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Post by wiseclerk on Jun 7, 2018 14:05:34 GMT
Funding Circle stops updating daily statistics (now only quarterly) and discontinues downloadable loanbook (because investors don't use it) www.fundingcircle.com/blog/2018/06/introducing-new-statistics-page/ … absolutely wrong turn in my opinion what about #p2pfa Standards 'P2PFA members are moving toward an unparalleled level of data transparency by making their loan books publicly available.' (Source p2pfa.org.uk/data/ ) |
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cb25
Posts: 3,523 
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Post by cb25 on Jun 7, 2018 14:15:11 GMT
Funding Circle stops updating daily statistics (now only quarterly) and discontinues downloadable loanbook (because investors don't use it) www.fundingcircle.com/blog/2018/06/introducing-new-statistics-page/ … absolutely wrong turn in my opinion what about #p2pfa Standards 'P2PFA members are moving toward an unparalleled level of data transparency by making their loan books publicly available.'
"FUNDING Circle has withdrawn its downloadable loanbook and stopped publishing loan performance data on a daily basis.
The peer-to-peer business lender announced on Thursday that it has launched a new statistics page which will be updated every three months."
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benaj
Member of DD Central
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Post by benaj on Jun 7, 2018 15:21:29 GMT
It's weird altfi data does not show data for FC at the moment while FC's Performance statistics and projections verified by altFI data. I suppose FC wants to present the charts instead of detailed statistics, I think it's better to rename it to performance charts page. |
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Post by GSV3MIaC on Jun 7, 2018 17:22:20 GMT
Guess whose side the P2PFA is on .. of course, that IS the side which pays their salaries...
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Stonk
Stonking
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Post by Stonk on Jun 8, 2018 1:23:45 GMT
The P2PFA changed its rules on Monday so that members can “either continue to publish their entire loanbook, or provide a detailed breakdown of loans in their overall loanbook to enable a consumer to be informed about the nature and number of loans of different descriptions presently originated through the platform according to standards to be approved by the P2PFA board.” Funding Circle have evidently opted for the second option. The "or" in the P2PFA rule does not preclude the possibility of both things happening. They could have continued publishing the loanbook as well. It's not as if the loanbook required any work to produce. It was generated automatically in the late evening, if I recall correctly. A very negative reduction in transparency. And I also think it's bad form to withdraw the loanbook claiming that over time fewer people are using it, and then attempt to justify that assertion with a percentage (of a growing population), rather than an absolute number. It's possible for the percentage to decrease while the absolute number increases, and this obfuscation makes it look like they have something to hide.
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Post by padney on Jun 15, 2018 6:37:01 GMT
Back in the day of being able to micromanage loans, I was downloading the loanbook daily so my bot could run its code against it to see which of my holdings it would sell. Now we cant do anything but put in money and pray, its no wonder its being downloaded less. Doesn't mean they should stop offering it though, the lack of transparency makes me very nervous.
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ashtondav
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Post by ashtondav on Jun 15, 2018 7:06:39 GMT
The dodgy old days of “botting” made me wary of FC!
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blender
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Post by blender on Jun 15, 2018 7:52:32 GMT
Funding Circle stops updating daily statistics (now only quarterly) and discontinues downloadable loanbook (because investors don't use it) www.fundingcircle.com/blog/2018/06/introducing-new-statistics-page/ … absolutely wrong turn in my opinion what about #p2pfa Standards 'P2PFA members are moving toward an unparalleled level of data transparency by making their loan books publicly available.' (Source p2pfa.org.uk/data/ ) So good of FC to make their 'statistics' easier and more accessible for little me. However, I find it difficult to understand the role of the person signing the blog as 'Customer Communications Manager'. I think just 'Ministry of Truth' would be easier. I wish they would do the same about all the information they provide about the borrowers I am lending to. There is so much un-necessary and confusing data, about accounts and credit histories etc. I really don't know what I should be reading and what I should understand. And now that I no longer have the scary option of choosing the borrowers, it makes little difference having the information. Best to know nothing about what they do, for example I might be a vegan and they make me lend to an abattoir, then what? So, come on FC Lending Bank, get rid of all that stuff I don't need, in one go.
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bigfoot12
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Post by bigfoot12 on Jun 26, 2018 20:40:01 GMT
One good feature about the new FC is that late on Sunday night I was able to sell everything, and it took only a few hours, and by today I had the money in my bank account.
There are still a few loan parts that I am unable to sell, but within my expectation. However I have read a number of posts on this forum since I returned to lending on FC suggesting that defaults are increasing. And whilst I haven't seen it myself, and I suspect that it might just be the usual unlucky few who shout louder than the similarly lucky lenders with no defaults, I am unable to verify this as I can't see the loanbook.
