Messages

Can you open a 401K on LC, I was under the impression that they just did IRA accounts...?

Wanted to see if anyone knows where do the recoveries that we receive on charged off loans show up in the API?

Yes, I think there you look at the business details and also the main borrowers FICO scores as a reference point, also if they have any guarantors.  Curious when these will become available on a platform, they have been beta testing them for about a year now.

So basically a variation of Kickstarter that actually pays you back a little fee for helping the product fund, not a bad idea if you like the product anyways, but in terms of investment outright not so great, returns way too low

Absolutely, adding a viable secondary market that provides liquidity will greatly increase the value of this asset class for investors, pretty sure something will happen via either guys like Orchard or someone else.

Wow, so it is still paying every month and is current at sub 500 FICO...I wonder what the story here is

They are not that that big, it is called good fund PR:) They make these announcements that they commit up to 100MM, 250MM etc, the a mount actually invested can be 10MM and still not be a lie.

On one hand really annoying and unprofessional and cash draggy...on the other, inc ase they are actually reviewing or waiting for docs, much better than quickly funded and then defaulted:)

One just uses a regular baseball bat, the other more advanced techniques like cattle prods and barbed whips, you need advanced training for those:)

Yep, had some issues on that front as well...little odd, haven't called them yet but possibly will if nothing by next week.

I personally violate the gesture covenant rather frequently:)

I am sure I am not the only one who has noticed this, any thoughts on why LC has been releasing 600ish notes per pull for the last couple of days?

Some kind of weird volume catch up in year end?

Yes, please shout wildly, do let us know how it goes.  Prosper Folio data updates and interface is really horrible, and while it would be a really useful thing to have an updated FICO scores for all the loans (not unreasonable thing to ask), at this time seems that is not the case at all or something that is being actively addressed.

Was doing some analysis on my portfolio recently and noticed that there were a number of loans that were marked as CURRENT even though they were 120+ days late, and went straight from CURRENT to CHARGEOFF.

This is disturbing for several reasons, most notably because it screws up the delinquency statistics and estimations, as well as cash flow and return projections for the portfolio.

Have other people seen this, and how long has this been going on?

Short answer is yes, but what are you going to do:) Not gypped per se, just disappointed a bit they didn't decide to treat their long time investors better.