P2P Lending / NFT Lending Forum

Thanks for your great work.

I'm having a problem on the nickelsteamroller site.  This problem appears only when I use Firefox, which is my normal browser.  (I'm using FF 29.0.1)

In lendingclub back testing, on the results options page, I'm having trouble with several of the "loss estimates" fields.  Specifically the top six fields don't work the same as the bottom three.

In the bottom three fields, I can click in the field, and its border lights up blue, and then I can type in the field.  In the top six fields, I click and nothing happens.  The border doesn't light up, and I can't type.

In IE on the other hand, all nine of these fields behave the same.

There are some pdf to Excel converters available on the web.  I used one of them awhile back on an LC statement.  Messy, but allowed me to check some things.

https://forum.lendacademy.com/index.php?topic=2189.msg19517#msg88888888Quote"> from: rlv99 on May 01, 2014, 12:31:07 PM

I sent the following message to LC this morning...
Quote

While processing the loans and notes files distributed by LC, I've noted a few things that make one scratch the noggin'.  Some of them are just nonsensical sloppiness, such as giving the same field, containing the same data different names in different files, or providing the very same information in different files, but with different formats or conventions.  Then there are some things that just some kind of wrong.

Lending Club employees, feel free to defend yourself right here on the forum!

Those of you who've been thru this will  no doubt chuckle, 'cause you've all been thru this before me.

This is a mix of venting and a question or two.  I'll just spew...

1. In the loans files, there are some loans that have the status of "Current" and yet have never made any payments!  It was my understanding that the status "Issued" was for new loans that have not yet made payments, and "Current" was for loans that have made payments.  That's true sometimes, however it clearly ain't that simple.  I didn't count 'em, but there are over a dozen, and they are all recent.

Examples: ID = 12385147, or 12407908, or 12625678

In each case, total_pymnt = 0 and last_pymnt is null.  These loans have made no payments.

2. In the loans files, the term of a loan is in a field named "term" and is a text string, either " 36 months" or " 60 months" (yes it begins with a space!), whereas in the notes.csv file, the same information is in a field named "LoanMaturity.Maturity", and here it is a simple numeric, ie "36" or "60".  Different name.  Different format.  Same information.

3. In the loans files, the size of the loan is called "funded_amount".  In the notes.csv file, the same information is called "AmountLent".  (ok,  of course in one case its the total loan amount, and in the other case its the note amount, but its the same concept, and if I read both the loan files and my notes file in to do similar analysis on them, this number goes the same place in that calculation.)

4. Interest rate is really interesting.  It should be identical, but it has a different name, different format, and different data.  I'll use numbers from Loan ID 367384.  In the loans files, the field is named "int_rate", and the data is "11.26%"  (yes the percent sign is in the data), however, in the notes.csv file the field is named "InterestRate" and the data is "0.112628"  .  This is not only a different format, it is a different number.  Seems to be that way for every loan.  How can this be?  Where did those extra digits come from?  They're not shown to borrowers or lenders on the web site.  Are they paying me that extra money?

5. In the loans file, there are empty fields in some loans.  These are simply empty, ie they end up null fields when you read them into a database.  In the notes.csv file, there are also some empty fields, but IN ADDITION, there are also fields that contain the text string "null"!

These are not the only differences.  They're a sample.

Looking at these files one might imagine that they came from different companies, but in fact they came from the very same company!

If anyone has any insight on #1 or #4 I'd be interested to hear it. 

https://forum.lendacademy.com/index.php?topic=2232.msg19240#msg88888888Quote"> from: Emmanuel on April 18, 2014, 08:51:00 PM

https://forum.lendacademy.com/index.php?topic=2233.msg19185#msg88888888Quote"> from: Fred on April 17, 2014, 02:56:43 AM

I've used lendingrobot and PLS.  I presently am using PLS. 

Both work well.  PLS is presently lower cost.

I'm not a lawyer.  Having said that, I think the answer is that you would almost surely get away with it.  I'm not suggesting that you do lie, just sayin' that it is extremely unlikely that there would ever be anyone who would care later, although  I can imagine scenarios where it could matter.  Suppose you ended up suing the company over something -- exactly what doesn't matter.  I bet their lawyers would check and bring up the fact in court that you lied.  (Lawyers routinely look for anything that will discredit you to get their clients off the hook.)

As to RealtyMogul, the thing that has slowed me down at this point is their fees.  There are three separate kinds of fees that RealtyMoguls scrapes off for themselves, and another layer of fees that the syndicator scrapes off.  Between them seems like they take 1/3 to 1/2 of the profits for themselves.

RM is a very young company.  The literature they share with you to describe the deals, including things like the numbers, including fees, etc, is not very professional.  A lot of it is not even in a document that you can easily archive.  Its largely just on their web site.  I told them this information should be in a legal document we both sign.  We can't have a legal agreement between us with the terms on some web site somewhere that can change.

I don't know whether the deals they present are good or not.  They have no track record.  They say they choose them well, as everybody tryin' to sell you something always says, but there is no evidence.  I haven't taken the time to research the track records of any of the syndicators whose deals they are presenting.

On the positive side, they have a great idea, and are pursuing it and trying to get better at what they do.  As they gain a little maturity, they might become something significant.

So, did you ask for your money back on the non-conforming loans?

Tax on transactions is the wrong answer.  That would simply add friction to our markets.  The harm done by HFT is that it increases the cost of investing, in other words adds friction.  You wanna just do more, in the name of government? 

The HFT boys do a lot of damage without transactions!  They enter and then withdraw massive numbers of orders, for example, which never become transactions, and therefore would not be taxed.

What is required is to slow them down.

https://forum.lendacademy.com/index.php?topic=2130.msg18076#msg88888888Quote"> from: Boatguy on March 09, 2014, 12:19:39 PM