LendingClub (LC) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	ck0001409970
Entity Registrant Name	LENDINGCLUB CORPORATION
Entity Central Index Key	1,409,970
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		391,149,727

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 572,926	$ 623,531
Restricted cash	127,607	80,733
Securities available for sale	259,549	297,211
Loans at fair value (includes $2,697,305 and $3,022,001 from consolidated trust, respectively)	4,407,761	4,556,081
Loans held for sale	16,410	0
Accrued interest receivable (includes $25,105 and $24,477 from consolidated trust, respectively)	40,289	38,081
Property, equipment and software, net	75,102	55,930
Intangible assets, net	28,534	30,971
Goodwill	37,283	72,683
Other assets	56,897	38,413
Total assets	5,622,358	5,793,634
Liabilities and Stockholders’ Equity
Accounts payable	7,651	5,542
Accrued interest payable (includes $27,991 and $26,719 from consolidated trust, respectively)	43,902	40,244
Accrued expenses and other liabilities	79,104	61,243
Payable to investors	87,820	73,162
Notes and certificates at fair value (includes $2,713,483 and $3,034,586 from consolidated trust, respectively)	4,415,885	4,571,583
Total liabilities	4,634,362	4,751,774
Stockholders’ Equity
Common stock, $0.01 par value; 900,000,000 shares authorized at both June 30, 2016 and December 31, 2015; 385,523,620 and 379,716,630 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	3,878	3,797
Additional paid-in capital	1,169,756	1,127,952
Accumulated deficit	(165,431)	(88,218)
Treasury stock, at cost; 2,282,700 and 0 shares at June 30, 2016 and December 31, 2015, respectively	(19,485)	0
Accumulated other comprehensive loss	(722)	(1,671)
Total stockholders’ equity	987,996	1,041,860
Total liabilities and stockholders’ equity	$ 5,622,358	$ 5,793,634

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Member Loans at fair value, from consolidated trust	$ 4,407,761	$ 4,556,081
Accrued interest receivable from consolidated Trust	40,289	38,081
Accrued interest payable from consolidated Trust	43,902	40,244
Notes and certificates, at fair value from consolidated Trust	$ 4,415,885	$ 4,571,583
Common stock, par value ($ per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	385,523,620	379,716,630
Common stock, shares outstanding	385,523,620	379,716,630
Treasury stock, shares	2,282,700	0
Consolidated Trust
Member Loans at fair value, from consolidated trust	$ 2,697,305	$ 3,022,001
Accrued interest receivable from consolidated Trust	25,105	24,477
Accrued interest payable from consolidated Trust	27,991	26,719
Notes and certificates, at fair value from consolidated Trust	$ 2,713,483	$ 3,034,586

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Operating revenue:
Transaction fees	$ 96,605,000		$ 85,651,000		$ 221,113,000	$ 158,133,000
Servicing fees	11,603,000		6,479,000		28,545,000	11,871,000
Management fees	3,053,000		2,548,000		6,598,000	4,763,000
Other revenue	(8,870,000)		1,441,000		(2,600,000)	2,397,000
Total operating revenue	102,391,000		96,119,000		253,656,000	177,164,000
Net interest income:
Total interest income	179,685,000		130,526,000		357,564,000	243,998,000
Total interest expense	(177,596,000)		(129,727,000)		(354,279,000)	(243,007,000)
Net interest income	2,089,000		799,000		3,285,000	991,000
Fair value adjustments, loans, loans held for sale, notes and certificates	(1,040,000)		(1,000)		(1,207,000)	(6,000)
Net interest income and fair value adjustments	1,049,000		798,000		2,078,000	985,000
Total net revenue	103,440,000		96,917,000		255,734,000	178,149,000
Operating expenses:
Sales and marketing	49,737,000	[1]	39,501,000	[1]	116,312,000	73,971,000
Origination and servicing	20,934,000	[1]	14,706,000	[1]	40,132,000	26,907,000
Engineering and product development	29,209,000	[1]	18,214,000	[1]	53,407,000	32,112,000
Other general and administrative	53,457,000	[1]	28,247,000	[1]	91,492,000	54,657,000
Goodwill impairment	35,400,000	[1]	0		35,400,000	0
Total operating expenses	188,737,000	[1]	100,668,000	[1]	336,743,000	187,647,000
Loss before income tax expense	(85,297,000)		(3,751,000)		(81,009,000)	(9,498,000)
Income tax (benefit) expense	(3,946,000)		389,000		(3,795,000)	1,016,000
Net loss	$ (81,351,000)		$ (4,140,000)		$ (77,214,000)	$ (10,514,000)
Basic net income (loss) per share attributable to common stockholders ($ per share)	$ (0.21)		$ (0.01)		$ (0.20)	$ (0.03)
Diluted net income (loss) per share attributable to common stockholders ($ per share)	$ (0.21)		$ (0.01)		$ (0.20)	$ (0.03)
Weighted-average shares of common stock used in computing basic net income (loss) per share (shares)	382,893,402		372,841,945		381,794,090	372,401,583
Weighted-average shares of common stock used in computing diluted net income (loss) per share (shares)	382,893,402		372,841,945		381,794,090	372,401,583
[1]	Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1 – Basis of Presentation” for additional information.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (81,351)	$ (4,140)	$ (77,214)	$ (10,514)
Other Comprehensive Income (Loss), before Tax [Abstract]
Change in net unrealized gain (loss) on securities available for sale	796	(831)	1,599	(831)
Other comprehensive income (loss), before tax	796	(831)	1,599	(831)
Income tax effect	650	0	650	0
Other comprehensive income (loss), net of tax	146	(831)	949	(831)
Comprehensive loss	$ (81,205)	$ (4,971)	$ (76,265)	$ (11,345)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income (loss)	$ (77,214,000)	$ (10,514,000)
Adjustments to reconcile net loss to net cash (used for) provided by operating activities:
Net fair value adjustments of loans, notes and certificates	1,208,000	6,000
Change in fair value of loan servicing liabilities	(2,301,000)	(2,080,000)
Change in fair value of loan servicing assets	4,663,000	1,031,000
Stock-based compensation, net	28,468,000	24,079,000
Excess tax benefit from share-based awards	62,000	0
Goodwill impairment	35,400,000	0
Depreciation and amortization	13,746,000	9,753,000
Loss (gain) on sales of loans	5,748,000	(446,000)
Other, net	1,473,000	85,000
Purchase of whole loans to be sold	(2,557,171,000)	(1,383,130,000)
Proceeds from sales of whole loans	2,539,614,000	1,383,130,000
Net change in operating assets and liabilities:
Accrued interest receivable	(2,208,000)	(8,369,000)
Other assets	(3,190,000)	(5,310,000)
Due from related parties	18,000	(110,000)
Accounts payable	2,038,000	(669,000)
Accrued interest payable	3,657,000	8,434,000
Accrued expenses and other liabilities	4,799,000	5,883,000
Net cash (used for) provided by operating activities	(1,190,000)	21,773,000
Cash Flows from Investing Activities:
Purchases of loans	(1,441,716,000)	(1,745,013,000)
Principal payments received on loans	1,180,096,000	798,304,000
Proceeds from recoveries and sales of charged-off loans	16,934,000	7,810,000
Proceeds from sale of loans repurchased	22,274,000	0
Purchases of securities available for sale	(3,543,000)	(402,112,000)
Proceeds from maturities, redemptions and paydowns of securities available for sale	42,806,000	3,509,000
Investment in Cirrix Capital	(10,000,000)	0
Net change in restricted cash	(46,874,000)	(9,975,000)
Purchases of property, equipment and software, net	(26,905,000)	(15,949,000)
Net cash used for investing activities	(266,928,000)	(1,363,426,000)
Cash Flows from Financing Activities:
Change in payable to investors	14,658,000	9,734,000
Proceeds from issuances of notes and certificates	1,400,505,000	1,744,741,000
Proceeds from secured borrowings	22,274,000	0
Repayments of secured borrowings	(22,274,000)	0
Principal payments on notes and certificates	(1,169,545,000)	(790,432,000)
Payments on notes and certificates from recoveries/sales of related charged-off loans	(16,916,000)	(7,788,000)
Repurchases of common stock	(19,485,000)	0
Proceeds from stock option exercises and other	5,825,000	3,297,000
Proceeds from issuance of common stock for ESPP	2,516,000	2,694,000
Excess tax benefit from share-based awards	(62,000)	0
Other financing activities	17,000	93,000
Net cash provided by financing activities	217,513,000	962,339,000
Net (Decrease) Increase in Cash and Cash Equivalents	(50,605,000)	(379,314,000)
Cash and Cash Equivalents, Beginning of Period	623,531,000	869,780,000
Cash and Cash Equivalents, End of Period	572,926,000	490,466,000
Supplemental Cash Flow Information:
Cash paid for interest	350,490,000	234,573,000
Accruals for property, equipment and software	$ 3,135,000	$ 2,100,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts (SMAs) and a fund of which its wholly-owned subsidiary RV MP Fund GP, LLC, is the general partner. RV MP Fund GP, LLC, is a wholly-owned subsidiary of LCA that acts as the general partner for a private fund. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires loans from Lending Club and holds them for the sole benefit of certain investors that have purchased a trust certificate (Certificate) issued by the Trust and that are related to specific underlying loans for the benefit of the investor. Although the Company's overall business model remains premised on the Company not using its balance sheet and assuming credit risk for loans facilitated through our marketplace, the Company may use its capital to support contractual obligations (Pool B loans and repurchase obligations), regulatory commitments (direct mail), short-term marketplace equilibrium, customer accommodations, or other needs. The Company's use of its capital on the platform from time to time has been, and will be, on terms that are substantially similar to other investors. Additionally, the Company may use its capital to invest in loans associated with the testing or initial launch of new or alternative loan terms, programs or channels to establish a track record of performance prior to facilitating third-party investments in these loans. With the announcement of the initial results of the internal board review on May 9, 2016 and additional results disclosed on June 28, 2016, many investors paused or reduced their investment activity. The Company has been focused on working with these investors to resume their investment activity and on bringing new investors to the platform. During the second quarter of 2016 the Company offered cash incentives to investors in exchange for investment activity. If the Company's attempts to secure additional investor capital to meet platform origination volume are not successful, the Company may choose to provide further cash incentives, or enter into different additional incentive structures or terms, including the use of the Company's equity, to attract investor capital to the platform. Failure to attract investor capital on reasonable terms may result in the Company using a greater amount of its own capital to purchase loans on the platform compared to prior periods, or reduce origination volume. These actions may have material adverse impacts on the Company's business, financial condition (including its liquidity), results of operations or ability to sustain and grow loan volume. The Company believes, based on its projections and ability to reduce loan volume if needed, that its cash on hand, funds available from its line of credit, and its cash flow from operations are sufficient to meet its liquidity needs for the next twelve months. The accompanying unaudited condensed consolidated financial statements include Lending Club, its subsidiaries (collectively referred to as the Company, we, or us) and the Trust. All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods presented. These adjustments are of a normal recurring nature. Actual results may differ from those estimates, and results reported in the interim periods are not necessarily indicative of the results for the full year or any other interim period. In the fourth quarter of 2015, the Company disaggregated the expense previously reported as “General and administrative” into “Engineering and product development” and “Other general and administrative” expense. Additionally, the Company reclassified certain operating expenses between “Sales and marketing,” “Origination and servicing,” “Engineering and product development” and “Other general and administrative” expense to align such classification and presentation with how the Company currently manages the operations and these expenses. These changes had no impact to “Total operating expenses.” Prior period amounts have been reclassified to conform to the current presentation. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (Annual Report) and Form 10-K/A filed on May 17, 2016. The Company's significant accounting policies are included in “ Note 2 – Summary of Significant Accounting Policies. ”

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's significant accounting policies are discussed in “ Part II – Item 8 – Financial Statements and Supplementary Data – Note 2 – Summary of Significant Accounting Policies ” in the Annual Report. There have been no significant changes to these significant accounting policies for the six month period ended June 30, 2016 , except as noted below. Transaction Fee Revenue Transaction fees are paid by issuing banks or patient service providers to Lending Club for the work Lending Club performs through its platform and Springstone’s platform in facilitating loans for its issuing bank partners. These fees are recognized as a component of operating revenue at the time of loan issuance. Factors affecting the amount of fees paid to the issuing bank by the borrower and from the bank to the Company include initial loan amount, term, credit quality, and other factors. Commencing with the origination fee increase announced in March 2016, in the event a borrower prepays a loan in full before maturity, the Company assumes the issuing bank partner's obligation under Utah law to refund the pro-rated amount of the fee received by the bank in excess of 5% . Additionally, the Company may provide refunds to patient finance borrowers when the borrower cancels the loan under certain conditions. Since Lending Club can estimate refunds based on loan cancellation or prepayment experience, the Company records transaction fee revenue net of estimated refunds at the time of loan issuance. Restricted Cash Restricted cash consists primarily of checking, money market and certificate of deposit accounts that are: (i) pledged to or held in escrow by the Company’s correspondent banks as security for transactions processed on or related to Lending Club’s platform or activities by certain investors; (ii) pledged through a credit support agreement with a certificate holder, or (iii) investors’ funds transactions-in-process that have not yet been applied to their accounts on the platform and transferred to segregated bank accounts that hold investors’ funds. Investor cash balances (excluding transactions-in-process) are held in segregated bank or custodial accounts and are not commingled with the Company’s monies or held on the Company’s balance sheet. Loans Held for Sale Loans held for sale are accounted for at fair value. The Company’s fair value methodology for the measurement of loans held for sale is consistent with the methodology for the measurement of its loans not classified as held for sale. The fair valuation methodology considers projected prepayments and uses the historical actual defaults, losses and recoveries on our loans to project future losses and net cash flows on loans. The fair value adjustments related to loans held for sale are recorded in the period of the fair value changes. Consolidation of Variable Interest Entities A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its own operations, whose equity holders do not have the power to direct the activities most significantly affecting the economic outcome of those activities, or whose equity holders do not share proportionately in the losses or receive the residual returns of the entity. The determination of whether an entity is a VIE requires a significant amount of judgment. When the Company has a controlling financial interest in a VIE, it must consolidate the results of the VIE’s operations into its condensed consolidated financial statements. A controlling financial interest exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance (power) and the obligation to absorb losses or receive benefits that could be potentially significant to the VIE (economics). LC Trust I The Company has determined that the Trust is a VIE and that the Company has a controlling financial interest in the Trust and therefore must consolidate the Trust in its condensed consolidated financial statements. The Company established the Trust in February 2011 and funded it with a nominal residual investment. The Company is the only residual investor in the Trust. The purpose of the Trust is to acquire and hold loans for the benefit of investors who have invested in certificates issued by the Trust. The Trust conducts no other business other than purchasing and retaining loans or portions thereof for the benefit of the investment funds and their underlying limited partners. The Trust holds loans, none of which are financed by the Company. The cash flows from the loans held by the Trust are used to repay obligations under the certificates. The Trust’s assets and liabilities were reflected in the Company's consolidated financial statements at June 30, 2016 and December 31, 2015. In connection with the formation of the investment funds, it was determined that in order to achieve success in raising investment capital, the assets to be invested in by the investment funds must be held by an entity that was separate and distinct from the Company (i.e. bankruptcy remote) in order to reduce this risk and uncertainty. In the event of the Company's insolvency, it is anticipated that the assets of the Trust would not become part of the bankruptcy estate, but that outcome is uncertain. The Company's capital contributions, which are the only equity investments in the Trust, are insufficient to allow the Trust to finance the purchase of a significant amount of loans without the issuance of certificates to investors. Therefore, the Trust’s capitalization level qualifies the Trust as a VIE. The Company has a financial interest in the Trust because of its right to returns related to servicing fee revenue from the Trust, its right to reimbursement for expenses, and its obligation to repurchase loans from the Trust in certain instances. Additionally, the Company performs or directs activities that significantly affect the Trust’s economic performance through or by (i) operation of the platform that enables borrowers to apply for loans purchased by the Trust; (ii) credit underwriting and servicing of loans purchased by the Trust; (iii) LCA's selection of the loans that are purchased by the Trust on behalf of advised Certificate holders; and (iv) LCA’s role to source investors that ultimately purchase limited partnership interests in a fund or Certificates, both of which supply the funds for the Trust to purchase loans. Collectively, the activities described above allow the Company to fund more loans than would be the case without the existence of the Trust, to collect the related loan transaction fees and for LCA to collect the management fees on the investors’ capital used to purchase certificates. Accordingly, the Company is deemed to have power to direct activities most significant to the Trust and economic interest in the activities because of loan funding and transaction and management fees. Therefore, the Company concluded that it is the primary beneficiary of the Trust and consolidated the Trust’s operations in its condensed consolidated financial statements. Investment In Cirrix Capital On April 1, 2016, the Company closed its $10.0 million investment, for an approximate ownership interest of 15% , in Cirrix Capital (Investment Fund), a holding company to a family of funds that purchases loans and interests in loans from the Company. Per the partnership agreement, the family of funds can invest up to 20% of their assets outside of whole loans and interests in whole loans facilitated by the Company. At June 30, 2016 , 100% of the family of funds' assets were comprised of whole loans and interests in loans facilitated by Lending Club's platform. The Company's former Chief Executive Officer (former CEO) and a board member (together, the Related Party Investors) also have limited partnership interests in the Investment Fund that resulted in an aggregate ownership of approximately 29% in the Investment Fund at June 30, 2016 by the Related Party Investors and the Company. The Company's investment is deemed to be a variable interest in the Investment Fund because of the limited partnership interest shares in the expected returns and losses of the Investment Fund. The expected returns and losses of the Investment Fund result from the net returns of the family of funds owned by the Investment Fund, which are derived from interest income earned from loans and interests in whole loans that are purchased by the Investment Fund. Such loans and interests in loans were facilitated by the Company. Additionally, the Investment Fund is considered a VIE. The Investment Fund passes along credit risk to the limited partners. The Company did not design the Investment Fund’s investment strategy and cannot require the Investment Fund to purchase loans. Additionally, the Company reviewed whether it collectively, with the board member's investment, had power to control the Investment Fund and concluded that it did not based on the unilateral ability of the general partner to exercise power over the limited partnership and the inability of the limited partners to remove the general partner. The Company is not the primary beneficiary of the Investment Fund because the Company does not have the power to direct the activities that most significantly affect the Investment Fund’s economic performance. As a result, the Company does not consolidate the operations of the Investment Fund in the financial statements of the Company. The Company accounts for this investment under the equity method of accounting, which approximates its maximum exposure to loss as a result of its involvement in the Investment Fund. At June 30, 2016 , the Company's investment was $10.0 million , which was recorded in other assets in the condensed consolidated balance sheet. See “ Note 18 – Related Party Transactions ” for additional information. Separately, the Company is subject to a credit support agreement that requires it to pledge and restrict cash in support of its contingent obligation to reimburse the Investment Fund for net credit losses on loans underlying the interests in whole loans that are in excess of a specified, aggregate net loss threshold. The board member and the Company are excluded from receiving any benefits, if provided, from this credit support agreement. As of June 30, 2016 , the Company has not been required to nor does it anticipate recording losses under this agreement. The Company's maximum exposure to loss under this credit support agreement was $39.4 million and $34.4 million at June 30, 2016 and December 31, 2015, respectively, which assumes that all of the underlying loans covered under this credit support agreement default. LCA Managed or Advised Private Funds In conjunction with the adoption of a new accounting standard that amends accounting for consolidations effective January 1, 2016, the Company reviewed its relationship with the private funds managed or advised by LCA and concluded that it does not have a variable interest in the private funds. As of June 30, 2016 , the Company does not hold any investments in the private funds. Certain of the Company's related parties have investments in the private funds, as discussed in “ Note 18 – Related Party Transactions. ” The Company charges the limited partners in the private funds a management fee based on their account balance at month end for services performed as the general manager, including fund administration, and audit, accounting and tax preparation services. Accordingly, the Company's fee arrangements contain only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length. These fees are solely compensation for services provided and are commensurate with the level of effort required to provide those services. The Company does not have any other interests in the private funds and therefore does not have a variable interest in the private funds. Management regularly reviews and reconsiders its previous conclusions regarding whether it holds a variable interest in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in the condensed consolidated financial statements. Loan Servicing Rights As a result of the nature of servicing rights on the sale of loans, the Company is a variable interest holder in certain entities that purchase these loans. For all of these entities the Company either does not have the power to direct the activities that most significantly affect the VIE's economic performance or does not have a potentially significant economic interest in the VIE. In no case is the Company the primary beneficiary, and as a result, these entities are not consolidated in the Company's condensed consolidated financial statements. Loan Trailing Fee Liability In February 2016, the Company revised the agreement with its primary issuing bank to include an additional program fee (Loan Trailing Fee). The Loan Trailing Fee is dependent on the amount and timing of principal and interest payments made by borrowers of the underlying loans, and gives the issuing bank an ongoing financial interest in the performance of the loans it originates. This fee is paid by the Company to the issuing bank partner over the term of the respective loans and is a function of the principal and interest payments. In the event that principal and interest payments are not made, the Company is not required to make this Loan Trailing Fee payment. The Loan Trailing Fee is recorded at fair value with the initial establishment, and any changes, of this liability recorded in origination and servicing expense on the statement of operations. The fair value of the Loan Trailing Fee represents the present value of the expected monthly Loan Trailing Fee, which considers assumptions of expected prepayment rates and future credit losses. Debt The Company has elected to record certain costs directly related to issuing its secured revolving credit facility as an asset included in other assets on the Company’s condensed consolidated balance sheets. These costs are amortized as interest expense over the contractual term of the secured revolving credit facility. In instances where the Company transfers loans to investors that do not meet sale criteria for accounting purposes, such loan sales are accounted for as secured borrowings. Adoption of New Accounting Standard In February 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis , which was effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The adoption of this guidance did not have an impact on the Company's financial position, results of operations, earnings per share (EPS) or cash flows. The adoption of this guidance is further discussed above in “ Consolidation of Variable Interest Entities. ” New Accounting Standards Not Yet Adopted In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In March 2016, the FASB issued ASU 2016-09 Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which will be effective January 1, 2017. The guidance simplifies the accounting for share-based payments related to the income tax consequences of share-based awards, the classification of awards in a company's financial statements, and estimating forfeitures of awards. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which requires management to assess a company’s ability to continue as a going concern for each annual and interim reporting period, and disclose in its financial statements whether there is substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. The Company does not believe adoption of this accounting standard will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606), which will be effective January 1, 2018. The guidance clarifies that revenue from contracts with customers should be recognized in a manner that depicts both the likelihood of payment and the timing of the related transfer of goods or performance of services. In March 2016, the FASB issued an amendment (ASU 2016-08) to the new revenue recognition guidance clarifying how to determine if an entity is a principal or agent in a transaction. In April (ASU 2016-10) and May (ASU 2016-12) of 2016, the FASB further amended the guidance to include performance obligation identification, licensing implementation, collectability assessment and other presentation and transition clarifications. The effective date and transition requirements for this amendment is the same as those for the new revenue guidance. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) that amended guidance related to the lease accounting, which will be effective January 1, 2019. The guidance requires an entity to recognize a right-of-use asset and lease liability for most lease arrangements. The standard also requires additional disclosures related to lease arrangements. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS, and cash flows. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic: 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which will be effective January 1, 2018. The amendment changes the accounting for equity investments, change disclosure requirements related to instruments at amortized cost and fair value, and clarifies how entities should evaluate deferred tax assets for securities classified as available for sale. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS, and cash flows. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which will be effective January 1, 2017. The guidance simplifies the presentation to require that all deferred income taxes be presented as noncurrent on a classified statement of financial position. The Company does not currently present a classified statement of financial position and accordingly does not expect this guidance to have any impact on its disclosures.

