Messages

Bryce, just confirming that you will be getting back into Lending Club with P2P-Picks at some time in the future? I really miss your service.

http://www.lendacademy.com/forum/index.php?topic=2387.0" class="bbc_link" target="_blank">http://www.lendacademy.com/forum/index.php?topic=2387.0
Bryce Mason of P2P-Picks just posted this under his sub-forum heading

Not sure why you need to act so harsh to posters.

I agree with your concern, lascott. Some people on here, as knowledgeable as they are, just haven't mastered basic manners. Even if someone makes a mistake or doesn't understand something, we should be helping each other, or at least having a civil discourse while we exchange opinions under an inviting atmosphere. I'd bet there are some of this formum's followers who want to ask a question or make a comment, but once they read some of the postings on here, don't dare ask a question or try to contribute. I wish the forum was friendlier. I've learned so much on here, but somedays I hate having to wade through all the muck to get there.

For those of you with a credit granting background, does LC see the FICO history when they run an inquiry or just the snapshot at that moment in time? In your experience, would it make any difference if they did--that is, how predictive is past FICO of future repayment likelihood?

If that's the case, I wouldn't mind paying the $100/yr in order to maintain access to Folio trading. In that case, just let the investors choose if they want to pay for it or not.

http://www.lendingmemo.com/peer-to-peer-lending-return/" class="bbc_link" target="_blank">http://www.lendingmemo.com/peer-to-peer-lending-return/

Here is a good article by Simon Cunningham of Lending Memo interviewing several well known P2P experts and their viewpoints about the long term expected returns from P2P. Commenters in the article who are well known on this forum include our own Peter Renton, Bryce Mason of P2P Picks, Anil Gupta of Peer Cube.

Xin, thank you for starting this thread--the concept of how much time each investor is willing to devote for an expected rate of return is an important issue we all need to explore. And I thank all the other contributors for a great discussion of the variations seen among investors.

http://www.lendacademy.com/policy-code-2-loans-lending-club/" class="bbc_link" target="_blank">http://www.lendacademy.com/policy-code-2-loans-lending-club/
Here is Peter's great article on the new lower FICO test batch of loans to select institutions

http://www.orchardplatform.com/rejected-loans-on-lendingclub/" class="bbc_link" target="_blank">http://www.orchardplatform.com/rejected-loans-on-lendingclub/
Here is a great article from Orchard which besides being an interesting read, supports the great credit demand from these 640-659 FICO applicants.

And all this activity happened on the same day. Wow!

I have a traditional IRA, opened in January 2013, and I buy and sell on Folio all the time. I live in a state that allows investors in both new LC and Folio notes, in case that makes a difference.

I think I read on this forum that LC actually sends out letters to borrowers with good payment history whose credit score has increased a soliciation to make a new loan with a lower interest rate and pay off the current loan at the higher interest rate. Can anyone else confirm this?

Don't forget--IRA accounts don't have any of these accounting problems!

Interest Radar information makes it even more interesting:
Rents, but has 15 mortgage accounts
1 Charge-off in the last 12 months
Last 90-day late account was 9 months ago
Total of 6 accounts ever 120 days late
But IR rates it 409/U

Why not reword the original post in a more PC, more "just the facts" basis and get LC to require all borrowers to sign the statement so the know what will happen. Might be eye opening for many of them.

http://news.cnet.com/8301-1023_3-57588175-93/with-rising-revenues-lending-club-ceo-plans-expansion-q-a/" class="bbc_link" target="_blank">http://news.cnet.com/8301-1023_3-57588175-93/with-rising-revenues-lending-club-ceo-plans-expansion-q-a/

Upcoming plans in Lending Club

http://the-military-guide.com/2013/06/06/more-problems-with-peer-to-peer-lending/" class="bbc_link" target="_blank">http://the-military-guide.com/2013/06/06/more-problems-with-peer-to-peer-lending/

Third in a series about Lending Club and Prosper. Thanks to this LendAcademy forum not much new information in this article for me. Saw a few things I think are not quite accurate or are missing needed elaboration or clarification--so be sure to investigate for yourself. Haven't read the first 2 parts, but they are linked in the article. Extremely long posting, with this final part basically full of caution about P2P still being a new asset class with insufficient history to know how things will go in a changing economy or if major problems occur on either LC or Prosper platforms. I think all of the problems mentioned in the article have been discussed on this forum before. But there may be some information for investors new to P2P. Doesn't change my investment plans though.