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Author Topic: Selling Houston loans

r
  • Posts: 37
Selling Houston loans
OP: August 30, 2017, 11:00:00 PM
Have started selling them aggressively since Monday and have sold more than 2/3. About 20% stuck in payment processing.

Will track them to see how fast they turn to IGP.

https://www.maptechnica.com/zip3-prefix-map/770

Zip codes =
770xx
773xx
774xx
775xx
776xx
777xx
778xx
779xx
784xx

706xx

Edited to add
772xx
783xx
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R
  • Posts: 484
Selling Houston loans
#1: August 30, 2017, 11:00:00 PM
FWIW I took a look at my active note exposure in those zip codes.
It's 3.74% of Outstanding Principal.
Don't plan to sell the notes on Folio. I'll probably take a bit of a hit but it's not a large dollar amount.
Overall my portfolio is only maybe 25% of what it once was.
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T
  • Posts: 6588
Selling Houston loans
#2: August 30, 2017, 11:00:00 PM
I'm just curious at how high default rates can climb to? 50%?

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r
  • *****
  • Hero Member
  • Posts: 575
Selling Houston loans
#3: August 30, 2017, 11:00:00 PM
I don't think I've ever seen a loan category with 50 percent default rate. The Alt A mortgages in the crisis only got up to like 35% based on my quick Google search
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L
  • Posts: 241
Selling Houston loans
#4: August 30, 2017, 11:00:00 PM
Thanks, Rubicon.  Thank you for the zip updates too.  I'm selling mine.
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j
  • Posts: 143
Selling Houston loans
#5: August 30, 2017, 11:00:00 PM
Ugh.  Thanks.  Never even crossed my mind.  I've been trying to be more hands off late.  Sold 5 pretty fast.  A whole bunch more to go.
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T
  • Posts: 6588
Selling Houston loans
#6: August 30, 2017, 11:00:00 PM
thanks for the heads up,  you know I had 34 loans in those zips, and every single active note is current. Hate to sell them, but you don't know who got hit and how didn't
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T
  • Posts: 6588
Selling Houston loans
#7: August 30, 2017, 11:00:00 PM
I only have 15, but two of those come up as "note not issued" (after many payments!) so I can't list them and that's annoying.  8 have sold so far.
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D
  • Posts: 67
Selling Houston loans
#8: August 31, 2017, 11:00:00 PM
Just had my first Houston loan go IGP.

"8/23/17 (Wednesday)   Borrower contacted Payment Solutions specialist and promised to pay."
Loan Summary
Note Issuance Date   2/12/16
Note Amount   $25
Loan Amount   $11,200
Rate   F1 : 23.13%
Term   60  months
Status   In Grace Period
Recent Credit Score   655-659
Credit Score Change  Down
Received Payments
Last Payment Received (8/1/17)   $0.71
Payments to Date (18)   $12.49
Principal   $4.78
Interest   $7.71
Late Fees Received   $0.00
Upcoming Payments
Next Payment Due (8/27/17)   $1.41
Remaining Payments (42)   $29.68
Expected Final Payment   1/27/21
Outstanding Principal   $20.22
Accrued Interest   $0.45

Nine total Houston loans.  Two of which were processing payments over last couple days.  One paid and this one IGP.  All have been Never Late and now are currently listed on Folio.
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T
  • Posts: 6588
Selling Houston loans
#9: August 31, 2017, 11:00:00 PM
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T
  • Posts: 6588

T
  • Posts: 6588
Selling Houston loans
#12: August 31, 2017, 11:00:00 PM
No I'm just wondering. Not making a claim one way or the other.

I would point out that the Alt-A and subprime mortgages at the very least owned some equity in their homes or at the very least a call option on that home equity with HPA, if they didn't put a deposit down. If your home and car gets flooded whatever equity you had gets destroyed (assuming no flood insurance) and you're still liable to repay the principal on your (mortgage/car) loans. So you're in deep negative equity territory, which is the definition of insolvent (or bankrupt).
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s
  • Posts: 17
Selling Houston loans
#13: September 01, 2017, 11:00:00 PM
LendingClub is not ignoring the potential impact, just got the email below.

My exposure to the zip codes in the first post:
Grades A-C: $4138 of $89,160 (108 notes, 4 of those IGP)
Grades C-G: $1600 of $37,353 (55 notes, 3 of those late + 1 charged off)



Quote
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T
  • Posts: 6588
Selling Houston loans
#14: September 01, 2017, 11:00:00 PM
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