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Messages - Randawl

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Investors - LC / "Credit for Ineligible Loan"
« on: November 06, 2014, 12:00:00 AM »
So what is going to happen with the loans now?  Is LC going to package and sell them to someone else now or hold them on their books?

I wonder what this "system error" was and think of how incredibly easy it would be to claim "system error" for a multitude of questionable actions.

I also wonder how they would account for this in their SEC filings, because we just got paid interest (and principal) directly by LC instead of the borrower.
Investors - LC / "Credit for Ineligible Loan"
« on: November 06, 2014, 12:00:00 AM »
I have a bunch of these as well.  These are technically "refunds" related to some error on LC's part, but they put the credited money under adjustments/credits.  Doesn't "adjustments/credits" get reported as taxable income?  Odd that they didn't include the loan or note ID.  Also odd that part of the "refund" included accrued interest, but yet the sum total of remaining principal was also put into adjustments/credits.  Will those loans get charged-off?  Or are they simply going to "disappear"? This is odd on quite a few levels to say the least.
Investors - LC / Calculate your percentile rank vs other LC accounts
« on: October 27, 2014, 11:00:00 PM »
It is an odd limitation.  But what's even more odd in my opinion is why Lending Club does not extend that chart to completion.  In reality, if you ever intend to put your hands on that money again one day (you know, actually spend/use it), your portfolio ages will eventually become anywhere from 36-60 months [technically about 53 months to date (since May 2010)] and everywhere in between.  But that data is not shown for those accounts.  I, for one, would like to see it.  Not that it's potentially some riveting nugget of secret data or that there are a lot of accounts of that age yet, but I'm interested nonetheless.
General Prosper Discussion / Exciting news for Prosper tomorrow?
« on: October 26, 2014, 11:00:00 PM »
Investors - LC / LendingClub Files S-1 with SEC
« on: August 26, 2014, 11:00:00 PM »
Outstanding principal balance of loans at the end of periods indicated that were issued to the fractional pool.

March 31, 2012:  73.56%
December 31, 2012:  49.27%
December 31, 2013:  30.36%
June 30, 2014:  26.35%

Between December 31, 2013, and June 30, 2014, percentage of new issues to respective parties:

Fractional retail:  17.89%
Certificates:  28.75%
Whole loans:  53.36%
LC financed:  0.05%

Derived from data on page 52.

I had read about the Springstone acquisition, but had not heard about all of these details:

Springstone Acquisition

In April 2014, we acquired Springstone, which offers education and patient financing options. Springstone utilizes two issuing banks and a network of providers. Springstone facilitates two loan products:

  •   An installment loan with amounts ranging from $2,000 to $40,000, terms from 24 to 84 months, fixed rates from 3.99% to 17.99%, fixed monthly payments and no prepayment penalties. 

  •   A deferred interest loan with amounts ranging from $499 to $25,000 that provides for no interest if the balance is paid in full during the promotional period, which can be six, 12, 18 or 24 months. If the loan is not paid in full during the promotional period, interest is imposed from the issuance date at variable rate based upon the prime rate. There is no prepayment penalty and borrowers have the flexibility to pay as much or as little, subject to applicable minimums, of the outstanding balance per month during the promotional period as they chose. 

Currently, each of Springstone’s issuing banks originates, holds and services each issued loan. For its role in loan facilitation, Springstone earns transaction fees paid by the issuing bank and service provider at the time of origination, which averaged 4.9% of the initial loan balance in 2013. We plan to incorporate these education and patient financing products into our platform over time.

Springstone's balance sheets and such are also included.  I haven't pored over that yet.
BlueVestment / The end of BlueVestment?
« on: August 20, 2014, 11:00:00 PM »
 :o      Wow.

I'll be in contact with LC as well about this one.  You can count on that.

. . . And I thought Google's T&C/agreements were ridiculous.

Some highlights:

Estimated charge-off rates were slightly lowered, except for B which increased.

Not too thrilled about the changes to collection fees:
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