Net Loss Per Share and Net Loss

Net Loss Per Share and Net Loss Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Loss Per Share and Net Loss Attributable to Common Stockholders	Net Loss Per Share and Net Loss Attributable to Common Stockholders The following table details the computation of the Company's basic and diluted net loss per share: Three Months Ended Six Months Ended 2016 2015 2016 2015 Net loss (1) $ (81,351 ) $ (4,140 ) $ (77,214 ) $ (10,514 ) Weighted average common shares - Basic 382,893,402 372,841,945 381,794,090 372,401,583 Weighted average common shares - Diluted 382,893,402 372,841,945 381,794,090 372,401,583 Net loss per share attributable to common stockholders: Basic $ (0.21 ) $ (0.01 ) $ (0.20 ) $ (0.03 ) Diluted $ (0.21 ) $ (0.01 ) $ (0.20 ) $ (0.03 ) (1) Also represents net loss available to common stockholders. In a period with net income, both earnings and dividends (if any) are allocated to participating securities. In a period with net loss, only declared dividends (if any) are allocated to participating securities. There were no dividends declared in the three and six months ended June 30, 2016 or June 30, 2015 . The Company had no participating securities as of June 30, 2016 or June 30, 2015 .

Securities Available for Sale

Securities Available for Sale	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Securities Available for Sale	Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of June 30, 2016 and December 31, 2015 , were as follows: June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 196,118 $ 227 $ (301 ) $ 196,044 Asset-backed securities 37,406 26 (4 ) 37,428 U.S. agency securities 16,602 1 (7 ) 16,596 U.S. Treasury securities 2,491 34 — 2,525 Other securities 7,004 — (48 ) 6,956 Total securities available for sale $ 259,621 $ 288 $ (360 ) $ 259,549 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 217,243 $ 2 $ (1,494 ) $ 215,751 Asset-backed securities 54,543 — (134 ) 54,409 U.S. agency securities 16,602 1 (25 ) 16,578 U.S. Treasury securities 3,489 — (4 ) 3,485 Other securities 7,005 — (17 ) 6,988 Total securities available for sale $ 298,882 $ 3 $ (1,674 ) $ 297,211 A summary of securities available for sale with unrealized losses as of June 30, 2016 and December 31, 2015 , aggregated by period of continuous unrealized loss, is as follows: Less than 12 months 12 months or longer Total June 30, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 29,253 $ (56 ) $ 67,672 $ (245 ) $ 96,925 $ (301 ) Asset-backed securities 10,315 (3 ) 1,638 (1 ) 11,953 (4 ) U.S. agency securities 14,596 (7 ) — — 14,596 (7 ) Other securities 2,000 — 4,956 (48 ) 6,956 (48 ) Total securities with unrealized losses (1) $ 56,164 $ (66 ) $ 74,266 $ (294 ) $ 130,430 $ (360 ) Less than 12 months Total December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt securities $ 212,018 $ (1,494 ) $ — $ — $ 212,018 $ (1,494 ) Asset-backed securities 54,409 (134 ) — — 54,409 (134 ) U.S. agency securities 14,578 (25 ) — — 14,578 (25 ) U.S. Treasury securities 3,485 (4 ) — — 3,485 (4 ) Other securities 6,988 (17 ) — — 6,988 (17 ) Total securities with unrealized losses (1) $ 291,478 $ (1,674 ) $ — $ — $ 291,478 $ (1,674 ) (1) The number of investment positions with unrealized losses at June 30, 2016 and December 31, 2015 totaled 65 and 141 , respectively. There were no impairment charges recognized during the first halves of 2016 and 2015 . The contractual maturities of securities available for sale at June 30, 2016 , were as follows: Within 1 year After 1 year through 5 years After 5 years through 10 years After 10 years Total Corporate debt securities $ 61,454 $ 134,590 $ — $ — $ 196,044 Asset-backed securities 1,507 35,921 — — 37,428 U.S. agency securities — 16,596 — — 16,596 U.S. Treasury securities — 2,525 — — 2,525 Other securities 3,001 3,955 — — 6,956 Total fair value $ 65,962 $ 193,587 $ — $ — $ 259,549 Total amortized cost $ 65,963 $ 193,658 $ — $ — $ 259,621 There were no sales of securities available for sale during the first half of 2016 . Proceeds from the sales of securities available for sale during the first half of 2015 were $3.5 million resulting in an immaterial loss.

Loans, Loans Held For Sale, Not

Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights	Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights Loans, Loans Held For Sale, Notes and Certificates The Company sells loans and issues notes and the Trust issues certificates as a means to allow investors to invest in the associated loans. At June 30, 2016 and December 31, 2015 , loans, notes and certificates measured at fair value on a recurring basis were as follows: Loans Notes and Certificates June 30, December 31, June 30, December 31, Aggregate principal balance outstanding $ 4,748,631 $ 4,681,671 $ 4,755,846 $ 4,697,169 Net fair value adjustments (340,870 ) (125,590 ) (339,961 ) (125,586 ) Fair value $ 4,407,761 $ 4,556,081 $ 4,415,885 $ 4,571,583 Original term 12 - 84 months 12 - 60 months Interest rates (fixed) 3.99% - 31.89% 4.99% - 29.90% Maturity dates ≤ June 2023 ≤ December 2020 Loans invested in by the Company for which there was no associated note or certificate, had an aggregate principal balance outstanding of $35.8 million and a fair value of $35.0 million at June 30, 2016 . At June 30, 2016 the aggregate principal balance outstanding and fair value of the Company’s loans held for sale were $ 16.6 million and $ 16.4 million , respectively. The Company places all loans for all loan products that are contractually past due by 120 days or more on non-accrual status. At June 30, 2016 and December 31, 2015 , loans that were 90 days or more past due (including non-accrual loans) were as follows: June 30, 2016 December 31, 2015 > 90 days past due Non-accrual loans > 90 days past due Non-accrual loans Outstanding principal balance $ 32,414 $ 3,791 $ 30,094 $ 4,513 Net fair value adjustments (26,685 ) (3,050 ) (25,312 ) (3,722 ) Fair value $ 5,729 $ 741 $ 4,782 $ 791 # of loans (not in thousands) 2,816 385 2,606 382 For all material loan products, the Company's charge-off policy is to charge off loans after 120 days and no later than 150 days past due, or earlier in the event of notification of borrower bankruptcy. Loan Servicing Rights At June 30, 2016 , loans underlying loan servicing rights had a total outstanding principal balance of $5.98 billion , original terms between 12 and 84 months , monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through May 2023 . At December 31, 2015 , loans underlying loan servicing rights had a total outstanding principal balance of $4.29 billion , original terms between 3 and 84 months , monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through December 2022 .

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The Company records certain assets and liabilities at fair value as listed in the following tables. Financial Instruments Recorded at Fair Value The following tables present the fair value hierarchy for assets and liabilities measured at fair value: June 30, 2016 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Loans $ — $ — $ 4,407,761 $ 4,407,761 Loans held for sale — — 16,410 16,410 Securities available for sale: Corporate debt securities — 196,044 — 196,044 Asset-backed securities — 37,428 — 37,428 U.S. agency securities — 16,596 — 16,596 U.S. Treasury securities — 2,525 — 2,525 Other securities — 6,956 — 6,956 Total securities available for sale — 259,549 — 259,549 Servicing assets — — 16,126 16,126 Total assets $ — $ 259,549 $ 4,440,297 $ 4,699,846 Liabilities: Notes and certificates $ — $ — $ 4,415,885 $ 4,415,885 Servicing liabilities — — 3,412 3,412 Loan Trailing Fee liability — — 2,324 2,324 Total liabilities $ — $ — $ 4,421,621 $ 4,421,621 December 31, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Assets: Loans $ — $ — $ 4,556,081 $ 4,556,081 Securities available for sale: Corporate debt securities — 215,751 — 215,751 Asset-backed securities — 54,409 — 54,409 U.S. agency securities — 16,578 — 16,578 U.S. Treasury securities — 3,485 — 3,485 Other securities — 6,988 — 6,988 Total securities available for sale — 297,211 — 297,211 Servicing assets — — 10,250 10,250 Total assets $ — $ 297,211 $ 4,566,331 $ 4,863,542 Liabilities: Notes and certificates $ — $ — $ 4,571,583 $ 4,571,583 Servicing liabilities — — 3,973 3,973 Total liabilities $ — $ — $ 4,575,556 $ 4,575,556 As the Company's loans and related notes and certificates, loans held for sale, the loan servicing rights, and the Loan Trailing Fee liability do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, the realized and unrealized gains and losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable and unobservable inputs. The Company did not transfer any assets or liabilities in or out of Level 3 during the first half of 2016 or the year ended December 31, 2015 . Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs used for the Company's Level 3 fair value measurements at June 30, 2016 and December 31, 2015 : June 30, 2016 Loans, Notes and Certificates (4) Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 3.0 % 20.2 % 10.5 % 3.3 % 18.6 % 10.5 % 3.3 % 18.6 % 10.6 % Net cumulative expected loss rates (1) 0.3 % 28.6 % 12.1 % 0.3 % 28.6 % 10.0 % 0.3 % 28.6 % 10.7 % Cumulative expected prepayment rates (1) 8.0 % 41.3 % 32.7 % 8.0 % 41.3 % 32.3 % 8.0 % 41.3 % 32.1 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A December 31, 2015 Loans, Notes and Certificates (4) Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 2.9 % 17.5 % 9.0 % 3.5 % 16.3 % 9.4 % N/A N/A N/A Net cumulative expected loss rates (1) 0.3 % 22.0 % 9.9 % 0.3 % 22.0 % 8.8 % N/A N/A N/A Cumulative expected prepayment rates (1) 23.4 % 36.4 % 30.8 % 8.0 % 36.4 % 30.5 % N/A N/A N/A Total market servicing rates (% per annum on outstanding principal balance) (3) N/A N/A N/A 0.50 % 0.75 % 0.50 % N/A N/A N/A N/A Not applicable (1) Expressed as a percentage of the original principal balance of the loan, note or certificate. (2) Includes collection fees estimated to be paid to a hypothetical third-party servicer. (3) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of December 31, 2015, the market rate for collection fees was assumed to be 7 basis points for a weighted-average total market servicing rate of 57 basis points. (4) Includes loans held for sale. At June 30, 2016 and December 31, 2015 , the discounted cash flow methodology used to estimate the notes and certificates' fair values used the same projected net cash flows as their related loans. As demonstrated by the following table below, the fair value adjustments for loans were largely offset by the fair value adjustments of the notes and certificates due to the payment dependent design of the notes and certificates and because the principal balances of the loans were very close to the combined principal balances of the notes and certificates. The following tables present additional information about Level 3 loans, loans held for sale, notes and certificates measured at fair value on a recurring basis for the second quarters and first halves of 2016 and 2015 : Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at March 31, 2016 $ 4,932,346 $ (216,190 ) $ 4,716,156 $ 4,929,468 $ (216,019 ) $ 4,713,449 Purchases of loans 1,768,600 — 1,768,600 — — — Issuances of notes and certificates — — — 499,246 — 499,246 Whole loan sales (1,253,424 ) — (1,253,424 ) — — — Principal payments (594,869 ) — (594,869 ) (585,563 ) — (585,563 ) Charge-offs (87,395 ) 87,395 — (87,305 ) 87,305 — Recoveries — (6,743 ) (6,743 ) — (6,739 ) (6,739 ) Change in fair value recorded in earnings — (205,549 ) (205,549 ) — (204,508 ) (204,508 ) Ending balance at June 30 , 2016 $ 4,765,258 $ (341,087 ) $ 4,424,171 $ 4,755,846 $ (339,961 ) $ 4,415,885 Loans held for sale at June 30, 2016 $ 16,627 $ (217 ) $ 16,410 Loans at fair value at June 30, 2016 $ 4,748,631 $ (340,870 ) $ 4,407,761 Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at March 31, 2015 $ 3,276,356 $ (45,695 ) $ 3,230,661 $ 3,295,034 $ (45,688 ) $ 3,249,346 Purchases of loans 1,653,617 — 1,653,617 — — — Issuances of notes and certificates — — — 892,026 — 892,026 Whole loan sales (761,431 ) — (761,431 ) — — — Principal payments (428,925 ) — (428,925 ) (424,721 ) — (424,721 ) Charge-offs (44,794 ) 44,794 — (44,783 ) 44,783 — Recoveries — (4,338 ) (4,338 ) — (4,327 ) (4,327 ) Change in fair value recorded in earnings — (52,201 ) (52,201 ) — (52,200 ) (52,200 ) Ending balance at June 30, 2015 $ 3,694,823 $ (57,440 ) $ 3,637,383 $ 3,717,556 $ (57,432 ) $ 3,660,124 Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2015 $ 4,681,671 $ (125,590 ) $ 4,556,081 $ 4,697,169 $ (125,586 ) $ 4,571,583 Purchases of loans 3,998,888 — 3,998,888 — — — Issuances of notes and certificates — — — 1,400,504 — 1,400,504 Whole loan sales (2,561,887 ) — (2,561,887 ) — — — Principal payments (1,181,028 ) — (1,181,028 ) (1,169,545 ) — (1,169,545 ) Charge-offs (172,386 ) 172,386 — (172,282 ) 172,282 — Recoveries — (16,934 ) (16,934 ) — (16,916 ) (16,916 ) Change in fair value recorded in earnings — (370,949 ) (370,949 ) — (369,741 ) (369,741 ) Ending balance at June 30, 2016 $ 4,765,258 $ (341,087 ) $ 4,424,171 $ 4,755,846 $ (339,961 ) $ 4,415,885 Loans held for sale at June 30, 2016 $ 16,627 $ (217 ) $ 16,410 Loans at fair value at June 30, 2016 $ 4,748,631 $ (340,870 ) $ 4,407,761 Loans Notes and Certificates Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2014 $ 2,836,729 $ (38,224 ) $ 2,798,505 $ 2,851,837 $ (38,219 ) $ 2,813,618 Purchases of loans 3,128,589 — 3,128,589 — — — Issuances of notes and certificates — — — 1,744,741 — 1,744,741 Whole loan sales (1,383,576 ) — (1,383,576 ) — — — Principal payments (798,304 ) — (798,304 ) (790,432 ) — (790,432 ) Charge-offs (88,615 ) 88,615 — (88,590 ) 88,590 — Recoveries — (7,810 ) (7,810 ) — (7,788 ) (7,788 ) Change in fair value recorded in earnings — (100,021 ) (100,021 ) — (100,015 ) (100,015 ) Ending balance at June 30, 2015 $ 3,694,823 $ (57,440 ) $ 3,637,383 $ 3,717,556 $ (57,432 ) $ 3,660,124 The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the second quarters and first halves of 2016 and 2015 : Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 16,964 $ 2,827 $ 3,496 $ 4,397 Issuances (1) 4,344 808 1,876 1,526 Change in fair value, included in servicing fees (4,895 ) (223 ) (540 ) (1,092 ) Additions, included in deferred revenue (287 ) — 393 — Fair value at end of period $ 16,126 $ 3,412 $ 5,225 $ 4,831 Six Months Ended Six Months Ended Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 10,250 $ 3,973 $ 2,181 $ 3,973 Issuances (1) 9,975 1,740 3,384 2,938 Change in fair value, included in servicing fees (4,663 ) (2,301 ) (1,031 ) (2,080 ) Additions, included in deferred revenue 564 — 691 — Fair value at end of period $ 16,126 $ 3,412 $ 5,225 $ 4,831 (1) Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue. The following table presents additional information about Level 3 Loan Trailing Fee liability measured at fair value on a recurring basis for the second quarter and first half of 2016: Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Fair value at beginning of period $ 1,002 $ — Issuances 1,496 2,498 Cash payment of Loan Trailing Fee (185 ) (189 ) Change in fair value, included in origination and servicing 11 15 Fair value at end of period $ 2,324 $ 2,324 Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity Certain fair valuation adjustments recorded through earnings, related to Level 3 instruments for the second quarter and first halves of 2016 and 2015 . Generally, changes in the net cumulative expected loss rates, cumulative prepayment rates, and discount rates will have an immaterial net impact on the fair value of loans, notes and certificates, servicing assets and liabilities, and Loan Trailing Fees. Certain of these unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, notes and certificates, servicing assets and liabilities, and Loan Trailing Fees, a change in one input in a certain direction may be offset by an opposite change from another input. A specific loan that is projected to have larger future default losses than previously estimated has lower expected future cash flows over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have smaller future default losses than previously estimated has increased expected future cash flows over its remaining life, which increases its estimated fair value. The Company's selection of the most representative market servicing rates for servicing assets and servicing liabilities is inherently judgmental. The Company reviewed estimated third-party servicing rates for its loans and loans in similar credit sectors, as well as market servicing benchmarking analyses provided by third-party valuation firms. The table below shows the impact on the estimated fair value of servicing assets and liabilities, calculated using different market servicing rate assumptions as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Weighted-average market servicing rate assumptions (1) 0.63 % 0.63 % 0.50 % 0.50 % Change in fair value from: Servicing rate increase by 0.10% $ (4,866 ) $ 1,239 $ (3,504 ) $ 1,589 Servicing rate decrease by 0.10% $ 5,107 $ (998 ) $ 3,610 $ (1,483 ) (1) Represents total market servicing rates, which include collection fees, at June 30, 2016 , and base market servicing rates, which exclude collection fees, at December 31, 2015 . As of December 31, 2015, the market rate for collection fees was assumed to be 7 basis points for a weighted-average total market servicing rate of 57 basis points. Financial Instruments Not Recorded at Fair Value The following tables present the fair value hierarchy for financial instruments not recorded at fair value: June 30, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents $ 572,926 $ — $ 572,926 $ — $ 572,926 Restricted cash 127,307 — 127,607 — 127,607 Deposits 872 — 872 — 872 Goodwill 37,283 — — 37,283 37,283 Total assets $ 738,388 $ — $ 701,405 $ 37,283 $ 738,688 Liabilities: Accrued expenses and other liabilities $ 6,796 $ — $ — $ 6,796 $ 6,796 Accounts payable 7,651 — 7,651 — 7,651 Payables to investors 87,820 — 87,820 — 87,820 Total liabilities $ 102,267 $ — $ 95,471 $ 6,796 $ 102,267 December 31, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents $ 623,531 $ — $ 623,531 $ — $ 623,531 Restricted cash 80,733 — 80,733 — 80,733 Deposits 871 — 871 — 871 Total assets $ 705,135 $ — $ 705,135 $ — $ 705,135 Liabilities: Accounts payable $ 5,542 $ — $ 5,542 $ — $ 5,542 Payables to investors 73,162 — 73,162 — 73,162 Total liabilities $ 78,704 $ — $ 78,704 $ — $ 78,704

