lending Club.  But if I search for it on Lending Club with a filter that only narrows my selections to the E grade (no other filtering), it doesn't come up - any idea why?

Thanks,

Jenn
Title: Updates to your Lending Club data
Post by: Prescott on October 07, 2015, 11:00:00 PM
from: Fred93 on October 08, 2015, 02:16:34 PM
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 07, 2015, 11:00:00 PM
I filtered in LC on the B loan mentioned above and if I filtered on Dti of the individual (up to 30%) it found the loan.  But if I filtered on the Joint Dti (up to 25%), then it did not find the loan. 

My takeaway is that if you are using LC's basic UI to filter, you could miss out on a joint loan that might meet your desired criteria if the individual alone does not meet those criteria.

Jenn
Title: Updates to your Lending Club data
Post by: TravelingPennies on October 08, 2015, 11:00:00 PM
Yep, Income verification field will be confusing if joint means both taken together. I noticed another JOINT loan today that seems to put real Lending Club incentive in perspective. The DTI of primary borrower is 59.19%. I guess JOINT application is to further expand the borrower base by loosening the credit criteria of the borrowers.


from: Fred93 on October 08, 2015, 05:45:45 PM
Title: Updates to your Lending Club data
Post by: Fred93 on October 09, 2015, 11:00:00 PM
I just received the following answers to the questions I posed a few days ago (posted a few pages back)...
Quote