sl75
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Post by sl75 on Dec 11, 2019 8:40:37 GMT
I think this is a new section - visible when clicking on one of the loans just above the "Repayments" section, giving details of the underlying loan to the borrower (e.g. interest rate, APR, p.a. fees paid, term, full amount, whether any payments made from provision fund, whether RateSetter consider that the borrower will repay in full, if there's any security, etc.)
Presumably as a result of an FCA requirement...
In particular, I note that, for the first loan I clicked on that said it was repaid in full in November, I saw:
Has the Provision Fund made a repayment on behalf of the borrower? Yes
Has the borrower defaulted? No
Does RateSetter consider that the borrower will repay in full? No
(so now we'll know for sure the difference between an early repayment, a default, and pre-emptive action by the Provision Fund where a default is considered likely).
I see that a loan ID number is also shown, which allows one to know with absolute certainty whether two loans matched on the same day and with similar repayment schedules are in fact part of the same underlying loan. There are probably quite a few of us, for example, who have a slice of loan L979******124 [1], a £2,527,500.00 Property loan from 1 Nov when Max was quite new and the rates spiked up above the then going rate of 5.0%. Borrower interest rate is shown at 6.3% with an APR taking account of other fees at 7.6%, so RateSetter still had a positive margin even though the rates spiked.
[1] ID pre-emptively redacted - it's unclear whether the full unredacted ID might be able to be used for nefarious purposes.
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aju
Member of DD Central
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Post by aju on Dec 11, 2019 10:30:22 GMT
I find that in Ratesetter its very difficult to see loans that are closed without knowing when they closed. The system only allows you to see loans closed for a specific month, it really needs to have more options ( All loans closed, last 12 months, specific year, etc) so one can see more easily all the loans that have been part of ones investment.
It's also a pita to be able see all loans easily as it seems that RS has it split by products which is fine but if I get many more loans then I will be unable to keep track easily I feel.
I checked all my options and its seems so far I have not been subject to a PF covered loan. Are these closed loans or are they still active from a lenders perspective.
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robski
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Post by robski on Dec 11, 2019 11:12:46 GMT
I dont think RS consider closed loans as important really.
As far as PF loans are concerned, the PF will pay 3 (iirc?) months loans and then they will reimburse the investor.
The PF take over these loans and will hoover up any repayments they manage to get, and eventually in some cases the benefits of selling the loans on to a specialist in recovery.
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r00lish67
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Post by r00lish67 on Dec 11, 2019 11:15:34 GMT
I find that in Ratesetter its very difficult to see loans that are closed without knowing when they closed. The system only allows you to see loans closed for a specific month, it really needs to have more options ( All loans closed, last 12 months, specific year, etc) so one can see more easily all the loans that have been part of ones investment. It's also a pita to be able see all loans easily as it seems that RS has it split by products which is fine but if I get many more loans then I will be unable to keep track easily I feel. I checked all my options and its seems so far I have not been subject to a PF covered loan. Are these closed loans or are they still active from a lenders perspective. Out of interest, given that risk is effectively pooled and you have their overall stats to interrogate to assess their lending health, why do you feel the need to trace down each and every loan? To what end?
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aju
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Post by aju on Dec 11, 2019 12:05:56 GMT
I don't so much on RS I was looking at it from the perspective of the information changing and was interested if I had any PF covered loans as sl75 had mentioned it. What I would say though is on Zopa I have access to all my loans at a data structure level and I do quite a bit of analysis to keep track of things. As an ex s/w person I do tend towards the view that if there are errors you can see in the front ends then there are almost certainly potential errors in the data parts as well. This has certainly been true of Zopa over the years and as we all know Rs has made some quite sweeping changes of late. Mind you using just the transaction (statements) data I have some control over the returns stuff that helps me manage our 4 accounts as a whole so its not that bad. I do find it interesting, only experiencing 2 though, the different interpretations of FCA rules Zopa and RS have. Zopa have placed much of the additional info into their data tables available to us as customers. They are yet to make some of this more visible online for less savvy people. |
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