Property, Equipment and Softwar

Property, Equipment and Software, net	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Equipment and Software, Net	Property, Equipment and Software, Net Property, equipment and software, net, consist of the following: June 30, December 31, Internally developed software $ 59,930 $ 40,709 Computer equipment 15,859 14,076 Leasehold improvements 16,851 11,559 Purchased software 7,477 5,336 Furniture and fixtures 6,195 5,086 Construction in progress 3,404 2,870 Total property, equipment and software 109,716 79,636 Accumulated depreciation and amortization (34,614 ) (23,706 ) Total property, equipment and software, net $ 75,102 $ 55,930 Depreciation and amortization expense on property, equipment and software was $5.9 million and $11.3 million for the second quarter and first half of 2016 , respectively. Depreciation and amortization expense on property, equipment and software was $3.8 million and $6.9 million for the second quarter and first half of 2015 , respectively.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: June 30, December 31, Loan servicing assets, at fair value $ 16,126 $ 10,250 Prepaid expenses 14,343 16,283 Other investments 10,250 250 Accounts receivable 6,605 4,976 Receivable from investors 4,667 1,117 Deferred financing cost 1,164 1,296 Deferred acquisition compensation 935 1,521 Due from related parties (1) 637 655 Deposits 872 871 Tenant improvement receivable 778 778 Other 520 416 Total other assets $ 56,897 $ 38,413 (1) Represents management fees due to LCA from certain private funds for which LCA acts as the general partner.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets The Company's intangible asset balance was $28.5 million and $31.0 million at June 30, 2016 and December 31, 2015 , respectively. Amortization expense associated with intangible assets for the second quarter and first six months of 2016 was $1.2 million and $2.4 million , respectively. Amortization expense associated with intangible assets for the second quarter and first six months of 2015 was $1.3 million and $ 2.8 million , respectively. Goodwill The Company's annual goodwill impairment testing date is April 1. In testing for potential impairment of goodwill, management performed an assessment of each of the Company's reporting units (generally defined as the Company's businesses for which financial information is available and reviewed regularly by management). Only the education and patient finance reporting unit contains goodwill. Upon completion of the annual impairment test in the second quarter of 2016, the Company recorded a goodwill impairment expense of $35.4 million . In the second quarter of 2016, in conjunction with the annual impairment test, the Company decreased its estimates of future earnings for the education and patient finance reporting unit, observed decreases in valuation multiples (i.e. enterprise value to revenue, and enterprise value to earnings before interest, taxes, depreciation, and amortization (EBITDA)) for peer group companies, and observed a marked decrease in the Company's overall market capitalization due, in substantial part to the resignation of Renaud Laplanche as CEO and Chairman and the events leading up to his resignation. In addition, the Company is subject to litigation and other inquiries related to the events surrounding the resignation of Mr. Laplanche. The Company is cooperating fully with these inquiries. The publicity resulting from these events has adversely affected the Company’s brand. These factors were a contributor to the determination that the fair value of the reporting unit was less than its carrying value. The first step of the analysis is to compare the reporting unit’s estimate fair value to its carrying value. Estimating the fair value of the education and patient finance reporting unit was a subjective process involving the use of estimates and judgments, particularly related to future cash flows, discount rates (including market risk premiums) and market valuation multiples, which as discussed above were impacted by a series of events in the second quarter of 2016. The fair value of the reporting unit was determined using the income approach and the market approach, each a commonly used valuation technique. The Company gave consideration to each valuation technique, as either technique can be an indicator of fair value. For the income approach, the Company estimated future cash flows and used such cash flows in a discounted cash flow model (“DCF model”). A DCF model was selected to be comparable to what would be used by market participants to estimate fair value. The DCF model incorporated expected future growth rates, terminal value amounts, and the applicable weighted-average cost of capital to discount estimated cash flows. The projections used in the estimate of fair value are consistent with the Company’s current forecast and long-range plans for this reporting unit. For the market approach, the valuation of the reporting unit was based on an analysis of enterprise value to revenue and enterprise value to EBITDA valuation multiples. The peer group valuation multiples used in the analysis were selected based on management’s judgment. The second step of the analysis includes allocating the estimated fair value (determined in the first step) of the reporting unit to its assets and liabilities to determine an implied fair value of goodwill. The implied fair value of goodwill was determined in the same manner as the amount of goodwill recognized in an acquisition. That is, the estimated fair value of the reporting unit was allocated to all of the assets and liabilities of the unit (including unrecognized intangibles such as provider relationships) as if the reporting unit had been acquired and the estimated fair value was the purchase price paid. Due to the complexity and effort required to estimate the fair value of the reporting unit in the second step of the analysis, the fair value estimates were based on preliminary analyses and assumptions. Based on our preliminary analyses, the implied fair value of the goodwill was lower than the carrying value of the goodwill for the reporting unit. Accordingly, we recorded our best estimate of $35.4 million during the second quarter of 2016, The final measurement of the impairment will be completed in the third quarter of 2016 and further adjustments to the preliminary goodwill impairment charge, if any, may be recorded when we finalize the second step of the goodwill impairment test. The Company did not record any goodwill impairment expense in either the second quarter or first six months of 2015.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: June 30, December 31, Accrued expenses $ 22,403 $ 14,054 Accrued compensation 18,312 28,780 Investor incentives payable 10,654 — Deferred rent 7,425 4,615 Transaction fee refund reserve 4,129 578 Deferred revenue 3,115 2,551 Investor interest rate protection agreement 3,329 — Loan servicing liabilities, at fair value 3,412 3,973 Loan Trailing Fee liability, at fair value 2,324 — Payable to issuing bank 1,075 955 Deferred tax liability — 3,446 Early stock option exercise and other equity-related liabilities 61 83 Contingent liabilities — 700 Other 2,865 1,508 Total accrued expenses and other liabilities $ 79,104 $ 61,243

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents other cumulative gains and losses that are not reflected in earnings. The components of other comprehensive income (loss) were as follows: Three Months Ended June 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Change in net unrealized income (loss) on securities available for sale $ 796 $ 650 $ 146 $ (831 ) $ — $ (831 ) Other comprehensive income (loss) $ 796 $ 650 $ 146 $ (831 ) $ — $ (831 ) Six Months Ended June 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Change in net unrealized income (loss) on securities available for sale $ 1,599 $ 650 $ 949 $ (831 ) $ — $ (831 ) Other comprehensive income (loss) $ 1,599 $ 650 $ 949 $ (831 ) $ — $ (831 ) Accumulated other comprehensive loss balances were as follows: Total Accumulated Other Comprehensive Loss Balance at December 31, 2015 $ (1,671 ) Change in net unrealized loss on securities available for sale 949 Balance at June 30, 2016 $ (722 )

Secured Borrowings

Secured Borrowings	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Secured Borrowings	Secured Borrowings During the second quarter of 2016, the Company repurchased $22.3 million of near-prime loans from a single institutional investor that did not meet a non-credit, non-pricing requirement of the investor, of which $15.1 million were originally sold to the investor prior to March 31, 2016. As a result, these loans were accounted for as secured borrowings at March 31, 2016. During the second quarter of 2016, the Company resold the loans to a different investor at par. This subsequent transfer qualified for sale accounting treatment, and the loans were removed from the Company's condensed consolidated balance sheet and the secured borrowings liability was reduced to zero in the second quarter of 2016. There were no secured borrowing liabilities as of June 30, 2016 . For additional information regarding this matter, see “ Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations – Board Review ” and “ Item 4 – Controls and Procedures. ”

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Revolving Credit Facility On December 17, 2015 , the Company entered into a credit and guaranty agreement with several lenders for an aggregate $120 million secured revolving credit facility (Credit Facility). In connection with the credit agreement, the Company entered into a pledge and security agreement with Morgan Stanley Senior Funding, Inc., as collateral agent. Proceeds of loans made under the Credit Facility may be borrowed, repaid and reborrowed until December 17, 2020 . Repayment of any outstanding proceeds are payable on December 17, 2020 , but may be prepaid without penalty. Borrowings under the Credit Facility bear interest, at the Company’s option, at an annual rate based on the one -year LIBOR rate plus a spread of 1.75% to 2.00% , which is fixed for a Company-selected interest period of one , two , three , six or 12 months, or at an alternative base rate (which is tied to either the prime rate, federal funds effective rate, or the adjusted euro currency rate, as defined in the credit agreement). Base rate borrowings may be prepaid at any time without penalty, however, prepayment of LIBOR-based borrowings before the end of the selected interest period may result in the Company incurring expense to compensate the lenders for their funding costs through the end of the interest period. Interest is payable quarterly. Additionally, the Company is required to pay a quarterly commitment fee to the lenders of between 0.25% and 0.375% per annum, depending on the Company’s total net leverage ratio, on the average undrawn portion available under the revolving loan facility. The Credit Facility and pledge and security agreement contain certain covenants applicable to the Company, including restrictions on the Company’s ability to pay dividends, incur indebtedness, pledge its assets, merge or consolidate, make investments, and enter into certain affiliate transactions. The Credit Facility also requires the Company to maintain a maximum total net leverage ratio (defined as the ratio of net debt to Adjusted EBITDA, on a consolidated basis for the four most recent Fiscal Quarter periods) of 4.00 :1.00 initially, and which decreases over the term of the Credit Facility to 3.00 :1.00 on and after June 30, 2018 (on a consolidated basis). As of June 30, 2016 , the total net leverage ratio, calculated as defined in the Credit Facility, was 0% . The Company did not have any loans outstanding under the Credit Facility during the first half of 2016 . The Company capitalized $1.3 million of debt issuance costs, which will be recognized as interest expense through December 17, 2020 .

