Does the grade on a Note reflect the Borrower’s current credit situation?

The grade of a Note is assigned by Lending Club at the time the application for the corresponding loan is approved and the loan is issued. Notes are not re-graded over time, and therefore the grade of the Note may not reflect the Borrower’s current credit score, credit report, or financial situation.  As a result, you should not rely on the grade of the Note to assess the risk associated with purchasing a Note on the Note Trading Platform.