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Post by Ace on Jan 12, 2022 13:35:55 GMT
CP have included the borrower rate and fees on today's loan details. Assuming that this is a new standard, we'll done CP.
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Post by overthehill on Jan 12, 2022 13:45:42 GMT
CP have included the borrower rate and fees on today's loan details. Assuming that this is a new standard, we'll done CP.
The Proplend standard.
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Post by Ace on Jan 12, 2022 20:49:18 GMT
I've just noticed that the fees section has also been added to old loan documents, though some have the fees and borrower rate set to zero.
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metoo
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Post by metoo on Jan 12, 2022 22:49:48 GMT
Ace disclosure to P2P lenders of all borrower costs is an FCA requirement brought in about 2 years ago, now implemented properly at last!
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Post by Ace on Jan 12, 2022 22:59:55 GMT
Ace disclosure to P2P lenders of all borrower costs is an FCA requirement brought in about 2 years ago, now implemented properly at last! Yes, it's one of a very short list of things the FCA did right IMO. Unfortunately, evidence suggests that they don't seem to have policed their requirement. Perhaps they're finally doing it now behind the scenes.
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p2pfan
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Post by p2pfan on Jan 13, 2022 14:58:48 GMT
There's now a new 'Credit Assessments' box added to new loans. Today's loan was categorised as "RISK BAND D"; tomorrow's loan "B".
As usual with matters in the third-tier "wing it" world of P2P lending, there is no information provided whatsoever about these refer to.
Does anybody have any insight into how many bands there are and what each risk profile refers to please?
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dave4
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Post by dave4 on Jan 13, 2022 15:15:45 GMT
There's now a new 'Credit Assessments' box added to new loans. Today's loan was categorised as "RISK BAND D"; tomorrow's loan "B". As usual with matters in the third-tier "wing it" world of P2P lending, there is no information provided whatsoever about these refer to. Does anybody have any insight into how many bands there are and what each risk profile refers to please? Yes, yes, i do.... Full explanation of the mechanics of the banding system... Many thanks for getting in touch.
The risk banks are based on Owed at exit to GDV:
Risk Band A (<=50% LTGDV)
Risk Band B (50%<=60% LTGDV)
Risk Band C (60%<=65% LTGDV)
Risk Band D (65%<=70% LTGDV)
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p2pfan
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Post by p2pfan on Jan 13, 2022 15:50:00 GMT
There's now a new 'Credit Assessments' box added to new loans. Today's loan was categorised as "RISK BAND D"; tomorrow's loan "B". As usual with matters in the third-tier "wing it" world of P2P lending, there is no information provided whatsoever about these refer to. Does anybody have any insight into how many bands there are and what each risk profile refers to please? Yes, yes, i do.... Full explanation of the mechanics of the banding system... Many thanks for getting in touch.
The risk banks are based on Owed at exit to GDV:
Risk Band A (<=50% LTGDV)
Risk Band B (50%<=60% LTGDV)
Risk Band C (60%<=65% LTGDV)
Risk Band D (65%<=70% LTGDV)Thank you. I contacted CP to ask about it yesterday but haven't received a response. Was hoping the determination of which risk band would be more sophisticated than that, but fair enough if it's just the LTV.
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ilmoro
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Post by ilmoro on Jan 13, 2022 15:59:58 GMT
Another FCA requirement implemented (though seems a little cursory when it comes to a risk framework)... the next test will be if they amend the risk band when loans overrun (capital revaluation on default)
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dave4
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Post by dave4 on Jan 13, 2022 17:28:03 GMT
Yes, yes, i do.... Full explanation of the mechanics of the banding system... Many thanks for getting in touch.
The risk banks are based on Owed at exit to GDV:
Risk Band A (<=50% LTGDV)
Risk Band B (50%<=60% LTGDV)
Risk Band C (60%<=65% LTGDV)
Risk Band D (65%<=70% LTGDV)Thank you. I contacted CP to ask about it yesterday but haven't received a response. Was hoping the determination of which risk band would be more sophisticated than that, but fair enough if it's just the LTV. I was expecting a little more complexity, maybe a table and a pie chart, even a colored graph, a couple of paragraphs with big words ect, possibly even to the extent that ilmoro would have to kindly dumb it down, but no simples.
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metoo
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Post by metoo on Jan 17, 2022 4:58:22 GMT
Another FCA requirement implemented (though seems a little cursory when it comes to a risk framework)... the next test will be if they amend the risk band when loans overrun (capital revaluation on default) No SM available or planned, so capital revaluation may not be required/relevant unless offered as a refinance loan?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 17, 2022 9:24:53 GMT
Another FCA requirement implemented (though seems a little cursory when it comes to a risk framework)... the next test will be if they amend the risk band when loans overrun (capital revaluation on default) No SM available or planned, so capital revaluation may not be required/relevant unless offered as a refinance loan? Fair point (unlikely to be on an SM if in default anyway) but the regulations relate to ongoing disclosures in general. Capital revaluations are not specifically referenced but I guess are covered by the 'consideration of borrower's likeliness to pay its obligations under the agreement without enforcement or other steps'. Reclassification of risk is probably the most pertinent one. As ever, all open to a fair degree of interpretation by platforms ... AC being the most rigid interpretation.
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