Employee Incentive and Retireme

Employee Incentive and Retirement Plans	6 Months Ended
	Jun. 30, 2016
Postemployment Benefits [Abstract]
Employee Incentive and Retirement Plans	Employee Incentive and Retirement Plans The Company’s equity incentive plans provide for granting stock options and restricted stock units (RSUs) to employees, consultants, officers and directors. In addition, the Company offers a retirement plan and an employee stock purchase plan (ESPP) to eligible employees. Stock-based compensation expense was as follows for the periods presented: Three Months Ended Six Months Ended 2016 2015 2016 2015 Stock options $ 3,767 $ 8,126 $ 11,424 $ 15,212 RSUs 8,775 1,744 13,901 2,225 ESPP 447 446 835 925 Stock issued related to acquisition 458 2,170 2,308 5,717 Total stock-based compensation expense $ 13,447 $ 12,486 $ 28,468 $ 24,079 The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations: Three Months Ended Six Months Ended 2016 2015 (1) 2016 2015 (1) Sales and marketing $ 1,413 $ 1,713 $ 3,317 $ 3,221 Origination and servicing 963 719 1,709 1,325 Engineering and product development 4,480 2,943 8,203 4,741 Other general and administrative 6,591 7,111 15,239 14,792 Total stock-based compensation expense $ 13,447 $ 12,486 $ 28,468 $ 24,079 (1) Prior period amounts have been reclassified to conform to the current period presentation. See “ Note 1 – Basis of Presentation ” for additional information. The Company capitalized $2.1 million and $1.0 million of stock-based compensation expense associated with developing software for internal use during the second quarters of 2016 and 2015 , respectively. The Company capitalized $4.0 million and $1.8 million of stock-based compensation expense associated with developing software for internal use during the first halves of 2016 and 2015 , respectively. In addition, the Company recognized $101 thousand and $62 thousand in tax deficits from exercised stock options and RSUs during the second quarter and first half of 2016 . There was no net income tax benefit recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options and RSUs due to the full valuation allowance during the second quarter and first half of 2015 . In the second quarter of 2016, the board of directors or the compensation committee of the board of directors, as appropriate, approved incentive retention awards to certain members of the executive management team and other key personnel. These incentive awards consisted of an aggregate of $16.3 million of RSUs and $18.6 million of cash. These incentive retention awards will be recognized as compensation expense ratably through May 2017. Equity Incentive Plans The Company has two equity incentive plans: the 2007 Stock Incentive Plan (2007 Plan) and the 2014 Equity Incentive Plan (2014 Plan). Upon the Company’s IPO in 2014, the 2007 Plan was terminated and all shares that remained available for future issuance under the 2007 Plan at that time were transferred to the 2014 Plan. As of June 30, 2016 , 36,325,251 options to purchase common stock granted under the 2007 Plan remain outstanding. As of June 30, 2016 , the total number of shares reserved for future grants under the 2014 Plan was 40,719,750 shares, including shares transferred from the 2007 Plan. Stock Options The following table summarizes the activities for the Company's stock options during the first half of 2016 : Number of Options Weighted- Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2015 48,208,911 $ 3.60 Granted 5,242,583 $ 7.83 Exercised (6,420,559 ) $ 0.90 Forfeited/Expired (6,306,629 ) $ 6.46 Outstanding at June 30, 2016 40,724,306 $ 4.13 6.1 $ 72,659 Vested and expected to vest at June 30, 2016 40,575,442 $ 4.12 6.0 $ 72,651 Exercisable at June 30, 2016 26,286,055 $ 2.76 5.1 $ 65,542 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing stock price of $4.30 as reported on the New York Stock Exchange on June 30, 2016 . For the first half of 2016 , the Company granted service-based stock options to purchase 5,242,583 shares of common stock with a weighted average exercise price of $7.83 per option share, a weighted average grant date fair value of $3.93 per option share and an aggregate estimated fair value of $20.6 million . Stock options granted during the first half of 2016 included 265,987 shares of fully vested stock options granted in lieu of cash bonuses to be paid to certain employees for the 2015 performance period. For the first half of 2015 , the Company granted service-based stock options to purchase 1,131,839 shares of common stock with a weighted average exercise price of $20.23 per option share, a weighted average grant date fair value of $9.92 per option share and an aggregate estimated fair value of $11.2 million . The aggregate intrinsic value of options exercised was $39.9 million and $44.7 million for the first halves of 2016 and 2015 , respectively. The total fair value of stock options vested for the first halves of 2016 and 2015 was $18.1 million and $15.6 million , respectively. As of June 30, 2016 , the total unrecognized compensation cost, net of forfeitures, related to outstanding stock options was $55.2 million , which is expected to be recognized over the next 2.3 years. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options granted with the following assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Expected dividend yield — — — — Weighted-average assumed stock price volatility 51.4 % 48.3 % 51.9 % 49.4 % Weighted-average risk-free interest rate 1.26 % 1.72 % 1.37 % 1.61 % Weighted-average expected life (in years) 5.60 6.25 6.10 6.25 Restricted Stock Units The following table summarizes the activities for the Company's RSUs during the first half of 2016 : Number of RSUs Weighted- Unvested at December 31, 2015 4,443,399 $ 15.23 RSUs granted 19,299,707 $ 6.21 RSUs vested (903,839 ) $ 13.64 RSUs forfeited/expired (2,081,609 ) $ 9.83 Unvested at June 30, 2016 20,757,658 $ 7.45 Expected to vest after June 30, 2016 20,152,648 $ 7.46 For the first half of 2016 , the Company granted 19,299,707 RSUs with an aggregate fair value of $119.8 million . As of June 30, 2016 , there was $144.4 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over the next 3.1 years. Employee Stock Purchase Plan The Company’s ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions, subject to plan limitations. Payroll deductions are accumulated during six -month offering periods. The purchase price for each share of common stock is 85% of the lower of the fair market value of the common stock on the first business day of the offering period or on the last business day of the offering period. The Company's employees purchased 721,918 shares of common stock under the ESPP during the second quarter and first half of 2016 . As of June 30, 2016 , a total of 6,195,036 shares remain reserved for future issuance. The Company's employees purchased 211,256 shares under the ESPP during the second quarter and first half of 2015. The fair value of stock purchase rights granted to employees under the ESPP is measured on the grant date using the Black-Scholes option pricing model. The compensation expense related to ESPP purchase rights is recognized on a straight-line basis, net of estimated forfeitures, over the 6 -month requisite service period. On May 11, 2016 and June 11, 2015, we used the following assumptions in estimating the fair value of the grant under the ESPP which are derived using the same methodology applied to stock option assumptions: Six Months Ended 2016 2015 Expected dividend yield — — Weighted-average assumed stock price volatility 58.9 % 38.8 % Weighted-average risk-free interest rate 0.4 % 0.1 % Weighted-average expected life (in years) 0.50 0.42 Share Repurchases On February 9, 2016 , the board of directors approved a share repurchase program under which Lending Club may repurchase up to $150.0 million of the Company’s common shares in open market or privately negotiated transactions in compliance with Securities and Exchange Act Rule 10b-18 . This repurchase plan is valid for one year and does not obligate the Company to acquire any particular amount of common stock, and may be suspended at any time at Lending Club’s discretion. In the first quarter of 2016 , the Company repurchased 2,282,700 shares of its common stock at a weighted average purchase price of $8.52 per share for an aggregate purchase price of $19.5 million . There were no shares repurchased during the second quarter of 2016 and the Company does not currently intend to repurchase additional shares in the near term. Retirement Plan Upon completing 90 days of service, employees may participate in the Company’s qualified retirement plan that is governed by section 401(k) of the IRS Code. Participants may elect to contribute a portion of their annual compensation up to the maximum limit allowed by federal tax law. In the first quarter of 2016 , the Company approved an employer match of up to 4% of an employee’s eligible compensation with a maximum annual match of $5,000 per employee. The total expense for the employer match for the second quarters of 2016 and 2015 was $1.0 million and $0.5 million , respectively. The total expense for the employer match for the first halves of 2016 and 2015 was $2.5 million and $1.1 million , respectively. Severance Costs On June 22, 2016, the Board of Directors (the "Board") of the Company approved a plan to reduce the number of employees, which includes payment of severance benefits to certain employees whose positions were affected. The plan authorized the reduction of up to 179 positions, or approximately 12% of the Company's workforce. The purpose of the action is to reduce costs, streamline operations and more closely align staffing with anticipated loan volumes. As a result, the Company recorded $2.7 million in severance costs, which were comprised predominately of cash severance, and paid $0.1 million during the second quarter of 2016. The remaining $2.6 million of severance costs will be paid in the third quarter of 2016. No such costs were recorded in second quarter and second half of 2015. The following table presents the Company's severance expense recorded in the condensed consolidated statements of operations: Three Months Ended June 30, 2016 Sales and marketing $ 772 Origination and servicing 1,174 Engineering and product development 134 Other general and administrative 650 Total severance expense $ 2,730

