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Author Topic: End of Month bulk Charge Off pattern: Why?

K
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End of Month bulk Charge Off pattern: Why?
OP: October 31, 2016, 11:00:00 PM
It seems that few months ago LC has implemented a charge off policy where the loans are mostly charged off at the end of the month, as opposed to normal as they come pattern.  Has anyone else noticed this, and any thoughts on why they are doing it? Also, it seems that the bulk charge off catches loans that are not in default status but ranges even into 16-30 days late...pretty frustrating in estimating returns and CF...
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r
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End of Month bulk Charge Off pattern: Why?
#1: October 31, 2016, 11:00:00 PM
Not sure why, but it's not uncommon in banks. I've been told it's easier on the back office, doing it all at once

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B
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End of Month bulk Charge Off pattern: Why?
#2: October 31, 2016, 11:00:00 PM
They do twice per month.  Once around the 15th and once on the last business day.  Around 7:30pm Central time last night I could refresh my main screen and watch my account value drop every few minutes as the defaulted loans were written off one by one.


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