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Author Topic: All Charged Off loans now show "Outstanding Principal $0.00"?

y
  • Posts: 182
Is this a recent change? What's the point?

For example,  https://www.lendingclub.com/account/loanPerf.action?loan_id=55401024&order_id=92547888&note_id=88707596

"Outstanding Principal   $0.00"

But right above it, it says:

"Remaining Payments (24)   $18.07"

and in the Payment History:

"Principal Balance $17.10"


Also, if you look at the same loan in Foliofn, it shows the amount:

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=55401024&order_id=92547888&note_id=88707596

"Outstanding Principal   $17.10"
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  • *****
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There are several things that show differently in folio vs LC, and some that show differently in the folio API than the web pages.

Almost none of the fields are ever defined anywhere so you could tell how they're supposed to act in any particular situation, such as chargeoff for example.

I abhor this sloppiness. 
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B
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I just noticed this change as well for the first time yesterday. I used to go to my defaults and look at the recent ones and be able to get a feel for the losses I've recently incurred as well as if they are newer loans or more seasoned loans. Now just seeing a column of zeroes doesn't give me any feel for my losses. Maybe that's their intention.

Or maybe there was something "wrong" with them showing a supposedly "worthless" asset as having value from an accounting/legal point of view?  If that's the case, I'd rather they change the column heading to "Amount written off" and keep the values.


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D
  • Posts: 67
Ditto...   ???
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L
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I agree, unless by happy-stance this leads to better tax treatment!
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T
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A charge off is a charge off either way.  But for the investors, it's nice to be able to review bad debt for analysis without having to open the note.
I wonder if they are preparing to adjust their calculation method.
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j
  • Posts: 143
I emailed yesterday asking/complaining.  I'll post what they reply with.
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T
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Quote
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b
  • Posts: 16
I have a few very old charge offs (2008 and 2009 vintages).  It sure looked like the Weighted Average Age of Portfolio was being impacted by these (which had a high weight because they were principle balances that are now 60-70+ months old).  Perhaps lending club noticed this. 
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r
  • Posts: 37
can't you just find it under the download file? PrincipalRemaining column?
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