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the second quarter and first half of 2016 , the Company recorded income tax benefit of $3.9 million and $3.8 million , respectively. For the second quarter and first half of 2015 , the Company recorded income tax expense of $0.4 million and $1.0 million , respectively. The income tax benefit in the second quarter and first half of 2016 included the recognition of a full valuation allowance against deferred tax asset, the tax effects of the impairment of tax deductible goodwill, and the tax effects of unrealized gains credited to other comprehensive income associated with the Company's available for sale portfolio. The Company continues to recognize a full valuation allowance against net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of June 30, 2016 and December 31, 2015 , the valuation allowance was $35.4 million and $25.3 million , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease Commitments The Company's corporate headquarters are located in San Francisco, California, and consist of approximately 169,000 square feet of space under lease agreements, the longest of which is expected to expire in June 2022 . Under these lease agreements, the Company has an option to extend nearly all of the space for five years. In April 2015 , the Company entered into a lease agreement for approximately 112,000 square feet of additional office space in San Francisco, California. The lease agreement commenced in the second quarter of 2015 with delivery of portions of the leased space to occur in stages through March 2017. The lease agreement expires on March 31, 2026 , with the right to renew the lease term for two consecutive renewal terms of five years each. The Company has additional leased office space of approximately 26,000 square feet in Westborough, Massachusetts, under a lease agreement that expires in July 2021 . Total facilities rental expense for the second quarter and first half of 2016 was $3.6 million and $6.8 million , respectively. Total facilities rental expense for the second quarter and first half of 2015 was $1.6 million and $3.0 million , respectively. Minimum lease payments for the second quarter and first half of 2016 was $2.6 million and $4.9 million , respectively. Minimum lease payments for the second quarter and first half of 2015 was $1.3 million and $2.6 million , respectively. As of June 30, 2016 , the Company pledged $0.8 million of cash and $4.7 million in letters of credit as security deposits in connection with its lease agreements. The Company's future minimum payments under non-cancelable operating leases in excess of one year as of June 30, 2016 , were as follows: Minimum Rental Payments 2016 $ 7,077 2017 15,092 2018 16,053 2019 15,621 2020 16,523 Thereafter 57,201 Total $ 127,567 Loan Purchase Obligation Under the Company's loan account program with WebBank, a Utah-chartered industrial bank that serves as the Company's primary issuing bank, WebBank retains ownership of the loans facilitated through Lending Club's marketplace for two business days after origination. As part of this arrangement, the Company has committed to purchase the loans at par, at the conclusion of the two business days. As of June 30, 2016 and December 31, 2015 , the Company was committed to purchase loans with an outstanding principal balance of $28.2 million and $77.6 million at par, respectively. Loan Repurchase Obligations The Company has historically limited its loan or note repurchase obligations to events of verified identity theft or in connection with certain customer accommodations. As institutional investors seek to securitize loans purchased through the marketplace, the Company has increased the circumstances and the required burden of proof of economic harm under which the Company is obligated to repurchase loans from these investors. We believe these repurchase obligations are customary and consistent with institutional loan and securitization market standards. In addition to and distinct from the repurchase obligations described in the preceding paragraph, the Company performs certain administrative functions for a variety of retail and institutional investors, including executing, without discretion, loan investments as directed by the investor. To the extent loans do not meet the investor's investment criteria at the time of issuance, or are transferred to the investor as a result of a system error by the Company, the Company is obligated to repurchase such loans at par. As a result of these obligations, we repurchased $36.3 million in loans during the first six months of 2016. Loan Funding and Purchase Commitments During the second quarter of 2016, the Company purchased a total of $134.9 million in loans to fulfill regulatory requirements and to support short-term market place equilibrium as discussed below. As required by applicable regulations, the Company is required to purchase loans resulting from direct marketing efforts if such loans are not otherwise invested in by investors on the platform. During the second quarter of 2016 , the Company purchased $35.4 million of such loans. Additionally, loans in the process of being facilitated and originated by the Company's issuing bank partner at June 30, 2016 , were substantially funded in July 2016 . As of the date of this report, no loans remained without investor commitments and the Company was not required to purchase any of these loans. Following the events of May 9, 2016, the Company opted to use its own capital to support short-term marketplace equilibrium and purchased $99.5 million in loans during the second quarter of 2016. As of June 30, 2016, the Company held $35.8 million of loans on its balance sheet. In addition, if neither Springstone nor the Company can arrange for other investors to invest in or purchase Pool B loans that Springstone facilitates and that are originated by an issuing bank partner, Springstone and the Company are contractually committed to purchase these loans. The Company and the issuing bank have entered into purchase agreements with three investors to purchase Pool B loans or participation interests in Pool B loans. As of January 5, 2016, any contractual minimum purchase requirements by these three investors had expired. During the first half of 2016 , the Company was not required to purchase any Pool B loans or interests in such loans. In connection with this obligation, the Company has deposited $9.0 million into an account at the bank to secure potential, future purchases of these loans, if any. Credit Support Agreement The Company is subject to a credit support agreement with Cirrix Capital (Investment Fund). The credit support agreement requires the Company to pledge and restrict cash in support of its contingent obligation to reimburse the Investment Fund for net credit losses on loans underlying the Investment Fund's certificates that are in excess of a specified, aggregate net loss threshold. The Company is contingently obligated to pledge cash, not to exceed $5.0 million , to support this contingent obligation. As of June 30, 2016 , $3.4 million was pledged and restricted to support this contingent obligation. As of June 30, 2016 and December 31, 2015 , the net credit losses pertaining to the Investment Fund's certificates have not exceeded the specified threshold, nor are future net credit losses expected to exceed the specified threshold, and thus no liability has been recorded. The Company currently does not anticipate recording losses under this credit support agreement. If losses related to the credit support agreement are later determined to be likely to occur and are estimable, results of operations could be affected in the period in which such losses are recorded. Legal Securities Class Actions. In the first and second quarter of 2016, five putative class action lawsuits alleging violations of federal securities laws were filed in California Superior Court, San Mateo County, naming as defendants the Company, current and former directors, certain officers, and the underwriters in the December 2014 initial public offering (the IPO). All of these actions were consolidated into a single action (Consolidated State Court Action), entitled In re LendingClub Corporation Shareholder Litigation , No. CIV537300, alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (Securities Act) based on allegedly false and misleading statements in the IPO registration statement and prospectus. Plaintiffs seek to represent a class of persons who purchased or otherwise acquired the Company’s securities pursuant and/or traceable to the IPO registration statement and prospectus, and seek unspecified compensatory damages, costs and expenses, including attorneys’ fees, and other further relief as the Court may deem just and proper. The Company believes that the plaintiff’s allegations are without merit, and intends to vigorously defend against the claims. In May 2016, two related putative securities class actions (entitled Evellard v. LendingClub Corporation, et al. , No. 16-CV-2627-WHA, and Wertz v. LendingClub Corporation, et al. , No. 16-CV-2670-WHA) were filed in the United States District Court for the Northern District of California, naming as defendants the Company and certain of its officers and directors (Federal Securities Class Actions). Both actions assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and one of them asserts claims under Sections 11 and 15 of the Securities Act similar to those alleged in the Consolidated State Court Action. A hearing on plaintiffs’ motions to consolidate these cases and to appoint lead plaintiffs is set for mid-August 2016. Plaintiffs seek unspecified compensatory damages, costs and expenses, including attorneys’ fees, and other further relief as the Court may deem just and proper. The Company believes that the plaintiffs’ allegations are without merit, and intends to vigorously defend against the claims. On August 5, the Company's motion to stay the consolidated case was denied. Derivative Lawsuits . In May 2016, a putative shareholder derivative action, entitled Avila v. Laplanche, et al. , No. CIV538758, was filed in California Superior Court, San Mateo County, against certain of the Company’s current and former officers and directors and naming the Company as a nominal defendant. The complaint seeks to assert claims on behalf of the Company for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. In June 2016, a second putative shareholder derivative action, entitled Stadnicki v. Laplanche, et al. , No. 16-CV-3072-WHA, was filed in the United States District Court for the Northern District of California against certain of the Company’s current and former officers and directors and naming the Company as a nominal defendant. This action was ordered related to the Federal Securities Class Actions. The complaint in the federal derivative action seeks to assert claims on behalf of the Company for violations of Section 14(a) of the 1934 Act in addition to various common law claims. The Company has not yet responded to the complaints in those actions. Federal Consumer Class Action. In April 2016, a putative class action lawsuit was filed in federal court in New York, alleging that persons received loans, through the Company's platform, that exceeded states' usury limits in violation of state usury and consumer protection laws, and the federal RICO statute. The defendants, in addition to the Company, are WebBank, Steel Partners Holdings, L.P. and the Lending Club Members Trust. The Company has agreed to indemnify WebBank and Steel Partners Holdings, L.P. against certain liabilities in connection with this matter. The plaintiff seeks treble damages, attorneys' fees, and injunctive relief. The Company has filed a motion to compel arbitration on an individual basis, which is now pending. The Company believes that the plaintiff's allegations are without merit, and intends to defend this matter vigorously. The Company was engaged in an arbitration proceeding with a prior employee who claimed that additional equity was due to him. The Company believed the claim to be without merit. The Company did not accrue a liability for this action as of March 31, 2016. On May 3, 2016, the arbitration panel delivered its final opinion denying all claims of the employee. On February 23, 2016, Phoenix Licensing, L.L.C. and LPL Licensing, L.L.C. filed a complaint for patent infringement against the Company in the U.S. District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent Nos. 8,234,184, 6,999,938, 5,987,434, 8,352,317, and 7,860,744 by generating customized marketing materials, replies, and offers to client responses. The Company believes the plaintiffs allegations are without merit, and intends to defend this matter vigorously. On May 9, 2016, following the announcement of the board review described elsewhere in this filing, the Company received a grand jury subpoena from the U.S. Department of Justice (DOJ). The Company was also contacted by the SEC. The Company continues cooperating with the DOJ, SEC and any other governmental or regulatory authorities or agencies. No assurance can be given as to the timing or outcome of these matters. In addition to the foregoing, the Company may be subject to legal proceedings and regulatory actions in the ordinary course of business. Based on the early stages of the matters above, the Company cannot provide a reasonable estimate of any potential liability arising from any such matter.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Company’s chief operating decision maker (CODM). For purposes of allocating resources and evaluating financial performance, the Company’s CODM reviews financial information by the product types of personal loans, and education and patient finance loans. These product types are aggregated and viewed as one operating segment, and therefore, one reportable segment due to their similar economic characteristics, product economics, production process, and regulatory environment. Substantially all of the Company’s revenue is generated in the United States. No individual customer accounted for 10% or more of consolidated net revenue for any of the periods presented.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related party transactions must be reviewed and approved by the audit committee of the Company’s board of directors when not conducted in the ordinary course of business subject to the standard terms of the Company’s online marketplace or certificate investment program. Related party transactions may include any transaction between entities under common control or with a related person occurring since the beginning of the Company’s latest fiscal year, or any currently proposed transaction involving the Company where the amount involved exceeds $120,000 . This review also includes any material amendment or modification to an existing related party transaction. The Company has defined related persons as members of the board of directors, executive officers, principal owners of the Company’s outstanding stock and any immediate family members of each such related persons, as well as any other person or entity with significant influence over the Company’s management or operations. Several of the Company's executive officers and directors (including immediate family members) have made deposits and withdrawals to their investor accounts and purchased loans, notes and certificates or have investments in private funds managed by LCA. The Company believes all such transactions by related persons were made in the ordinary course of business and were transacted on terms and conditions that were not more favorable than those obtained by similarly situated third-party investors. At December 31, 2015, Mr. Laplanche, the Company's former CEO and Chairman, and a board member owned approximately 2.0% and 10% , respectively, of limited partnership interests in the Investment Fund, a holding company that participates in a family of funds with other unrelated third parties and purchases whole loans and interests in loans from the Company. During the first six months of 2016, this family of funds purchased $164.7 million of whole loans and interests in whole loans. During the first six months of 2016, the Company earned $821 thousand in servicing fees and $30 thousand in management fees from this family of funds, and paid interest of $4.0 million to the family of funds. The Company believes that the sales of whole loans and interests in whole loans, and the servicing and management fees charged were on terms and conditions that were not more favorable than those obtained by other third-party investors. On April 1, 2016, the Company closed its $10.0 million investment, for an ownership interest in the Investment Fund of approximately 15% . As of June 30, 2016, the Company, Mr. Laplanche, and a board member owned approximately 18% , 2% , and 9% of limited partnership interests in the Investment Fund, respectively, for an aggregate interest of approximately 29% .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to June 30, 2016 , through the date the condensed consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed within these condensed consolidated financial statements and related notes or as below, the Company has determined none of these events were required to be recognized or disclosed.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy	LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts (SMAs) and a fund of which its wholly-owned subsidiary RV MP Fund GP, LLC, is the general partner. RV MP Fund GP, LLC, is a wholly-owned subsidiary of LCA that acts as the general partner for a private fund. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires loans from Lending Club and holds them for the sole benefit of certain investors that have purchased a trust certificate (Certificate) issued by the Trust and that are related to specific underlying loans for the benefit of the investor. Although the Company's overall business model remains premised on the Company not using its balance sheet and assuming credit risk for loans facilitated through our marketplace, the Company may use its capital to support contractual obligations (Pool B loans and repurchase obligations), regulatory commitments (direct mail), short-term marketplace equilibrium, customer accommodations, or other needs. The Company's use of its capital on the platform from time to time has been, and will be, on terms that are substantially similar to other investors. Additionally, the Company may use its capital to invest in loans associated with the testing or initial launch of new or alternative loan terms, programs or channels to establish a track record of performance prior to facilitating third-party investments in these loans. With the announcement of the initial results of the internal board review on May 9, 2016 and additional results disclosed on June 28, 2016, many investors paused or reduced their investment activity. The Company has been focused on working with these investors to resume their investment activity and on bringing new investors to the platform. During the second quarter of 2016 the Company offered cash incentives to investors in exchange for investment activity. If the Company's attempts to secure additional investor capital to meet platform origination volume are not successful, the Company may choose to provide further cash incentives, or enter into different additional incentive structures or terms, including the use of the Company's equity, to attract investor capital to the platform. Failure to attract investor capital on reasonable terms may result in the Company using a greater amount of its own capital to purchase loans on the platform compared to prior periods, or reduce origination volume. These actions may have material adverse impacts on the Company's business, financial condition (including its liquidity), results of operations or ability to sustain and grow loan volume. The Company believes, based on its projections and ability to reduce loan volume if needed, that its cash on hand, funds available from its line of credit, and its cash flow from operations are sufficient to meet its liquidity needs for the next twelve months. The accompanying unaudited condensed consolidated financial statements include Lending Club, its subsidiaries (collectively referred to as the Company, we, or us) and the Trust. All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods presented. These adjustments are of a normal recurring nature. Actual results may differ from those estimates, and results reported in the interim periods are not necessarily indicative of the results for the full year or any other interim period. In the fourth quarter of 2015, the Company disaggregated the expense previously reported as “General and administrative” into “Engineering and product development” and “Other general and administrative” expense. Additionally, the Company reclassified certain operating expenses between “Sales and marketing,” “Origination and servicing,” “Engineering and product development” and “Other general and administrative” expense to align such classification and presentation with how the Company currently manages the operations and these expenses. These changes had no impact to “Total operating expenses.” Prior period amounts have been reclassified to conform to the current presentation. The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (Annual Report) and Form 10-K/A filed on May 17, 2016. The Company's significant accounting policies are included in “ Note 2 – Summary of Significant Accounting Policies. ”
Revenue Recognition, Policy	Transaction Fee Revenue Transaction fees are paid by issuing banks or patient service providers to Lending Club for the work Lending Club performs through its platform and Springstone’s platform in facilitating loans for its issuing bank partners. These fees are recognized as a component of operating revenue at the time of loan issuance. Factors affecting the amount of fees paid to the issuing bank by the borrower and from the bank to the Company include initial loan amount, term, credit quality, and other factors. Commencing with the origination fee increase announced in March 2016, in the event a borrower prepays a loan in full before maturity, the Company assumes the issuing bank partner's obligation under Utah law to refund the pro-rated amount of the fee received by the bank in excess of 5% . Additionally, the Company may provide refunds to patient finance borrowers when the borrower cancels the loan under certain conditions. Since Lending Club can estimate refunds based on loan cancellation or prepayment experience, the Company records transaction fee revenue net of estimated refunds at the time of loan issuance.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash Restricted cash consists primarily of checking, money market and certificate of deposit accounts that are: (i) pledged to or held in escrow by the Company’s correspondent banks as security for transactions processed on or related to Lending Club’s platform or activities by certain investors; (ii) pledged through a credit support agreement with a certificate holder, or (iii) investors’ funds transactions-in-process that have not yet been applied to their accounts on the platform and transferred to segregated bank accounts that hold investors’ funds. Investor cash balances (excluding transactions-in-process) are held in segregated bank or custodial accounts and are not commingled with the Company’s monies or held on the Company’s balance sheet.
Consolidation, Policy	Consolidation of Variable Interest Entities A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its own operations, whose equity holders do not have the power to direct the activities most significantly affecting the economic outcome of those activities, or whose equity holders do not share proportionately in the losses or receive the residual returns of the entity. The determination of whether an entity is a VIE requires a significant amount of judgment. When the Company has a controlling financial interest in a VIE, it must consolidate the results of the VIE’s operations into its condensed consolidated financial statements. A controlling financial interest exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance (power) and the obligation to absorb losses or receive benefits that could be potentially significant to the VIE (economics). LC Trust I The Company has determined that the Trust is a VIE and that the Company has a controlling financial interest in the Trust and therefore must consolidate the Trust in its condensed consolidated financial statements. The Company established the Trust in February 2011 and funded it with a nominal residual investment. The Company is the only residual investor in the Trust. The purpose of the Trust is to acquire and hold loans for the benefit of investors who have invested in certificates issued by the Trust. The Trust conducts no other business other than purchasing and retaining loans or portions thereof for the benefit of the investment funds and their underlying limited partners. The Trust holds loans, none of which are financed by the Company. The cash flows from the loans held by the Trust are used to repay obligations under the certificates. The Trust’s assets and liabilities were reflected in the Company's consolidated financial statements at June 30, 2016 and December 31, 2015. In connection with the formation of the investment funds, it was determined that in order to achieve success in raising investment capital, the assets to be invested in by the investment funds must be held by an entity that was separate and distinct from the Company (i.e. bankruptcy remote) in order to reduce this risk and uncertainty. In the event of the Company's insolvency, it is anticipated that the assets of the Trust would not become part of the bankruptcy estate, but that outcome is uncertain. The Company's capital contributions, which are the only equity investments in the Trust, are insufficient to allow the Trust to finance the purchase of a significant amount of loans without the issuance of certificates to investors. Therefore, the Trust’s capitalization level qualifies the Trust as a VIE. The Company has a financial interest in the Trust because of its right to returns related to servicing fee revenue from the Trust, its right to reimbursement for expenses, and its obligation to repurchase loans from the Trust in certain instances. Additionally, the Company performs or directs activities that significantly affect the Trust’s economic performance through or by (i) operation of the platform that enables borrowers to apply for loans purchased by the Trust; (ii) credit underwriting and servicing of loans purchased by the Trust; (iii) LCA's selection of the loans that are purchased by the Trust on behalf of advised Certificate holders; and (iv) LCA’s role to source investors that ultimately purchase limited partnership interests in a fund or Certificates, both of which supply the funds for the Trust to purchase loans. Collectively, the activities described above allow the Company to fund more loans than would be the case without the existence of the Trust, to collect the related loan transaction fees and for LCA to collect the management fees on the investors’ capital used to purchase certificates. Accordingly, the Company is deemed to have power to direct activities most significant to the Trust and economic interest in the activities because of loan funding and transaction and management fees. Therefore, the Company concluded that it is the primary beneficiary of the Trust and consolidated the Trust’s operations in its condensed consolidated financial statements. Investment In Cirrix Capital On April 1, 2016, the Company closed its $10.0 million investment, for an approximate ownership interest of 15% , in Cirrix Capital (Investment Fund), a holding company to a family of funds that purchases loans and interests in loans from the Company. Per the partnership agreement, the family of funds can invest up to 20% of their assets outside of whole loans and interests in whole loans facilitated by the Company. At June 30, 2016 , 100% of the family of funds' assets were comprised of whole loans and interests in loans facilitated by Lending Club's platform. The Company's former Chief Executive Officer (former CEO) and a board member (together, the Related Party Investors) also have limited partnership interests in the Investment Fund that resulted in an aggregate ownership of approximately 29% in the Investment Fund at June 30, 2016 by the Related Party Investors and the Company. The Company's investment is deemed to be a variable interest in the Investment Fund because of the limited partnership interest shares in the expected returns and losses of the Investment Fund. The expected returns and losses of the Investment Fund result from the net returns of the family of funds owned by the Investment Fund, which are derived from interest income earned from loans and interests in whole loans that are purchased by the Investment Fund. Such loans and interests in loans were facilitated by the Company. Additionally, the Investment Fund is considered a VIE. The Investment Fund passes along credit risk to the limited partners. The Company did not design the Investment Fund’s investment strategy and cannot require the Investment Fund to purchase loans. Additionally, the Company reviewed whether it collectively, with the board member's investment, had power to control the Investment Fund and concluded that it did not based on the unilateral ability of the general partner to exercise power over the limited partnership and the inability of the limited partners to remove the general partner. The Company is not the primary beneficiary of the Investment Fund because the Company does not have the power to direct the activities that most significantly affect the Investment Fund’s economic performance. As a result, the Company does not consolidate the operations of the Investment Fund in the financial statements of the Company. The Company accounts for this investment under the equity method of accounting, which approximates its maximum exposure to loss as a result of its involvement in the Investment Fund. At June 30, 2016 , the Company's investment was $10.0 million , which was recorded in other assets in the condensed consolidated balance sheet. See “ Note 18 – Related Party Transactions ” for additional information. Separately, the Company is subject to a credit support agreement that requires it to pledge and restrict cash in support of its contingent obligation to reimburse the Investment Fund for net credit losses on loans underlying the interests in whole loans that are in excess of a specified, aggregate net loss threshold. The board member and the Company are excluded from receiving any benefits, if provided, from this credit support agreement. As of June 30, 2016 , the Company has not been required to nor does it anticipate recording losses under this agreement. The Company's maximum exposure to loss under this credit support agreement was $39.4 million and $34.4 million at June 30, 2016 and December 31, 2015, respectively, which assumes that all of the underlying loans covered under this credit support agreement default. LCA Managed or Advised Private Funds In conjunction with the adoption of a new accounting standard that amends accounting for consolidations effective January 1, 2016, the Company reviewed its relationship with the private funds managed or advised by LCA and concluded that it does not have a variable interest in the private funds. As of June 30, 2016 , the Company does not hold any investments in the private funds. Certain of the Company's related parties have investments in the private funds, as discussed in “ Note 18 – Related Party Transactions. ” The Company charges the limited partners in the private funds a management fee based on their account balance at month end for services performed as the general manager, including fund administration, and audit, accounting and tax preparation services. Accordingly, the Company's fee arrangements contain only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length. These fees are solely compensation for services provided and are commensurate with the level of effort required to provide those services. The Company does not have any other interests in the private funds and therefore does not have a variable interest in the private funds. Management regularly reviews and reconsiders its previous conclusions regarding whether it holds a variable interest in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in the condensed consolidated financial statements. Loan Servicing Rights As a result of the nature of servicing rights on the sale of loans, the Company is a variable interest holder in certain entities that purchase these loans. For all of these entities the Company either does not have the power to direct the activities that most significantly affect the VIE's economic performance or does not have a potentially significant economic interest in the VIE. In no case is the Company the primary beneficiary, and as a result, these entities are not consolidated in the Company's condensed consolidated financial statements.
Trailing Fee Liability	Loan Trailing Fee Liability In February 2016, the Company revised the agreement with its primary issuing bank to include an additional program fee (Loan Trailing Fee). The Loan Trailing Fee is dependent on the amount and timing of principal and interest payments made by borrowers of the underlying loans, and gives the issuing bank an ongoing financial interest in the performance of the loans it originates. This fee is paid by the Company to the issuing bank partner over the term of the respective loans and is a function of the principal and interest payments. In the event that principal and interest payments are not made, the Company is not required to make this Loan Trailing Fee payment. The Loan Trailing Fee is recorded at fair value with the initial establishment, and any changes, of this liability recorded in origination and servicing expense on the statement of operations. The fair value of the Loan Trailing Fee represents the present value of the expected monthly Loan Trailing Fee, which considers assumptions of expected prepayment rates and future credit losses.
Debt, Policy	Debt The Company has elected to record certain costs directly related to issuing its secured revolving credit facility as an asset included in other assets on the Company’s condensed consolidated balance sheets. These costs are amortized as interest expense over the contractual term of the secured revolving credit facility. In instances where the Company transfers loans to investors that do not meet sale criteria for accounting purposes, such loan sales are accounted for as secured borrowings.
Impact of New Accounting Standards	Adoption of New Accounting Standard In February 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis , which was effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The adoption of this guidance did not have an impact on the Company's financial position, results of operations, earnings per share (EPS) or cash flows. The adoption of this guidance is further discussed above in “ Consolidation of Variable Interest Entities. ” New Accounting Standards Not Yet Adopted In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which will be effective January 1, 2020. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In March 2016, the FASB issued ASU 2016-09 Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which will be effective January 1, 2017. The guidance simplifies the accounting for share-based payments related to the income tax consequences of share-based awards, the classification of awards in a company's financial statements, and estimating forfeitures of awards. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which requires management to assess a company’s ability to continue as a going concern for each annual and interim reporting period, and disclose in its financial statements whether there is substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. The Company does not believe adoption of this accounting standard will have a material effect on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606), which will be effective January 1, 2018. The guidance clarifies that revenue from contracts with customers should be recognized in a manner that depicts both the likelihood of payment and the timing of the related transfer of goods or performance of services. In March 2016, the FASB issued an amendment (ASU 2016-08) to the new revenue recognition guidance clarifying how to determine if an entity is a principal or agent in a transaction. In April (ASU 2016-10) and May (ASU 2016-12) of 2016, the FASB further amended the guidance to include performance obligation identification, licensing implementation, collectability assessment and other presentation and transition clarifications. The effective date and transition requirements for this amendment is the same as those for the new revenue guidance. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS and cash flows. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) that amended guidance related to the lease accounting, which will be effective January 1, 2019. The guidance requires an entity to recognize a right-of-use asset and lease liability for most lease arrangements. The standard also requires additional disclosures related to lease arrangements. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS, and cash flows. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic: 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which will be effective January 1, 2018. The amendment changes the accounting for equity investments, change disclosure requirements related to instruments at amortized cost and fair value, and clarifies how entities should evaluate deferred tax assets for securities classified as available for sale. The Company is currently evaluating the impact of this new guidance on its financial position, results of operations, EPS, and cash flows. In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which will be effective January 1, 2017. The guidance simplifies the presentation to require that all deferred income taxes be presented as noncurrent on a classified statement of financial position. The Company does not currently present a classified statement of financial position and accordingly does not expect this guidance to have any impact on its disclosures.

Net Loss Per Share and Net Lo27

Net Loss Per Share and Net Loss Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) per Share	The following table details the computation of the Company's basic and diluted net loss per share: Three Months Ended Six Months Ended 2016 2015 2016 2015 Net loss (1) $ (81,351 ) $ (4,140 ) $ (77,214 ) $ (10,514 ) Weighted average common shares - Basic 382,893,402 372,841,945 381,794,090 372,401,583 Weighted average common shares - Diluted 382,893,402 372,841,945 381,794,090 372,401,583 Net loss per share attributable to common stockholders: Basic $ (0.21 ) $ (0.01 ) $ (0.20 ) $ (0.03 ) Diluted $ (0.21 ) $ (0.01 ) $ (0.20 ) $ (0.03 ) (1) Also represents net loss available to common stockholders. In a period with net income, both earnings and dividends (if any) are allocated to participating securities. In a period with net loss, only declared dividends (if any) are allocated to participating securities. There were no dividends declared in the three and six months ended June 30, 2016 or June 30, 2015 . The Company had no participating securities as of June 30, 2016 or June 30, 2015 .

Securities Available for Sale (

Securities Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of June 30, 2016 and December 31, 2015 , were as follows: June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 196,118 $ 227 $ (301 ) $ 196,044 Asset-backed securities 37,406 26 (4 ) 37,428 U.S. agency securities 16,602 1 (7 ) 16,596 U.S. Treasury securities 2,491 34 — 2,525 Other securities 7,004 — (48 ) 6,956 Total securities available for sale $ 259,621 $ 288 $ (360 ) $ 259,549 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 217,243 $ 2 $ (1,494 ) $ 215,751 Asset-backed securities 54,543 — (134 ) 54,409 U.S. agency securities 16,602 1 (25 ) 16,578 U.S. Treasury securities 3,489 — (4 ) 3,485 Other securities 7,005 — (17 ) 6,988 Total securities available for sale $ 298,882 $ 3 $ (1,674 ) $ 297,211
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	A summary of securities available for sale with unrealized losses as of June 30, 2016 and December 31, 2015 , aggregated by period of continuous unrealized loss, is as follows: Less than 12 months 12 months or longer Total June 30, 2016 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities $ 29,253 $ (56 ) $ 67,672 $ (245 ) $ 96,925 $ (301 ) Asset-backed securities 10,315 (3 ) 1,638 (1 ) 11,953 (4 ) U.S. agency securities 14,596 (7 ) — — 14,596 (7 ) Other securities 2,000 — 4,956 (48 ) 6,956 (48 ) Total securities with unrealized losses (1) $ 56,164 $ (66 ) $ 74,266 $ (294 ) $ 130,430 $ (360 ) Less than 12 months Total December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt securities $ 212,018 $ (1,494 ) $ — $ — $ 212,018 $ (1,494 ) Asset-backed securities 54,409 (134 ) — — 54,409 (134 ) U.S. agency securities 14,578 (25 ) — — 14,578 (25 ) U.S. Treasury securities 3,485 (4 ) — — 3,485 (4 ) Other securities 6,988 (17 ) — — 6,988 (17 ) Total securities with unrealized losses (1) $ 291,478 $ (1,674 ) $ — $ — $ 291,478 $ (1,674 ) (1) The number of investment positions with unrealized losses at June 30, 2016 and December 31, 2015 totaled 65 and 141 , respectively.
Available-for-sale Securities by Contractual Maturity	The contractual maturities of securities available for sale at June 30, 2016 , were as follows: Within 1 year After 1 year through 5 years After 5 years through 10 years After 10 years Total Corporate debt securities $ 61,454 $ 134,590 $ — $ — $ 196,044 Asset-backed securities 1,507 35,921 — — 37,428 U.S. agency securities — 16,596 — — 16,596 U.S. Treasury securities — 2,525 — — 2,525 Other securities 3,001 3,955 — — 6,956 Total fair value $ 65,962 $ 193,587 $ — $ — $ 259,549 Total amortized cost $ 65,963 $ 193,658 $ — $ — $ 259,621

