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Messages - nmay2k

#1
Investors - LC / Where did all the loans go?
July 25, 2016, 11:00:00 PM
it's been slow. I haven't had a loan meet my criteria since the 19th. For fractional loans, there are currently 747
A: 352
B: 337
F: 58

top 3 sub grades
A5: 100
B4: 95
A1: 79

I don't remember A1's being so popular before...I guess folks who don't need loans are getting loans?
This appears to be the usual slowness at the end of the month and then things magically pick-up at the start of the month. They are probably holding loans back for the start of the month when new money comes around. 
#2
Investors - LC / 1247 new loans dropped
July 20, 2016, 11:00:00 PM
the 7/14 18:00 release was about 2300 loans, 96% of which were accepted between 7/6 to 7/14 (about 200 per day). I am not sure why these loans were held back to be released in one batch on 7/14. Also strange was 40% of these loans were A loans, 20% B, 20% C, & 10% D. A's are usually not that high (A5 was the highest frequency, followed by A4 and A1). I have not really tracked A1 loans, but it seems unusual to have A1s in the top 3 (i guess they found a whole new source of loans). About 67% of these loans are funded to date. About 50% of A loans and 50% of B loans are funded to date and 100% of the C & D loans. This release appears to be targeted for the new money bonus investment deadline of 7/15 perhaps giving everyone a chance who moved money between 7/6 and 7/15 for the deadline to load up on A/B loans. Perhaps best to have the new influx of money go into A loans rather than C loans. So if you are into A1 loans, it was xmas.
#3
56140000 for example

You can find loans ending in 4 zeroes on folio and their payments look normal. They appear to be just another loan.

#4
Investors - LC / Retail Loan Availability
June 13, 2016, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=3917.msg35899#msg35899">Quote"> from: GS on June 10, 2016, 09:03:41 PM
#5
Investors - LC / Email from Lending Club
June 03, 2016, 11:00:00 PM
Sure everyone was taken aback about the resignation and the backdating and sure they would probably try to handle that better given the impact by the way they handled it. LC has enemies and always did. The banks! The banks always bad mouthed them. They tried to partner with the banks sort of like Chamberlain..... but guess what, at the first opportunity these guys will pull a Julius Cesar. So, think of Citi who gets 18% on the credit card and lost this lucrative payment to LC who refies the loan at 13%. Do we really think Citi is going to lend a helping hand to LC? Do we think any bank with credit cards at 18% rate is going to help LC? Are the banks toasting LC's demise right now? Sure. Are they going to compound suspicion on LC? Sure.

But look at their actions rather than their moving lips. Is anybody really liquidating their LC notes? No, way. Sure hit the pause button if you want. More loans for the rest of us. But  no one is really pulling out. They just like to pretend that they are. They want some kind of concession, higher rates, higher security, higher bonuses or have LC evaporate from existence.

There are 16,078 $100 notes for sale on folio. The max markup is 15% and the max mark-down is -8.99%. (Funny to think that they might sell at a 15% mark-up). The median mark-up is 1.41% (half are above that and half are below that) and about 20% (3,200 notes) are priced below 0% mark-up and 6% (900) are priced below -1% mark-up. Amazingly 80% think they can liquidate without giving the buyer an incentive. First time I heard of a liquidation sale with prices above list. I suppose if you want to sell your equity stock quickly (as the market drops) just price it at 1.41% above the market price right?

LC is not going anywhere to the dismay of the banks. But if the banks can rob of rattle LC's retail investor, and even perhaps rattle the guy wanting to refi that 18% credit card payment, then all the better for them. I am not sure sitting on the sidelines is productive in any way. Either get out of the game (go to Prosper, go to Ally, got to a CD, go to the stock market which I really do not recommend) and help the banks take LC down or get in.
 
#6
Investors - LC / Email from Lending Club
June 02, 2016, 11:00:00 PM
I believe this offer is for non-IRA accounts, so if that is the only account you have that could explain why you did not see the offer.   

I am sure if you were about to transfer $5000 to your LC account to invest, you can call them and ask about the bonus. But I suspect they already emailed the folks most likely to do so. For example, if you pulled $5000 out in the last month, you may not be on the DL. 

I am definitely thinking about this one.
#7
Investors - LC /
June 01, 2016, 11:00:00 PM
It does appear to list only the loans released in the most recent batch.
#8
Investors - LC / liquidation strategy on folio
May 31, 2016, 11:00:00 PM
Not familiar with prosper, but B loans are usually not high in demand, so I say not so easy to sell. The rates does not fall, it is the pennies of interest each month that goes down. Smaller principal means a smaller interest but the rate did not change.

When you get near the end of the loan (less than 12 payments)...let's say there are 6 payments left. The yield looks like it halved because there are no longer on an annual basis. APR is an annual rate, what you get in the next 12 months. If there are only 6 months of returns in the next 12 months, it looks like half the yield of the same loan with 12 months or more. So a 12% rate looks like a 6% yield when there are 6 payment left (but the rate really did not change). If you try to sell this with a 7% mark-up, LC won't let you.  If you have a loan with 3 payments left, and it has a 2% yield and you attempt to sell with a 3% mark-up, it won't let you. So there are loans that I put in the "mature" bucket that you cannot apply your blanket mark-up.
#9
Investors - LC / liquidation strategy on folio
May 29, 2016, 11:00:00 PM
Yes, it is true by gradually reducing the process of the entire portfolio you are selling your best notes first. Case in point, at a 2% mark-up, I was surprised to see a just issued note sell. So although in theory you might want to sell "everything", if you hang on to a note long enough to see it issued these days (a month or so), then they are probably one you don't want to sell (even at a 2% mark-up). I also have a "mature" portfolio to avoid discount issues when trying to sell notes within the last 5 payments if you will. When I reduce the price, I can see my higher interest loans go first (Cs in my case), leaving me with As & Bs. So I think it makes sense to try an parse them by grade as well. This will avoid having a portfolio of dogs in eye of the secondary market. Why not sell what you perceive as dogs?
#10
Borrowers - LC / Looking for loan: 79081728
May 27, 2016, 11:00:00 PM
This is what people don't quite get about LC "p2p" lending (it's not exactly p2p). WebBank has funded the loan, so the money is there for your friend to use. Now WebBank sells that loan to LC who in turn sells it to us. If it isn't funded by LC it does not mean your friend does not get the money. Its a C4 loan so there are no issues around LC note buyers wanting this loan (C4 loans out up for sale today on folio average a 4.26% premium - second only to C5s). The loan was submitted on 5/19 4pm and the credit data was as of 5/14 from the credit bureaus and the revolving credit balance is high (hence the C4). Loan has not yet been released to LC note buyers. I suspect they will wait till after the holiday to release it to maximize the buyer pool at release time and probably release it as a whole loan given that it would probably pass my highly picky filters. 
#11
Investors - LC /
May 18, 2016, 11:00:00 PM
Ironically I had emailed LC a question on 5/5 at 8 AM and got a call back from them same day that freaked me out. Got an email at 4 pm that they tried to call me to answer. I responded to them on 5/7 that they had not really answered the question and got a call from on 5/9 at 2:30 pm which really freaked me out...so I am guessing they are just being more responsive even though it seems freakish.
#12
Investors - LC /
April 06, 2016, 11:00:00 PM
I think it is the only explanation for LC being in the red.
#13
Investors - LC / whole loan holding period
April 06, 2016, 11:00:00 PM
Yes, most whole loans are being held whole for the entire period usually 14 days. Some F & G loans may become fractional in the last day or two. Since the majority of loans are now whole loans, that does not leave a lot of loans for the non-institutional investors.