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Author Topic: LC Phone Call

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LC Phone Call
OP: February 04, 2015, 12:00:00 AM
Thought I'd share:

Got a phone call this morning from a guy at LC and one of the questions he asked was, "What can Lending Club do better?" Among others things, I said, "Folio needs some attention.  It could use some improvements."  Then he said something to the effect that we might be getting "API-like features" for Folio in the somewhat distant future (my gestault, we didn't talk timeline).  He didn't elaborate and I didn't ask any more questions because I had to go. 

I wonder what that could mean or if he was just making it up.
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LC Phone Call
#1: February 05, 2015, 12:00:00 AM
I recently had a call with Prosper about their Folio experience.  I explained to the guy that they need to step up now with secondary market tools.  The secondary market will become bigger than the 'new' loan market and they need to be in front of that.  I had agreement from the Prosper rep and was assured that they are aware of that and 2015 will see changes coming to the secondary market.

He did say that one of the issues is that Prosper and Lending Club don't make money on the secondary market and they need to figure out how that will work.  Maybe Folio needs to step up then and take control and have a unified secondary market that they build and just take it out of Prosper and Lending Club's hands entirely. They have a chance to be leaders here or someone somewhere else will figure this out for them and they are going to lose control.  Maybe that's what should happen anyway.

This world needs a some place that can handle notes from any p2p platform.  It's going to help them all in the end if you can show investors that they don't need to worry about liquidity because you can easily sell your notes after purchase.  If I need a chunk of my money out tomorrow for a down payment on a house, I can do that.  I am sure there are people that stay away today because they are unsure about getting out of the notes in a timely fashion.
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LC Phone Call
#2: February 09, 2015, 12:00:00 AM
Absolutely, adding a viable secondary market that provides liquidity will greatly increase the value of this asset class for investors, pretty sure something will happen via either guys like Orchard or someone else.
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