Loans, Loans Held For Sale, N29

Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Loans and Notes and Certificates	At June 30, 2016 and December 31, 2015 , loans, notes and certificates measured at fair value on a recurring basis were as follows: Loans Notes and Certificates June 30, December 31, June 30, December 31, Aggregate principal balance outstanding $ 4,748,631 $ 4,681,671 $ 4,755,846 $ 4,697,169 Net fair value adjustments (340,870 ) (125,590 ) (339,961 ) (125,586 ) Fair value $ 4,407,761 $ 4,556,081 $ 4,415,885 $ 4,571,583 Original term 12 - 84 months 12 - 60 months Interest rates (fixed) 3.99% - 31.89% 4.99% - 29.90% Maturity dates ≤ June 2023 ≤ December 2020
Past Due Financing Receivables	At June 30, 2016 and December 31, 2015 , loans that were 90 days or more past due (including non-accrual loans) were as follows: June 30, 2016 December 31, 2015 > 90 days past due Non-accrual loans > 90 days past due Non-accrual loans Outstanding principal balance $ 32,414 $ 3,791 $ 30,094 $ 4,513 Net fair value adjustments (26,685 ) (3,050 ) (25,312 ) (3,722 ) Fair value $ 5,729 $ 741 $ 4,782 $ 791 # of loans (not in thousands) 2,816 385 2,606 382

Fair Value of Assets and Liab30

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Loans, Loan Servicing Rights, Related Notes and Certificates	The following tables present the fair value hierarchy for assets and liabilities measured at fair value: June 30, 2016 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Loans $ — $ — $ 4,407,761 $ 4,407,761 Loans held for sale — — 16,410 16,410 Securities available for sale: Corporate debt securities — 196,044 — 196,044 Asset-backed securities — 37,428 — 37,428 U.S. agency securities — 16,596 — 16,596 U.S. Treasury securities — 2,525 — 2,525 Other securities — 6,956 — 6,956 Total securities available for sale — 259,549 — 259,549 Servicing assets — — 16,126 16,126 Total assets $ — $ 259,549 $ 4,440,297 $ 4,699,846 Liabilities: Notes and certificates $ — $ — $ 4,415,885 $ 4,415,885 Servicing liabilities — — 3,412 3,412 Loan Trailing Fee liability — — 2,324 2,324 Total liabilities $ — $ — $ 4,421,621 $ 4,421,621 December 31, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Assets: Loans $ — $ — $ 4,556,081 $ 4,556,081 Securities available for sale: Corporate debt securities — 215,751 — 215,751 Asset-backed securities — 54,409 — 54,409 U.S. agency securities — 16,578 — 16,578 U.S. Treasury securities — 3,485 — 3,485 Other securities — 6,988 — 6,988 Total securities available for sale — 297,211 — 297,211 Servicing assets — — 10,250 10,250 Total assets $ — $ 297,211 $ 4,566,331 $ 4,863,542 Liabilities: Notes and certificates $ — $ — $ 4,571,583 $ 4,571,583 Servicing liabilities — — 3,973 3,973 Total liabilities $ — $ — $ 4,575,556 $ 4,575,556
Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements	The following tables present quantitative information about the significant unobservable inputs used for the Company's Level 3 fair value measurements at June 30, 2016 and December 31, 2015 : June 30, 2016 Loans, Notes and Certificates (4) Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 3.0 % 20.2 % 10.5 % 3.3 % 18.6 % 10.5 % 3.3 % 18.6 % 10.6 % Net cumulative expected loss rates (1) 0.3 % 28.6 % 12.1 % 0.3 % 28.6 % 10.0 % 0.3 % 28.6 % 10.7 % Cumulative expected prepayment rates (1) 8.0 % 41.3 % 32.7 % 8.0 % 41.3 % 32.3 % 8.0 % 41.3 % 32.1 % Total market servicing rates (% per annum on outstanding principal balance) (2) N/A N/A N/A 0.63 % 0.90 % 0.63 % N/A N/A N/A December 31, 2015 Loans, Notes and Certificates (4) Servicing Asset/Liability Loan Trailing Fee Liability Minimum Maximum Weighted Average Minimum Maximum Weighted Average Minimum Maximum Weighted Average Discount rates 2.9 % 17.5 % 9.0 % 3.5 % 16.3 % 9.4 % N/A N/A N/A Net cumulative expected loss rates (1) 0.3 % 22.0 % 9.9 % 0.3 % 22.0 % 8.8 % N/A N/A N/A Cumulative expected prepayment rates (1) 23.4 % 36.4 % 30.8 % 8.0 % 36.4 % 30.5 % N/A N/A N/A Total market servicing rates (% per annum on outstanding principal balance) (3) N/A N/A N/A 0.50 % 0.75 % 0.50 % N/A N/A N/A N/A Not applicable (1) Expressed as a percentage of the original principal balance of the loan, note or certificate. (2) Includes collection fees estimated to be paid to a hypothetical third-party servicer. (3) Excludes collection fees that would be passed on to a hypothetical third-party servicer. As of December 31, 2015, the market rate for collection fees was assumed to be 7 basis points for a weighted-average total market servicing rate of 57 basis points. (4) Includes loans held for sale.
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table	The following tables present additional information about Level 3 loans, loans held for sale, notes and certificates measured at fair value on a recurring basis for the second quarters and first halves of 2016 and 2015 : Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at March 31, 2016 $ 4,932,346 $ (216,190 ) $ 4,716,156 $ 4,929,468 $ (216,019 ) $ 4,713,449 Purchases of loans 1,768,600 — 1,768,600 — — — Issuances of notes and certificates — — — 499,246 — 499,246 Whole loan sales (1,253,424 ) — (1,253,424 ) — — — Principal payments (594,869 ) — (594,869 ) (585,563 ) — (585,563 ) Charge-offs (87,395 ) 87,395 — (87,305 ) 87,305 — Recoveries — (6,743 ) (6,743 ) — (6,739 ) (6,739 ) Change in fair value recorded in earnings — (205,549 ) (205,549 ) — (204,508 ) (204,508 ) Ending balance at June 30 , 2016 $ 4,765,258 $ (341,087 ) $ 4,424,171 $ 4,755,846 $ (339,961 ) $ 4,415,885 Loans held for sale at June 30, 2016 $ 16,627 $ (217 ) $ 16,410 Loans at fair value at June 30, 2016 $ 4,748,631 $ (340,870 ) $ 4,407,761 Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at March 31, 2015 $ 3,276,356 $ (45,695 ) $ 3,230,661 $ 3,295,034 $ (45,688 ) $ 3,249,346 Purchases of loans 1,653,617 — 1,653,617 — — — Issuances of notes and certificates — — — 892,026 — 892,026 Whole loan sales (761,431 ) — (761,431 ) — — — Principal payments (428,925 ) — (428,925 ) (424,721 ) — (424,721 ) Charge-offs (44,794 ) 44,794 — (44,783 ) 44,783 — Recoveries — (4,338 ) (4,338 ) — (4,327 ) (4,327 ) Change in fair value recorded in earnings — (52,201 ) (52,201 ) — (52,200 ) (52,200 ) Ending balance at June 30, 2015 $ 3,694,823 $ (57,440 ) $ 3,637,383 $ 3,717,556 $ (57,432 ) $ 3,660,124 Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2015 $ 4,681,671 $ (125,590 ) $ 4,556,081 $ 4,697,169 $ (125,586 ) $ 4,571,583 Purchases of loans 3,998,888 — 3,998,888 — — — Issuances of notes and certificates — — — 1,400,504 — 1,400,504 Whole loan sales (2,561,887 ) — (2,561,887 ) — — — Principal payments (1,181,028 ) — (1,181,028 ) (1,169,545 ) — (1,169,545 ) Charge-offs (172,386 ) 172,386 — (172,282 ) 172,282 — Recoveries — (16,934 ) (16,934 ) — (16,916 ) (16,916 ) Change in fair value recorded in earnings — (370,949 ) (370,949 ) — (369,741 ) (369,741 ) Ending balance at June 30, 2016 $ 4,765,258 $ (341,087 ) $ 4,424,171 $ 4,755,846 $ (339,961 ) $ 4,415,885 Loans held for sale at June 30, 2016 $ 16,627 $ (217 ) $ 16,410 Loans at fair value at June 30, 2016 $ 4,748,631 $ (340,870 ) $ 4,407,761 Loans Notes and Certificates Loans Notes and Certificates Outstanding Principal Balance Valuation Adjustment Fair Value Outstanding Principal Balance Valuation Adjustment Fair Value Beginning balance at December 31, 2014 $ 2,836,729 $ (38,224 ) $ 2,798,505 $ 2,851,837 $ (38,219 ) $ 2,813,618 Purchases of loans 3,128,589 — 3,128,589 — — — Issuances of notes and certificates — — — 1,744,741 — 1,744,741 Whole loan sales (1,383,576 ) — (1,383,576 ) — — — Principal payments (798,304 ) — (798,304 ) (790,432 ) — (790,432 ) Charge-offs (88,615 ) 88,615 — (88,590 ) 88,590 — Recoveries — (7,810 ) (7,810 ) — (7,788 ) (7,788 ) Change in fair value recorded in earnings — (100,021 ) (100,021 ) — (100,015 ) (100,015 ) Ending balance at June 30, 2015 $ 3,694,823 $ (57,440 ) $ 3,637,383 $ 3,717,556 $ (57,432 ) $ 3,660,124 T The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the second quarters and first halves of 2016 and 2015 : Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 16,964 $ 2,827 $ 3,496 $ 4,397 Issuances (1) 4,344 808 1,876 1,526 Change in fair value, included in servicing fees (4,895 ) (223 ) (540 ) (1,092 ) Additions, included in deferred revenue (287 ) — 393 — Fair value at end of period $ 16,126 $ 3,412 $ 5,225 $ 4,831 Six Months Ended Six Months Ended Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Fair value at beginning of period $ 10,250 $ 3,973 $ 2,181 $ 3,973 Issuances (1) 9,975 1,740 3,384 2,938 Change in fair value, included in servicing fees (4,663 ) (2,301 ) (1,031 ) (2,080 ) Additions, included in deferred revenue 564 — 691 — Fair value at end of period $ 16,126 $ 3,412 $ 5,225 $ 4,831 (1) Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue.
Fair Value, Liabilities Measured on Recurring Basis	The following table presents additional information about Level 3 Loan Trailing Fee liability measured at fair value on a recurring basis for the second quarter and first half of 2016: Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Fair value at beginning of period $ 1,002 $ — Issuances 1,496 2,498 Cash payment of Loan Trailing Fee (185 ) (189 ) Change in fair value, included in origination and servicing 11 15 Fair value at end of period $ 2,324 $ 2,324
Fair Value Disclosure And Measurement	The table below shows the impact on the estimated fair value of servicing assets and liabilities, calculated using different market servicing rate assumptions as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Servicing Assets Servicing Liabilities Servicing Assets Servicing Liabilities Weighted-average market servicing rate assumptions (1) 0.63 % 0.63 % 0.50 % 0.50 % Change in fair value from: Servicing rate increase by 0.10% $ (4,866 ) $ 1,239 $ (3,504 ) $ 1,589 Servicing rate decrease by 0.10% $ 5,107 $ (998 ) $ 3,610 $ (1,483 ) (1) Represents total market servicing rates, which include collection fees, at June 30, 2016 , and base market servicing rates, which exclude collection fees, at December 31, 2015 . As of December 31, 2015, the market rate for collection fees was assumed to be 7 basis points for a weighted-average total market servicing rate of 57 basis points.
Fair Value, by Balance Sheet Grouping	he following tables present the fair value hierarchy for financial instruments not recorded at fair value: June 30, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents $ 572,926 $ — $ 572,926 $ — $ 572,926 Restricted cash 127,307 — 127,607 — 127,607 Deposits 872 — 872 — 872 Goodwill 37,283 — — 37,283 37,283 Total assets $ 738,388 $ — $ 701,405 $ 37,283 $ 738,688 Liabilities: Accrued expenses and other liabilities $ 6,796 $ — $ — $ 6,796 $ 6,796 Accounts payable 7,651 — 7,651 — 7,651 Payables to investors 87,820 — 87,820 — 87,820 Total liabilities $ 102,267 $ — $ 95,471 $ 6,796 $ 102,267 December 31, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Balance at Fair Value Assets: Cash and cash equivalents $ 623,531 $ — $ 623,531 $ — $ 623,531 Restricted cash 80,733 — 80,733 — 80,733 Deposits 871 — 871 — 871 Total assets $ 705,135 $ — $ 705,135 $ — $ 705,135 Liabilities: Accounts payable $ 5,542 $ — $ 5,542 $ — $ 5,542 Payables to investors 73,162 — 73,162 — 73,162 Total liabilities $ 78,704 $ — $ 78,704 $ — $ 78,704

Property, Equipment and Softw31

Property, Equipment and Software, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Equipment and Software	Property, equipment and software, net, consist of the following: June 30, December 31, Internally developed software $ 59,930 $ 40,709 Computer equipment 15,859 14,076 Leasehold improvements 16,851 11,559 Purchased software 7,477 5,336 Furniture and fixtures 6,195 5,086 Construction in progress 3,404 2,870 Total property, equipment and software 109,716 79,636 Accumulated depreciation and amortization (34,614 ) (23,706 ) Total property, equipment and software, net $ 75,102 $ 55,930

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets consist of the following: June 30, December 31, Loan servicing assets, at fair value $ 16,126 $ 10,250 Prepaid expenses 14,343 16,283 Other investments 10,250 250 Accounts receivable 6,605 4,976 Receivable from investors 4,667 1,117 Deferred financing cost 1,164 1,296 Deferred acquisition compensation 935 1,521 Due from related parties (1) 637 655 Deposits 872 871 Tenant improvement receivable 778 778 Other 520 416 Total other assets $ 56,897 $ 38,413 (1) Represents management fees due to LCA from certain private funds for which LCA acts as the general partner.

Accrued Expenses and Other Li33

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: June 30, December 31, Accrued expenses $ 22,403 $ 14,054 Accrued compensation 18,312 28,780 Investor incentives payable 10,654 — Deferred rent 7,425 4,615 Transaction fee refund reserve 4,129 578 Deferred revenue 3,115 2,551 Investor interest rate protection agreement 3,329 — Loan servicing liabilities, at fair value 3,412 3,973 Loan Trailing Fee liability, at fair value 2,324 — Payable to issuing bank 1,075 955 Deferred tax liability — 3,446 Early stock option exercise and other equity-related liabilities 61 83 Contingent liabilities — 700 Other 2,865 1,508 Total accrued expenses and other liabilities $ 79,104 $ 61,243

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Comprehensive Income (Loss)	The components of other comprehensive income (loss) were as follows: Three Months Ended June 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Change in net unrealized income (loss) on securities available for sale $ 796 $ 650 $ 146 $ (831 ) $ — $ (831 ) Other comprehensive income (loss) $ 796 $ 650 $ 146 $ (831 ) $ — $ (831 ) Six Months Ended June 30, 2016 2015 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Change in net unrealized income (loss) on securities available for sale $ 1,599 $ 650 $ 949 $ (831 ) $ — $ (831 ) Other comprehensive income (loss) $ 1,599 $ 650 $ 949 $ (831 ) $ — $ (831 )
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss balances were as follows: Total Accumulated Other Comprehensive Loss Balance at December 31, 2015 $ (1,671 ) Change in net unrealized loss on securities available for sale 949 Balance at June 30, 2016 $ (722 )

Employee Incentive and Retire35

Employee Incentive and Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Postemployment Benefits [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	Stock-based compensation expense was as follows for the periods presented: Three Months Ended Six Months Ended 2016 2015 2016 2015 Stock options $ 3,767 $ 8,126 $ 11,424 $ 15,212 RSUs 8,775 1,744 13,901 2,225 ESPP 447 446 835 925 Stock issued related to acquisition 458 2,170 2,308 5,717 Total stock-based compensation expense $ 13,447 $ 12,486 $ 28,468 $ 24,079
Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock	The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations: Three Months Ended Six Months Ended 2016 2015 (1) 2016 2015 (1) Sales and marketing $ 1,413 $ 1,713 $ 3,317 $ 3,221 Origination and servicing 963 719 1,709 1,325 Engineering and product development 4,480 2,943 8,203 4,741 Other general and administrative 6,591 7,111 15,239 14,792 Total stock-based compensation expense $ 13,447 $ 12,486 $ 28,468 $ 24,079 (1) Prior period amounts have been reclassified to conform to the current period presentation. See “ Note 1 – Basis of Presentation ” for additional information.
Options Activity Under Option Plan	The following table summarizes the activities for the Company's stock options during the first half of 2016 : Number of Options Weighted- Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Outstanding at December 31, 2015 48,208,911 $ 3.60 Granted 5,242,583 $ 7.83 Exercised (6,420,559 ) $ 0.90 Forfeited/Expired (6,306,629 ) $ 6.46 Outstanding at June 30, 2016 40,724,306 $ 4.13 6.1 $ 72,659 Vested and expected to vest at June 30, 2016 40,575,442 $ 4.12 6.0 $ 72,651 Exercisable at June 30, 2016 26,286,055 $ 2.76 5.1 $ 65,542 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing stock price of $4.30 as reported on the New York Stock Exchange on June 30, 2016 .
Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted	The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options granted with the following assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Expected dividend yield — — — — Weighted-average assumed stock price volatility 51.4 % 48.3 % 51.9 % 49.4 % Weighted-average risk-free interest rate 1.26 % 1.72 % 1.37 % 1.61 % Weighted-average expected life (in years) 5.60 6.25 6.10 6.25
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activities for the Company's RSUs during the first half of 2016 : Number of RSUs Weighted- Unvested at December 31, 2015 4,443,399 $ 15.23 RSUs granted 19,299,707 $ 6.21 RSUs vested (903,839 ) $ 13.64 RSUs forfeited/expired (2,081,609 ) $ 9.83 Unvested at June 30, 2016 20,757,658 $ 7.45 Expected to vest after June 30, 2016 20,152,648 $ 7.46
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	On May 11, 2016 and June 11, 2015, we used the following assumptions in estimating the fair value of the grant under the ESPP which are derived using the same methodology applied to stock option assumptions: Six Months Ended 2016 2015 Expected dividend yield — — Weighted-average assumed stock price volatility 58.9 % 38.8 % Weighted-average risk-free interest rate 0.4 % 0.1 % Weighted-average expected life (in years) 0.50 0.42
Restructuring and Related Costs	The following table presents the Company's severance expense recorded in the condensed consolidated statements of operations: Three Months Ended June 30, 2016 Sales and marketing $ 772 Origination and servicing 1,174 Engineering and product development 134 Other general and administrative 650 Total severance expense $ 2,730