So time to leave (again). Might return after IPO, and a couple of quarters default data, providing I can work out what is being displayed.
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Post by df on Jun 27, 2018 20:49:28 GMT
Funding Circle stops updating daily statistics (now only quarterly) and discontinues downloadable loanbook (because investors don't use it) www.fundingcircle.com/blog/2018/06/introducing-new-statistics-page/ … absolutely wrong turn in my opinion what about #p2pfa Standards 'P2PFA members are moving toward an unparalleled level of data transparency by making their loan books publicly available.' (Source p2pfa.org.uk/data/ ) Bad in principle, but in reality there isn't much point studying loan book when you have no control over your investments.
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bg
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Post by bg on Jun 28, 2018 8:01:59 GMT
Funding Circle stops updating daily statistics (now only quarterly) and discontinues downloadable loanbook (because investors don't use it) www.fundingcircle.com/blog/2018/06/introducing-new-statistics-page/ … absolutely wrong turn in my opinion what about #p2pfa Standards 'P2PFA members are moving toward an unparalleled level of data transparency by making their loan books publicly available.' (Source p2pfa.org.uk/data/ ) Bad in principle, but in reality there isn't much point studying loan book when you have no control over your investments. Of course there is. If loans that have missed payments/defaulted start shooting up then it should be a big factor in whether you want to invest more/stay invested in the platform. My experience of an exceptional increase in processing/late loans this year coupled with defaults outstripping my interest receipts (on a large, diversified portfolio) got me worried. I was prepared to put this down to bad luck but the removal of the loan book detail means I now have no visibility on whats going on and no sensible explanation as to why they are hiding that data. I have drawn my own conclusions and so this week have sold out the remainder of what a few weeks ago was a £400k portfolio (save the £34k loans I am unable to sell).
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ashtondav
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Post by ashtondav on Jun 28, 2018 8:21:34 GMT
If you had over £400k of loans there is now way increased bad debt was due to “bad luck”. I would have thought your loan book was pretty representative of the whole and therefore a good proxy for the total loan book.
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bg
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Post by bg on Jun 28, 2018 8:31:31 GMT
If you had over £400k of loans there is now way increased bad debt was due to “bad luck”. I would have thought your loan book was pretty representative of the whole and therefore a good proxy for the total loan book. Over about £10/20k I don't think it matters what size portfolio you have as you will have similar diversification. I just had larger loan holdings than a smaller portfolio (around £2k a loan)....everyone should have roughly the same number of loans (although this number increases as they amortise over time). If you have 200 loans out of many thousand then you do not really have a representation of the whole, just a subset concentrated around the time you invested. When you have 2 or 3 £2k loan holdings go pop on the same Thursday you feel it. There is definitely an element of luck involved......i would expect some sort of normal distribution with the average around FC's advertised rates. What I was starting to question was these advertised rates, not historically but going forward which is why I decided to sell.
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bigfoot12
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Post by bigfoot12 on Jun 28, 2018 9:03:24 GMT
...there isn't much point studying loan book when you have no control over your investments. Of course there is. Agreed, see my similar post 3 or 4 up. If you had over £400k of loans there is now way increased bad debt was due to “bad luck”. I would have thought your loan book was pretty representative of the whole and therefore a good proxy for the total loan book. Over about £10/20k I don't think it matters what size portfolio you have as you will have similar diversification. I just had larger loan holdings than a smaller portfolio (around £2k a loan)....everyone should have roughly the same number of loans (although this number increases as they amortise over time). If you have 200 loans out of many thousand then you do not really have a representation of the whole, just a subset concentrated around the time you invested. I was just about to write something similar. I had the limit as low a £4k, which is 0.5% of the portfolio being at least a £20 fragment. I imagine the most diversified portfolio would be about £23,999 as then each loan is still £100. Obviously it becomes more diversified with age On a side issue I have just had a 'how do rate our customer support' email? The conversation was very clear - I am not getting the loan book so maybe I should rate it well, but obviously it led me to sell everything...
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r00lish67
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Post by r00lish67 on Jun 28, 2018 9:08:35 GMT
I suppose the good news is that significant investors like bg are responding to degradations in transparency (and, it seems, performance) in the best way possible - by removing their cash from the platform. As with Ratesetter's well publicised paltry rates, cutting off their supply is the only way we're going to see any enhancement. I just hope FC decide to respond with the carrot of improved rates as opposed to the stick of re-introducing a sellout fee. Or bring back the manual account even ....<sigh> I miss the manual account.  |
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