Investor Updates and Enhancements

September 28, 2012

New listing times

Lending Club currently lists new loans on its website four times per day – 2AM, 6AM, 10AM and 2 PM Pacific Time. Many of you have asked that we adjust these times to be more in line with the ordinary business day. With this release, we’ve changed the new listing windows to 6am, 10am, 2pm, and 6pm Pacific Time.

For those of you using our downloadable data to make your investment decision please be advised that listing updates to the Browse Notes downloadable file will now correspond to the new listing windows.

New credit attributes

Lending Club receives more than 100 credit attributes for each borrower application. We currently expose what we believe to be the most relevant and impactful 27 of these attributes in our Browse Notes downloadable file. At your request, we are adding 4 new attributes to the Browse Notes file as outlined below:

  • IN28 – Total installment high credit / credit limit
  • BI20 – Months since oldest bank installment account opened
  • RE01 – Number of revolving accounts
  • BC36 – Months since most recent bankcard delinquency

Definitions for all attributes in the Browse Notes downloadable file can be found in the data glossary. Please email us at data@lendingclub.com if you have questions or would like to see new attributes added.

Whole loans

Certain institutional investors have indicated a preference to be able to purchase loans in their entirety to try and obtain legal and accounting treatment specific to their situation. This process would also provide a great borrower experience that can enable “instant” funding. To accommodate these requests and while insuring that all investors continue to have access to a large number of loans of equal quality, a randomized subset of loans by grade will be available to purchase as a whole loan (i.e. not in $25 increments) only for a brief time period (12 hours), while all other loans will be immediately available for fractional purchase. If the loans are not purchased as whole loans in the specified time period, they will become available for purchase in the standard, fractional manner. Some things to note:

  • While we anticipate most investors will continue to prefer investing in fractional loans, we will make whole loans available to anyone requesting it by sending an email to investing@lendingclub.com (please put Whole Loan Access Request in the subject line).
  • To reflect the additional option of whole loans, a new data point has been added to the browse notes and historical download file called “initial listing status”. This data point has two possible settings –“F” for fractional, “W” for whole.
  • A filter on the Browse Notes page for “Initial listing status” will also be available.

Narrower credit score ranges

Lending Club displays the Borrower’s credit score range for every issued loan in order to enable analysis of historical loan performance. Lending Club also provides this information on new loan listings, together with the capability to filter these listings by the provided credit score range. Up until now, the credit score ranges were displayed in varying bands, ranging from 18 points at the lower end of our investment spectrum (660 – 678) to as wide as 70 points at the upper end (780+).

In response to your requests for more granular data, credit score ranges will now be published in 5 point bands on our historical and browse notes loan files. A corresponding change to the Credit Score filter on browse notes has also been made allowing you to easily filter by the new ranges. Note: If you use credit score set as one of your Saved Filters, please check to make sure the new settings match your desired criteria.

Thanks again for your ideas, and keep the feedback coming (feedback@lendingclub.com)!

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