I decided to completely wind down my LC accounts after hearing the news of Folio closure. However, it will be a lengthy ~5-year process, because I have tens of newly released 60-month notes in the hardship program.

So, I am thinking about at least making the annual tax reporting easier, by consolidating multiple LC taxable accounts into a single one. I called LC's customer service and an agent said there would be no way to consolidate either taxable or IRA accounts (even no way to convert funds in a IRA account to a LC taxable account, which is not correct per https://forum.lendacademy.com/index.php/topic,21690.msg62036.html#msg62036). It looks that the agent is not very experienced.

Does anyone have experience to consolidate multiple LC taxable accounts? I would like to get some inputs in the forum here before calling LC agents again.

I am seeing quite a few invalid note listings on FolioFn recently. Some seller lists them with high discount (like 20% off for a note in the status of NeverLate/Current/DOWN). However, I think these listings are invalid because their scheduled payment is on the next business day with two possible outcomes:

 1. If the scheduled payment is successfully on the next biz day, the note sale will get cancelled by LC (so, the seller still owns these good notes)
 2. If there is no scheduled payment on the next biz day, the note sale is successful and the borrower get these bad notes (which are no longer "Never Late")

Does anyone see this being an issue or see any other caveats that I have missed here?
 

from: jrl on April 01, 2020, 09:05:16 PM

from: cshhm1 on October 10, 2018, 11:59:29 PM

I find the following note on FolioFn today (10/4). See the snapshot below for details. It has a pending payment (due on 10/2), and I think it is prohibited to list such a note on foliofn. Does anybody know how this could happen? And, what will happen if I buy this note today and the payment becomes late in a few days?

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=76415184&order_id=109645784&note_id=125132885

from: Reginald on April 11, 2018, 05:15:50 PM

Peerstreet's FAQ @ https://info.peerstreet.com/faqs/are-the-notes-issued-by-peerstreet-secured/

“No, the Notes issued through the platform are not secured. The loan underlying each Note issuance, however, is secured by the underlying real estate.”

How to understand its consequence in bad situations (e.g., borrowers failed to pay and peerstreet goes out of business)?

I have a check and see 80+ notes that are "Issued" && (Trend = "FLAT" or "UP") && Discount > 0.5% && Note Amount = $25. It is supposed that they are strictly better than the new notes released on the retail platform. However, when I download the search results, I see these folio notes have been listed for 4 days (on average.) So, is it merely because the demand is very low on foliofn, or because the quality of these notes are actually not as good (but why)?

As a reference, here is the query I used

https://www.lendingclub.com/foliofn/tradingInventory.action?mode=search&loan_status=loan_status_issued&search_from_rate=0.04&search_to_rate=0.31&fil_search_term=term_36&fil_search_term=term_60&search_loan_term=term_36&search_loan_term=term_60&opr_min=0.00&opr_max=Any&never_late=true&remp_min=1&remp_max=60&askp_min=0.00&askp_max=Any&credit_score_min=600&credit_score_max=850&ytm_min=Any&ytm_max=Any&credit_score_trend=UP&credit_score_trend=FLAT&markup_dis_min=-100&markup_dis_max=-0.5&ona_min=25&ona_max=25