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The Company's future minimum payments under non-cancelable operating leases in excess of one year as of June 30, 2016 , were as follows: Minimum Rental Payments 2016 $ 7,077 2017 15,092 2018 16,053 2019 15,621 2020 16,523 Thereafter 57,201 Total $ 127,567

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Apr. 01, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Threshold for refund	5.00%
Maximum exposure	$ 39.4		$ 34.4
Related Party Fund
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity method investment	$ 10	$ 10
Ownership	18.00%	15.00%
Related Party Fund | The Company, CEO, and Director
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership	29.00%
Investments Other Than Loans | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowed investment in outside loans	20.00%
Loans and Finance Receivables
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset allocation	100.00%

Net Loss Per Share and Net Lo38

Net Loss Per Share and Net Loss Attributable to Common Stockholders - Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income (loss)	$ (81,351)	$ (4,140)	$ (77,214)	$ (10,514)
Basic weighted average common shares outstanding (shares)	382,893,402	372,841,945	381,794,090	372,401,583
Diluted weighted average common shares outstanding (shares)	382,893,402	372,841,945	381,794,090	372,401,583
Net income (loss) per common share:
Basic ($ per share)	$ (0.21)	$ (0.01)	$ (0.20)	$ (0.03)
Diluted ($ per share)	$ (0.21)	$ (0.01)	$ (0.20)	$ (0.03)

Securities Available for Sale -

Securities Available for Sale - Amortized cost/fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 259,621	$ 298,882
Gross Unrealized Gains	288	3
Gross Unrealized Losses	(360)	(1,674)
Securities available for sale:	259,549	297,211
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	196,118	217,243
Gross Unrealized Gains	227	2
Gross Unrealized Losses	(301)	(1,494)
Securities available for sale:	196,044	215,751
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	37,406	54,543
Gross Unrealized Gains	26	0
Gross Unrealized Losses	(4)	(134)
Securities available for sale:	37,428	54,409
U.S. agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	16,602	16,602
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(7)	(25)
Securities available for sale:	16,596	16,578
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,491	3,489
Gross Unrealized Gains	34	0
Gross Unrealized Losses	0	(4)
Securities available for sale:	2,525	3,485
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,004	7,005
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(48)	(17)
Securities available for sale:	$ 6,956	$ 6,988

Securities Available for Sale40

Securities Available for Sale - Continuous loss (Details) $ in Thousands	Jun. 30, 2016USD ($)position	Dec. 31, 2015USD ($)position
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	$ 56,164	$ 291,478
Unrealized Losses, Less than 12 months	(66)	(1,674)
Fair Value, 12 months or longer	74,266	0
Unrealized Losses, 12 months or longer	(294)	0
Fair Value	130,430	291,478
Unrealized Losses	$ (360)	$ (1,674)
Number of positions with unrealized losses | position	65	141
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	$ 29,253	$ 212,018
Unrealized Losses, Less than 12 months	(56)	(1,494)
Fair Value, 12 months or longer	67,672	0
Unrealized Losses, 12 months or longer	(245)	0
Fair Value	96,925	212,018
Unrealized Losses	(301)	(1,494)
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	10,315	54,409
Unrealized Losses, Less than 12 months	(3)	(134)
Fair Value, 12 months or longer	1,638	0
Unrealized Losses, 12 months or longer	(1)	0
Fair Value	11,953	54,409
Unrealized Losses	(4)	(134)
U.S. agency securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	14,596	14,578
Unrealized Losses, Less than 12 months	(7)	(25)
Fair Value, 12 months or longer	0	0
Unrealized Losses, 12 months or longer	0	0
Fair Value	14,596	14,578
Unrealized Losses	(7)	(25)
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months		3,485
Unrealized Losses, Less than 12 months		(4)
Fair Value, 12 months or longer		0
Unrealized Losses, 12 months or longer		0
Fair Value		3,485
Unrealized Losses		(4)
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	2,000	6,988
Unrealized Losses, Less than 12 months	0	(17)
Fair Value, 12 months or longer	4,956	0
Unrealized Losses, 12 months or longer	(48)	0
Fair Value	6,956	6,988
Unrealized Losses	$ (48)	$ (17)

Securities Available for Sale41

Securities Available for Sale - Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Fair value
Within 1 year		$ 65,962
After 1 year through 5 years		193,587
After 5 years through 10 years		0
After 10 years		0
Total		259,549
Amortized cost
Within 1 year		65,963
After 1 year through 5 years		193,658
After 5 years through 10 years		0
After 10 years		0
Total		259,621
Proceeds	$ 3,500
Corporate debt securities
Fair value
Within 1 year		61,454
After 1 year through 5 years		134,590
After 5 years through 10 years		0
After 10 years		0
Total		196,044
Asset-backed securities
Fair value
Within 1 year		1,507
After 1 year through 5 years		35,921
After 5 years through 10 years		0
After 10 years		0
Total		37,428
U.S. agency securities
Fair value
Within 1 year		0
After 1 year through 5 years		16,596
After 5 years through 10 years		0
After 10 years		0
Total		16,596
U.S. Treasury securities
Fair value
Within 1 year		0
After 1 year through 5 years		2,525
After 5 years through 10 years		0
After 10 years		0
Total		2,525
Other securities
Fair value
Within 1 year		3,001
After 1 year through 5 years		3,955
After 5 years through 10 years		0
After 10 years		0
Total		$ 6,956

Loans, Loans Held For Sale, N42

Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal balance outstanding	$ 35,800
Fair Value	4,407,761	$ 4,556,081
Fair Value	$ 4,415,885	$ 4,571,583
Maturity dates	2023-06	2020-12
Fair Value, Measurements, Recurring | Loans at Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal balance outstanding	$ 4,748,631	$ 4,681,671
Fair value adjustments	(340,870)	(125,590)
Fair Value	4,407,761	4,556,081
Fair Value, Measurements, Recurring | Notes And Certificates At Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal balance outstanding	4,755,846	4,697,169
Fair value adjustments	(339,961)	(125,586)
Fair Value	$ 4,415,885	$ 4,571,583
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and certificates term	12 months	12 months
Interest rates	3.99%	4.99%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and certificates term	84 months	60 months
Interest rates	31.89%	29.90%

Loans, Loans Held For Sale, N43

Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights - Past Due Table (Details) - Loans at Fair Value $ in Thousands	Jun. 30, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding principal balance, past 90 days due	$ 32,414	$ 30,094
Outstanding principal balance, non-accrual loans	3,791	4,513
Net fair value adjustments, past 90 days due	(26,685)	(25,312)
Net fair value adjustments, non-accrual loans	(3,050)	(3,722)
Fair value, past 90 days due	5,729	4,782
Fair value, non-accrual loans	$ 741	$ 791
Number of loans, 90 days past due | Loan	2,816	2,606
Number of loans, non-accrual loans | Loan	385	382

Loans, Loans Held For Sale, N44

Loans, Loans Held For Sale, Notes and Certificates, and Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Held at fair value, principal	$ 35,800
Loans funded by the company	35,000
Held-for-sale, fair value	16,410	$ 0
Fair Value	4,407,761	$ 4,556,081
Loans held for sale	$ 16,410
Minimum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	12 months	12 months
Interest rates	3.99%	4.99%
Maximum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	84 months	60 months
Interest rates	31.89%	29.90%
Loan Servicing Rights
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Principal balance of underlying loan servicing rights	$ 5,980,000	$ 4,290,000
Payment frequency for the debt instrument	monthly	monthly
Debt instrument, maturity date, description	May 2,023	December 2,022
Loan Servicing Rights | Minimum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	12 months	3 months
Interest rates	2.99%	2.99%
Loan Servicing Rights | Maximum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	84 months	84 months
Interest rates	33.15%	33.15%

Fair Value of Assets and Liab45

Fair Value of Assets and Liabilities - Loans, Loan Servicing Rights, Related Notes and Certificates (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	$ 4,407,761	$ 4,556,081
Loans held for sale	16,410
Securities available for sale:	259,549	297,211
Servicing assets	16,126	10,250
Total assets	4,699,846	4,863,542
Notes and certificates	4,415,885	4,571,583
Servicing liabilities	3,412	3,973
Loan Trailing fee liability	2,324
Total liabilities	4,421,621	4,575,556
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	196,044	215,751
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	37,428	54,409
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	16,596	16,578
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	2,525	3,485
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,956	6,988
Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0
Loans held for sale	0
Securities available for sale:	0	0
Servicing assets	0	0
Total assets	0	0
Notes and certificates	0	0
Servicing liabilities	0	0
Loan Trailing fee liability	0
Total liabilities	0	0
Level 1 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 1 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 1 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 1 Inputs | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 1 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0
Loans held for sale	0
Securities available for sale:	259,549	297,211
Servicing assets	0	0
Total assets	259,549	297,211
Notes and certificates	0	0
Servicing liabilities	0	0
Loan Trailing fee liability	0
Total liabilities	0	0
Level 2 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	196,044	215,751
Level 2 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	37,428	54,409
Level 2 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	16,596	16,578
Level 2 Inputs | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	2,525	3,485
Level 2 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	6,956	6,988
Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	4,407,761	4,556,081
Loans held for sale	16,410
Securities available for sale:	0	0
Servicing assets	16,126	10,250
Total assets	4,440,297	4,566,331
Notes and certificates	4,415,885	4,571,583
Servicing liabilities	3,412	3,973
Loan Trailing fee liability	2,324
Total liabilities	4,421,621	4,575,556
Level 3 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 3 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 3 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 3 Inputs | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0	0
Level 3 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 0	$ 0

Fair Value of Assets and Liab46

Fair Value of Assets and Liabilities - Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements (Detail) - Level 3 Inputs	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum | Servicing Asset Liability
Fair Value Inputs [Abstract]
Discount rates	3.30%	3.50%
Net cumulative expected loss rates	0.30%	0.30%
Cumulative prepayment rates	8.00%	8.00%
Total market servicing rate	0.63%	0.50%
Maximum | Servicing Asset Liability
Fair Value Inputs [Abstract]
Discount rates	18.60%	16.30%
Net cumulative expected loss rates	28.60%	22.00%
Cumulative prepayment rates	41.30%	36.40%
Total market servicing rate	0.90%	0.75%
Weighted- Average | Servicing Asset Liability
Fair Value Inputs [Abstract]
Discount rates	10.50%	9.40%
Net cumulative expected loss rates	10.00%	8.80%
Cumulative prepayment rates	32.30%	30.50%
Total market servicing rate	0.63%	0.50%
Ancillary fee		0.07%
Loans, notes and certificates | Minimum
Fair Value Inputs [Abstract]
Discount rates	3.00%	2.90%
Net cumulative expected loss rates	0.30%	0.30%
Cumulative prepayment rates	8.00%	23.40%
Loans, notes and certificates | Maximum
Fair Value Inputs [Abstract]
Discount rates	20.20%	17.50%
Net cumulative expected loss rates	28.60%	22.00%
Cumulative prepayment rates	41.30%	36.40%
Loans, notes and certificates | Weighted- Average
Fair Value Inputs [Abstract]
Discount rates	10.50%	9.00%
Net cumulative expected loss rates	12.10%	9.90%
Cumulative prepayment rates	32.70%	30.80%
Trailing Fee Liability | Minimum
Fair Value Inputs [Abstract]
Discount rates	3.30%
Net cumulative expected loss rates	0.30%
Cumulative prepayment rates	8.00%
Trailing Fee Liability | Maximum
Fair Value Inputs [Abstract]
Discount rates	18.60%
Net cumulative expected loss rates	28.60%
Cumulative prepayment rates	41.30%
Trailing Fee Liability | Weighted- Average
Fair Value Inputs [Abstract]
Discount rates	10.60%
Net cumulative expected loss rates	10.70%
Cumulative prepayment rates	32.10%

Fair Value of Assets and Liab47

Fair Value of Assets and Liabilities - Additional Information about Loans, Notes and Certificates Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Notes and Certificates
Held-for-sale, fair value	$ 16,410		$ 16,410
Held at fair value, principal	35,800		35,800
Fair Value	4,407,761		4,407,761		$ 4,556,081
Loans Notes And Certificates
Loans
Outstanding Principal Balance, Beginning	4,932,346	$ 3,276,356	4,681,671	$ 2,836,729	2,836,729
Valuation Adjustment, Beginning	(216,190)	(45,695)	(125,590)	(38,224)	(38,224)
Fair Value, Beginning	4,716,156	3,230,661	4,556,081	2,798,505	2,798,505
Outstanding Principal Balance, Purchases of loans	1,768,600	1,653,617	3,998,888	3,128,589
Valuation Adjustment, Purchases of loans	0	0	0	0
Fair Value, Purchases of loans	1,768,600	1,653,617	3,998,888	3,128,589
Outstanding Principal Balance, Issuances of notes and certificates	0	0	0	0
Valuation Adjustment, Issuances of notes and certificates	0	0	0	0
Fair Value, Issuances of notes and certificates	0	0	0	0
Outstanding Principal Balance, Whole loan sales	(1,253,424)	(761,431)	(2,561,887)	(1,383,576)
Valuation Adjustment, Whole loan sales	0	0	0	0
Fair Value, Whole loan sales	(1,253,424)	(761,431)	(2,561,887)	(1,383,576)
Outstanding Principal Balance, Principal payments	(594,869)	(428,925)	(1,181,028)	(798,304)
Valuation Adjustment, Principal payments	0	0	0	0
Fair Value, Principal payments	(594,869)	(428,925)	(1,181,028)	(798,304)
Outstanding Principal Balance, Charge-offs	(87,395)	(44,794)	(172,386)	(88,615)
Valuation Adjustment, Charge-offs	87,395	44,794	172,386	88,615
Fair Value, Charge-offs	0	0	0	0
Outstanding Principal Balance, Recoveries	0	0	0	0
Valuation Adjustment, Recoveries	(6,743)	(4,338)	(16,934)	(7,810)
Fair Value, Recoveries	(6,743)	(4,338)	(16,934)	(7,810)
Outstanding Principal Balance, Change in fair value recorded in earnings	0	0	0	0
Valuation Adjustment, Change in fair value recorded in earnings	(205,549)	(52,201)	(370,949)	(100,021)
Fair Value, Change in fair value recorded in earnings	(205,549)	(52,201)	(370,949)	(100,021)
Outstanding Principal Balance, Ending	4,765,258	3,694,823	4,765,258	3,694,823	4,681,671
Valuation Adjustment, Ending	(341,087)	(57,440)	(341,087)	(57,440)	(125,590)
Fair Value, Ending	4,424,171	3,637,383	4,424,171	3,637,383	4,556,081
Notes and Certificates
Outstanding Principal Balance, Beginning	4,929,468	3,295,034	4,697,169	2,851,837	2,851,837
Valuation Adjustment, Beginning	(216,019)	(45,688)	(125,586)	(38,219)	(38,219)
Fair value at beginning of period	4,713,449	3,249,346	4,571,583	2,813,618	2,813,618
Outstanding Principal Balance, Purchases of loans	0	0	0	0
Valuation Adjustment, Purchases of loans	0	0	0	0
Fair Value, Purchases of loans	0	0	0	0
Outstanding Principal Balance, Issuances of notes and certificates	499,246	892,026	1,400,504	1,744,741
Valuation Adjustment, Issuances of notes and certificates	0	0	0	0
Fair Value, Issuances of notes and certificates	499,246	892,026	1,400,504	1,744,741
Outstanding Principal Balance, Whole loan sales	0	0	0	0
Valuation Adjustment, Whole loan sales	0	0	0	0
Fair Value, Whole loan sales	0	0	0	0
Outstanding Principal Balance, Principal payments	(585,563)	(424,721)	(1,169,545)	(790,432)
Valuation Adjustment, Principal payments	0	0	0	0
Fair Value, Principal payments	(585,563)	(424,721)	(1,169,545)	(790,432)
Outstanding Principal Balance, Charge-offs	(87,305)	(44,783)	(172,282)	(88,590)
Valuation Adjustment, Charge-offs	87,305	44,783	172,282	88,590
Fair Value, Charge-offs	0	0	0	0
Outstanding Principal Balance, Recoveries	0	0	0	0
Valuation Adjustment, Recoveries	(6,739)	(4,327)	(16,916)	(7,788)
Fair Value, Recoveries	(6,739)	(4,327)	(16,916)	(7,788)
Outstanding Principal Balance, Change in fair value recorded in earnings	0	0	0	0
Valuation Adjustment, Change in fair value recorded in earnings	(204,508)	(52,200)	(369,741)	(100,015)
Fair Value, Change in fair value recorded in earnings	(204,508)	(52,200)	(369,741)	(100,015)
Outstanding Principal Balance, Ending	4,755,846	3,717,556	4,755,846	3,717,556	4,697,169
Valuation Adjustment, Ending	(339,961)	(57,432)	(339,961)	(57,432)	(125,586)
Fair value at end of period	4,415,885	$ 3,660,124	4,415,885	$ 3,660,124	$ 4,571,583
Held-for-sale, principal	16,627		16,627
Held-for-sale, adjustment	(217)		(217)
Held-for-sale, fair value	16,410		16,410
Held at fair value, principal	4,748,631		4,748,631
Held at fair value, adjustment	(340,870)		(340,870)
Fair Value	$ 4,407,761		$ 4,407,761

Fair Value of Assets and Liab48

Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Servicing Assets, Changes in fair value due to:
Fair value at beginning of period			$ 10,250
Fair value at end of period	$ 16,126		16,126		$ 10,250
Servicing Liabilities, Changes in fair value due to:
Fair value at beginning of period			3,973
Fair value at end of period	3,412		3,412		3,973
Fair Value, Measurements, Recurring
Servicing Assets, Changes in fair value due to:
Fair value at beginning of period	16,964	$ 3,496	10,250	$ 2,181	2,181
Additions, included in other/deferred revenue	4,344	1,876	9,975	3,384
Changes in fair value, included in servicing fees	(4,895)	(540)	(4,663)	(1,031)
Fair value at end of period	16,126	5,225	16,126	5,225	10,250
Servicing Liabilities, Changes in fair value due to:
Fair value at beginning of period	2,827	4,397	3,973	3,973	3,973
Additions, included in other/deferred revenue	808	1,526	1,740	2,938
Changes in fair value, included in servicing fees	(223)	(1,092)	(2,301)	(2,080)
Fair value at end of period	3,412	4,831	3,412	4,831	$ 3,973
Deferred Revenue | Fair Value, Measurements, Recurring
Servicing Assets, Changes in fair value due to:
Additions, included in other/deferred revenue	(287)	393	564	691
Servicing Liabilities, Changes in fair value due to:
Additions, included in other/deferred revenue	$ 0	$ 0	$ 0	$ 0

