Me too. Glad to know I'm not the only one.
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#47
Foliofn - LC / How do you price risk on Folio when all the credit scores are over 2 months old?
March 22, 2020, 11:00:00 PM
Keep turning down those prices. I see my computer is buying a lot of notes on folio today.
#48
Investors - LC / Crisis management - stop charge-offs ?
March 21, 2020, 11:00:00 PM
I think you are confused.
"Charge off" is an accounting convention. Nothing more.
They still try to recover funds, although they try less hard as time goes on, because the chance of recovering money goes down as the calendar pages flip by.
"Charge off" is an accounting convention. Nothing more.
They still try to recover funds, although they try less hard as time goes on, because the chance of recovering money goes down as the calendar pages flip by.
#49
General P2P Lending Discussion /
March 15, 2020, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=21631.msg61708#msg88888888Quote"> from: AnilG on March 16, 2020, 07:51:26 PM
#50
Investors - LC / Email - "An Update on Note Availability in Your State" (Now unavailable in NY+)
March 04, 2020, 11:00:00 PM
Given the rate at which LC is reducing allocation to the retail market, I can't imagine that they would allocate $ toward lawyers to get one state back online for retail investors.
#51
Investors - P / prosper 1099 - recovery reversal transactions
March 04, 2020, 11:00:00 PM
There is no need to enter info from EACH LOAN into your tax return. Just report the totals.
#53
General P2P Lending Discussion / China’s Once-Hot Peer-to-Peer Lending Business Is Withering
February 01, 2020, 11:00:00 PM
Article in WSJ today about China's P2P lending businesses, and how they're dying off.
https://www.wsj.com/articles/chinas-once-hot-peer-to-peer-lending-business-is-withering-11580644804" class="bbc_link" target="_blank">https://www.wsj.com/articles/chinas-once-hot-peer-to-peer-lending-business-is-withering-11580644804
The article is paywalled. I've included a few snips below.
I've written here before about how many (huuuuge numbers) of these P2P businesses started up in China. It was clear this was a bubble. We use the term "Wild West" to describe an unregulated frenzy, but maybe we should change that to "Wild East".
Quote
https://www.wsj.com/articles/chinas-once-hot-peer-to-peer-lending-business-is-withering-11580644804" class="bbc_link" target="_blank">https://www.wsj.com/articles/chinas-once-hot-peer-to-peer-lending-business-is-withering-11580644804
The article is paywalled. I've included a few snips below.
I've written here before about how many (huuuuge numbers) of these P2P businesses started up in China. It was clear this was a bubble. We use the term "Wild West" to describe an unregulated frenzy, but maybe we should change that to "Wild East".
Quote
#54
Investors - LC / LC is ending whole-loan note sales next week
January 22, 2020, 11:00:00 PM
LC's support of the retail market is taking a big hit a few days from now. This doesn't affect most of you directly, but it does affect me in a big way.
As most of you know, in the retail market, there are two kinds of notes sold by LC. "fractional" notes represent a fraction of a loan, and "whole" notes represent an entire loan.
LC has advised me that beginning 2/1/2020, LC will no longer offer whole notes.
In the beginning (2008), LC offered their product only in the form of notes, but as time went on and LC acquired more institutional customers, hedge funds, banks, etc, they evolved new forms of their product, where they sell the loans themselves (instead of an LC-issued note), or things called "certificates" or syndications. Most institutional customers moved to these new forms of product. Now the selling of notes is a small part of their business.
They haven't said what this will mean for the volume of product made available to the retail market. I suspect that it means I will be forced to greatly reduce the size of my account, because I simply won't be able to keep the money invested. I deposited my first money with LC on 1/24/2008. Its been a nice run.
I suspect that there aren't very many of us whole-note-buyers any more, and it has become a burden to LC to support this niche containing few customers.
LC has suggested that I open an institutional account, and buy loans rather than notes. This would require me to create an LLC, which would require me to pay LLC fees and taxes to the state, and file an additional tax return to both state and federal govt, and thus take on new accounting costs, and some new legal issues related to owning "loans" which I don't yet fully understand. I've been intending to hire a lawyer to educate me about those regulatory issues and liabilities, but I haven't made that happen yet.
As most of you know, in the retail market, there are two kinds of notes sold by LC. "fractional" notes represent a fraction of a loan, and "whole" notes represent an entire loan.
LC has advised me that beginning 2/1/2020, LC will no longer offer whole notes.
In the beginning (2008), LC offered their product only in the form of notes, but as time went on and LC acquired more institutional customers, hedge funds, banks, etc, they evolved new forms of their product, where they sell the loans themselves (instead of an LC-issued note), or things called "certificates" or syndications. Most institutional customers moved to these new forms of product. Now the selling of notes is a small part of their business.
They haven't said what this will mean for the volume of product made available to the retail market. I suspect that it means I will be forced to greatly reduce the size of my account, because I simply won't be able to keep the money invested. I deposited my first money with LC on 1/24/2008. Its been a nice run.
I suspect that there aren't very many of us whole-note-buyers any more, and it has become a burden to LC to support this niche containing few customers.
LC has suggested that I open an institutional account, and buy loans rather than notes. This would require me to create an LLC, which would require me to pay LLC fees and taxes to the state, and file an additional tax return to both state and federal govt, and thus take on new accounting costs, and some new legal issues related to owning "loans" which I don't yet fully understand. I've been intending to hire a lawyer to educate me about those regulatory issues and liabilities, but I haven't made that happen yet.
#55
Off Topic / Cash Parking
January 21, 2020, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=4212.msg61556#msg61556">Quote"> from: lascott on January 21, 2020, 09:49:16 PM
#56
Borrowers - LC / Documentation advice?
January 20, 2020, 11:00:00 PM
Just send them what they asked for and find out.
#57
Foliofn - LC /
January 19, 2020, 11:00:00 PM
On the LC web site, go to the HOLDINGS page, then select NOTES. At the bottom of the 1st page, there are two little links that download spreadsheets.
Does one of these provide the information you are looking for?
Does one of these provide the information you are looking for?
#58
Foliofn - LC / NOTE_NOT_AVAILABLE
January 18, 2020, 11:00:00 PM
You summarize the situation well.
I've had these same concerns for several years now. I don't get very good answers from LC. I suspect that the code for the secondary market gets very little maintenance, and the people who answer questions for customers are pretty far from knowing anything about how it works, so you get stock answers.
I agree that it is just astonishing what a large fraction of note purchase attempts result in NOTE_NOT_AVAILABLE. It happens so much that it seems surely something other than "some guy got there before you" is going on.
Because this market makes no transaction data available, there's no way to diagnose this from outside LC.
Playing in the LC secondary market has not been a worthwhile effort. The money I have invested is doing ok, but I can't get enough invested to be worthwhile. However, most of my costs are sunk costs (ie the effort to write and debug the software), and there is very little cost associated with letting it run, so I have let it run 24 hr/day, every day, since Oct 2016.
I've had these same concerns for several years now. I don't get very good answers from LC. I suspect that the code for the secondary market gets very little maintenance, and the people who answer questions for customers are pretty far from knowing anything about how it works, so you get stock answers.
I agree that it is just astonishing what a large fraction of note purchase attempts result in NOTE_NOT_AVAILABLE. It happens so much that it seems surely something other than "some guy got there before you" is going on.
Because this market makes no transaction data available, there's no way to diagnose this from outside LC.
Playing in the LC secondary market has not been a worthwhile effort. The money I have invested is doing ok, but I can't get enough invested to be worthwhile. However, most of my costs are sunk costs (ie the effort to write and debug the software), and there is very little cost associated with letting it run, so I have let it run 24 hr/day, every day, since Oct 2016.
#59
Investors - LC / Borrower requests more $ for Credit Card Payoff loan than their RCB
January 15, 2020, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=21605.msg61539#msg88888888Quote"> from: JimGasperini on January 15, 2020, 09:32:08 PM
#60
General P2P Lending Discussion / What tool do you use to track returns?
January 14, 2020, 11:00:00 PM
Suggestion: Don't try to track loan by loan. Just track your account balance. Of course you'll have to track when you make deposits.