Fair Value of Assets and Liab49

Fair Value of Assets and Liabilities - Trailing Fee Liability (Details) - Trailing Fee Liability - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,002	$ 0
Issuances	1,496	2,498
Cash payment of Loan Trailing Fee	(185)	(189)
Change in fair value, included in origination and servicing	11	15
Fair value at end of period	$ 2,324	$ 2,324

Fair Value of Assets and Liab50

Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured Using Different Market Servicing Rates and Different Prepayment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted-average total market servicing rate assumptions			0.63%
Weighted-average base market servicing rate assumptions					0.50%
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted-average total market servicing rate assumptions			0.63%
Weighted-average base market servicing rate assumptions					0.50%
Changes in fair value, included in servicing fees	$ (4,895)	$ (540)	$ (4,663)	$ (1,031)
Changes in fair value, included in servicing fees	$ (223)	$ (1,092)	(2,301)	$ (2,080)
Servicing rate increase by 0.10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			$ (4,866)		$ (3,504)
Change in servicing rates	0.10%		0.10%
Servicing rate increase by 0.10% | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			$ 1,239		1,589
Servicing rate decrease by 0.10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			$ 5,107		3,610
Change in servicing rates	(0.10%)		(0.10%)
Servicing rate decrease by 0.10% | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			$ (998)		$ (1,483)
Servicing asset/liability | Level 3 Inputs | Weighted- Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted-average total market servicing rate assumptions					0.57%
Ancillary fee					0.07%

Fair Value of Assets and Liab51

Fair Value of Assets and Liabilities - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 4,699,846	$ 4,863,542
Total liabilities	4,421,621	4,575,556
Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	259,549	297,211
Total liabilities	0	0
Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	4,440,297	4,566,331
Total liabilities	4,421,621	4,575,556
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	572,926	623,531
Restricted cash	127,307	80,733
Deposits	872	871
Goodwill	37,283
Total assets	738,388	705,135
Accrued expenses and other liabilities	6,796
Accounts payable	7,651	5,542
Payables to investors	87,820	73,162
Total liabilities	102,267	78,704
Portion at Other than Fair Value Measurement | Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Deposits	0	0
Goodwill	0
Total assets	0	0
Accrued expenses and other liabilities	0
Accounts payable	0	0
Payables to investors	0	0
Total liabilities	0	0
Portion at Other than Fair Value Measurement | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	572,926	623,531
Restricted cash	127,607	80,733
Deposits	872	871
Goodwill	0
Total assets	701,405	705,135
Accrued expenses and other liabilities	0
Accounts payable	7,651	5,542
Payables to investors	87,820	73,162
Total liabilities	95,471	78,704
Portion at Other than Fair Value Measurement | Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Deposits	0	0
Goodwill	37,283
Total assets	37,283	0
Accrued expenses and other liabilities	6,796
Accounts payable	0	0
Payables to investors	0	0
Total liabilities	6,796	0
Balance at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	572,926	623,531
Restricted cash	127,607	80,733
Deposits	872	871
Goodwill	37,283
Total assets	738,688	705,135
Accrued expenses and other liabilities	6,796
Accounts payable	7,651	5,542
Payables to investors	87,820	73,162
Total liabilities	$ 102,267	$ 78,704

Property, Equipment and Softw52

Property, Equipment and Software, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Internally developed software	$ 59,930	$ 40,709
Computer equipment	15,859	14,076
Leasehold improvements	16,851	11,559
Purchased software	7,477	5,336
Furniture and fixtures	6,195	5,086
Construction in progress	3,404	2,870
Total property, equipment and software	109,716	79,636
Accumulated depreciation and amortization	(34,614)	(23,706)
Total property, equipment and software, net	$ 75,102	$ 55,930

Property, Equipment and Softw53

Property, Equipment and Software, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 13,746	$ 9,753
Property, Equipment and Software
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 5,900	$ 3,800	$ 11,300	$ 6,900

Other Assets (Detail)

Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Abstract]
Other assets	$ 56,897	$ 38,413
Loan servicing assets, at fair value
Other Assets [Abstract]
Other assets	16,126	10,250
Prepaid expenses
Other Assets [Abstract]
Other assets	14,343	16,283
Other investments
Other Assets [Abstract]
Other assets	10,250	250
Accounts receivable
Other Assets [Abstract]
Other assets	6,605	4,976
Receivable from investors
Other Assets [Abstract]
Other assets	4,667	1,117
Deferred financing cost
Other Assets [Abstract]
Other assets	1,164	1,296
Deferred Acquisition Compensation
Other Assets [Abstract]
Other assets	935	1,521
Due From Related Parties
Other Assets [Abstract]
Other assets	637	655
Deposits
Other Assets [Abstract]
Other assets	872	871
Tenant improvement receivable
Other Assets [Abstract]
Other assets	778	778
Other
Other Assets [Abstract]
Other assets	$ 520	$ 416

Intangible Assets and Goodwill

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net	$ 28,534,000			$ 28,534,000		$ 30,971,000
Amortization expense	1,200,000		$ 1,300,000	2,400,000	$ 2,800,000
Goodwill impairment	$ 35,400,000	[1]	$ 0	$ 35,400,000	$ 0
[1]	Prior period amounts have been reclassified to conform to the current period presentation. See “Note 1 – Basis of Presentation” for additional information.

Accrued Expenses and Other Li56

Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued expenses	$ 22,403	$ 14,054
Accrued compensation	18,312	28,780
Investor incentives payable	10,654	0
Deferred rent	7,425	4,615
Transaction fee refund reserve	4,129	578
Deferred revenue	3,115	2,551
Investor interest rate protection agreement	3,329	0
Loan servicing liabilities, at fair value	3,412	3,973
Loan Trailing Fee liability, at fair value	2,324	0
Payable to issuing bank	1,075	955
Deferred tax liability	0	3,446
Early stock option exercise and other equity-related liabilities	61	83
Contingent liabilities	0	700
Other	2,865	1,508
Total accrued expenses and other liabilities	$ 79,104	$ 61,243

Accumulated Other Comprehensi57

Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Change in net unrealized gain (loss) on securities available for sale	$ 796	$ (831)	$ 1,599	$ (831)
Tax Effect, Change in net unrealized loss on securities available for sale	650	0	650	0
Net of Tax, Change in net unrealized loss on securities available for sale	146	(831)	949	(831)
Other comprehensive loss, before tax	796	(831)	1,599	(831)
Income tax effect	650	0	650	0
Other comprehensive income (loss), net of tax	$ 146	$ (831)	$ 949	$ (831)

Accumulated Other Comprehensi58

Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2015			$ (1,671)
Change in net unrealized loss on securities available for sale	$ 146	$ (831)	949	$ (831)
Balance at June 30, 2016	$ (722)		$ (722)

Secured Borrowings (Details)

Secured Borrowings (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Receivables [Abstract]
Repurchased near-prime loans	$ 22,300,000	$ 22,274,000	$ 0
Secured borrowings - amount originally sold to investor	$ 0	$ 0		$ 15,100,000

Debt (Details)

Debt (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2018	Dec. 17, 2015USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 120,000,000
Maximum rolling annual total net leverage ratio allowed	4
Actual rolling annual total net leverage ratio	0
Debt issuance cost, capitalized			$ 1,300,000
Scenario, Forecast
Debt Instrument [Line Items]
Maximum rolling annual total net leverage ratio allowed		3
Minimum
Debt Instrument [Line Items]
Commitment fee	0.25%
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Borrowings interest rate spread	1.75%
Maximum
Debt Instrument [Line Items]
Commitment fee	0.375%
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Borrowings interest rate spread	2.00%

Employee Incentive and Retire61

Employee Incentive and Retirement Plans - Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, net	$ 13,447	$ 12,486	$ 28,468	$ 24,079
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,413	1,713	3,317	3,221
Origination and servicing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	963	719	1,709	1,325
Engineering and product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,480	2,943	8,203	4,741
Other general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	6,591	7,111	15,239	14,792
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8,775	1,744	13,901	2,225
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,767	8,126	11,424	15,212
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	447	446	835	925
Stock issued related to acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 458	$ 2,170	$ 2,308	$ 5,717

Employee Incentive and Retire62

Employee Incentive and Retirement Plans - Additional Information (Detail)	Jun. 22, 2016	Feb. 09, 2016USD ($)	May 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)shares	Mar. 31, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)EquityPlan$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from stock compensation expense					$ (101,000)		$ 0	$ (62,000)	$ 0
Outstanding (shares) | shares					40,724,306			40,724,306		48,208,911
Option granted to purchase of common stock (shares) | shares								5,242,583
Options granted, weighted average exercise price ($ per share) | $ / shares								$ 7.83
Total intrinsic values of options exercised								$ 39,900,000	44,700,000
Total fair value of shares vested								$ 18,100,000	$ 15,600,000
Stock purchased by employees (shares) | shares					721,918		211,256	721,918	211,256
Repurchased (shares) | shares					0	2,282,700
Expected percentage of workforce to be reduced	12.00%
Severance Costs					$ 2,730,000		$ 0		$ 0
Employee Severance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for restructuring					100,000
Scenario, Forecast | Employee Severance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for restructuring				$ 2,600,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected number of positions to be reduced	179
Retirement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period								90 days
Employer 401(k) Match						4.00%
Employer discretionary contribution amount						$ 5,000
Cost recognized					1,000,000		500,000	$ 2,500,000	$ 1,100,000
Share Repurchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase		$ 150,000,000
Authorized repurchase period		1 year
Repurchased ($ per share) | $ / shares						$ 8.52
Repurchased						$ 19,500,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expected period for recognition								3 years 1 month 6 days
RSUs granted (shares) | shares								19,299,707
Aggregate fair value								$ 119,800,000
Unrecognized compensation cost					144,400,000			$ 144,400,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted to purchase of common stock (shares) | shares									1,131,839
Options granted, weighted average exercise price ($ per share) | $ / shares									$ 20.23
Common stock, weighted average grant date fair value per share ($ per share) | $ / shares								$ 3.93	$ 9.92
Options granted, total estimated fair value								$ 20,600,000	$ 11,200,000
Unrecognized compensation cost					$ 55,200,000			$ 55,200,000
Unrecognized compensation cost expected period for recognition								2 years 3 months
Employee Stock Option - Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted to purchase of common stock (shares) | shares								265,987
Available for ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period								6 months
Purchase price of common stock								85.00%
Total common stock authorized and reserved for future issuance (shares) | shares					6,195,036			6,195,036
Requisite service period								6 months
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | EquityPlan								2
Equity Incentive Plan Two Thousand Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (shares) | shares					36,325,251			36,325,251
Equity Incentive Plan Twenty Fourteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (shares) | shares					40,719,750			40,719,750
Internally Developed Software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, capitalized amount					$ 2,100,000		$ 1,000,000	$ 4,000,000	$ 1,800,000
Executive Management And Key Personnel
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash			$ 18,600,000
Executive Management And Key Personnel | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards			$ 16,300,000

Employee Incentive and Retire63

Employee Incentive and Retirement Plans - Options Activity Under Option Plan (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balances, beginning balance, Number of Shares | shares	48,208,911
Options Granted, Number of Shares | shares	5,242,583
Options Exercised, Number of Shares | shares	(6,420,559)
Options Forfeited/Expired, Number of Shares | shares	(6,306,629)
Balances, ending balance, Number of Shares | shares	40,724,306
Vested and expected to vest, Number of Shares | shares	40,575,442
Exercisable, Number of Shares | shares	26,286,055
Balances, beginning balance, Weighted Average Exercise Price Per Share | $ / shares	$ 3.60
Options Granted, Weighted Average Exercise Price Per Share | $ / shares	7.83
Options Exercised, Weighted Average Exercise Price Per Share | $ / shares	0.90
Options Forfeited/Expired, Weighted Average Exercise Price Per Share | $ / shares	6.46
Balances, ending balance, Weighted Average Exercise Price Per Share | $ / shares	4.13
Vested and expected to vest, Weighted Average Exercise Price Per Share | $ / shares	4.12
Exercisable, Weighted Average Exercise Per Share | $ / shares	$ 2.76
Outstanding, Weighted Average Remaining Contractual Life	6 years 1 month 6 days
Vested and expected to vest, Weighted Average Remaining Contractual Life	6 years
Exercisable, Weighted Average Remaining Contractual Life	5 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value | $	$ 72,659
Vested and expected to vest, Aggregate Intrinsic Value | $	72,651
Exercisable, Aggregate Intrinsic Value | $	$ 65,542
Share price ($ per share) | $ / shares	$ 4.30
Employee Stock Option - Vested
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options Granted, Number of Shares | shares	265,987
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period	6 months

Employee Incentive and Retire64

Employee Incentive and Retirement Plans - Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted-average assumed stock price volatility	51.40%	48.30%	51.90%	49.40%
Weighted-average risk-free rate	1.26%	1.72%	1.37%	1.61%
Weighted-average expected life (in years)	5 years 7 months 5 days	6 years 3 months 1 day	6 years 1 month 5 days	6 years 3 months 1 day

Employee Incentive and Retire65

Employee Incentive and Retirement Plans - Restricted Stock Unit Activity and Weighted Average Grant Date Fair Value table (Details) - RSUs	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Number of Shares (shares)
Unvested at December 31, 2015 | shares	4,443,399
RSUs granted | shares	19,299,707
RSUs vested | shares	(903,839)
RSUs forfeited/expired | shares	(2,081,609)
Unvested at June 30, 2016 | shares	20,757,658
Expected to vest after June 30, 2016 | shares	20,152,648
Weighted- Average Grant Date Fair Value ($ per share)
Unvested at December 31, 2015 | $ / shares	$ 15.23
RSUs granted | $ / shares	6.21
RSUs vested | $ / shares	13.64
RSUs forfeited/expired | $ / shares	9.83
Unvested at June 30, 2016 | $ / shares	7.45
Expected to vest after June 30, 2016 | $ / shares	$ 7.46

Employee Incentive and Retire66

Employee Incentive and Retirement Plans - Black-Scholes Inputs for Employee Stock Purchase Plan (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted-average assumed stock price volatility	51.40%	48.30%	51.90%	49.40%
Weighted-average risk-free rate	1.26%	1.72%	1.37%	1.61%
Weighted-average expected life (in years)	5 years 7 months 5 days	6 years 3 months 1 day	6 years 1 month 5 days	6 years 3 months 1 day
Available for ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0.00%	0.00%
Weighted-average assumed stock price volatility			58.90%	38.80%
Weighted-average risk-free rate			0.40%	0.10%
Weighted-average expected life (in years)			6 months	5 months 2 days

Employee Incentive and Retire67

Employee Incentive and Retirement Plans - Restructuring (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Total severance expense	$ 2,730,000	$ 0	$ 0
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total severance expense	772,000
Origination and servicing
Restructuring Cost and Reserve [Line Items]
Total severance expense	1,174,000
Engineering and product development
Restructuring Cost and Reserve [Line Items]
Total severance expense	134,000
Other general and administrative
Restructuring Cost and Reserve [Line Items]
Total severance expense	$ 650,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (3,946)	$ 389	$ (3,795)	$ 1,016
Valuation allowance	$ 35,400		$ 35,400		$ 25,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) ft² in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 30, 2015ft²renewal_option	Jun. 30, 2016USD ($)ft²	Mar. 31, 2016USD ($)lawsuit	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Aug. 09, 2016USD ($)	Dec. 31, 2015USD ($)
Commitments and Contingencies [Line Items]
Lease agreement renewal term	5 years
Number of renewal terms | renewal_option	2
Rental expense		$ 3,600,000		$ 1,600,000	$ 6,800,000	$ 3,000,000
Minimum rent payments		2,600,000		$ 1,300,000	4,900,000	$ 2,600,000
Security deposit - cash		800,000			800,000
Security deposit - letters of credit		4,700,000			4,700,000
Payments due in 2016		7,077,000			7,077,000
Payments due in 2017		15,092,000			15,092,000
Payments due in 2018		16,053,000			16,053,000
Payments due in 2019		15,621,000			15,621,000
Payments due in 2020		16,523,000			16,523,000
Payments due thereafter		57,201,000			57,201,000
Total payments due		127,567,000			$ 127,567,000
Loan purchase obligation period					2 days
Contingent loan purchase commitment limit		28,200,000			$ 28,200,000			$ 77,600,000
Commitment repurchases		99,500,000			36,300,000
Loan commitment purchases		134,900,000
Remaining limit of contingent loan purchase commitment		35,400,000			35,400,000
Loans		35,800,000			35,800,000
Deposit			$ 9,000,000
Maximum cash pledged		5,000,000			5,000,000
Pledged and restricted to support contingent obligation		$ 3,400,000			$ 3,400,000
Number of lawsuits | lawsuit			5
San Francisco
Commitments and Contingencies [Line Items]
Area of property (square feet) | ft²	112	169			169
Lease agreement expiration date					Jun. 1, 2022
Lease agreement renewal term					5 years
Westborough
Commitments and Contingencies [Line Items]
Area of property (square feet) | ft²		26			26
Subsequent Event
Commitments and Contingencies [Line Items]
Remaining limit of contingent loan purchase commitment							$ 0

Segment Reporting (Details)

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2016customersegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Sales Revenue, Net
Segment Reporting Information [Line Items]
Number of individual customers accounting for more than 10% of revenue | customer	0

Related Party Transactions - Su

Related Party Transactions - Summary of Deposits and Withdrawals Made by Related Parties (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Apr. 01, 2016	Dec. 31, 2015
Minimum
Related Party Transaction [Line Items]
Related party transaction threshold	$ 120,000
Related Party Fund
Related Party Transaction [Line Items]
Loans	164,700,000
Related Party Fund | Affiliated Entity
Related Party Transaction [Line Items]
Expense	4,000,000
Related Party Fund | Servicing Fees | Affiliated Entity
Related Party Transaction [Line Items]
Income	821,000
Related Party Fund | Management Fees | Affiliated Entity
Related Party Transaction [Line Items]
Income	$ 30,000
Related Party Fund
Related Party Transaction [Line Items]
Ownership	18.00%	15.00%
Equity method investment	$ 10,000,000	$ 10,000,000
Related Party Fund | Chief Executive Officer
Related Party Transaction [Line Items]
Ownership	2.00%		2.00%
Related Party Fund | Director
Related Party Transaction [Line Items]
Ownership	9.00%		10.00%
Related Party Fund | The Company, CEO, and Director
Related Party Transaction [Line Items]
Ownership	29.00%