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Post by ladywhitenap on Feb 16, 2015 10:43:47 GMT
REBS lenders are suffering from a dearth of information about their loans. Questions asked through the discussion section for each loan are at best only receive sporadic response from REBS staff.
I have a suggestion which I hope will get enough backing such that REBS implement it.
Each loan should have an information page with indelible journal notes entered by REBS where lenders can see the current position and the history.
The journal entries should start after the first auction closure date. So it would cover any extension request and acceptance It would also state the repayment method set up It would detail any agreement to pay late/interest only arrangements. It would state when payments are late and what action is being taken
The aim would be to create a one stop shop to allow lenders to answer majority of their own questions on the status of the loans and so not need to fire off emails into rebs.
Anyone else reckon this is a good idea?
LW
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thebillet
Member of DD Central
Posts: 64
Likes: 21
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Post by thebillet on Feb 16, 2015 10:53:24 GMT
I agree it is a very good idea. I have recently taken to contacting REBS directly about loans with the sorts of issues you have addressed in your suggestion and they have been excellent in terms of response times and latterly detail. Why the discussion page of the loans has been neglected by REBS I don't know but if they were able to put the detail there rather than having to address individual queries they IMHO would have happier lenders. I just wonder if individual queries have to be responded to because of oversight of FCS and any audit trail if things go wrong needs to be in evidence. Just a thought.
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Post by ladywhitenap on Feb 16, 2015 11:04:54 GMT
Thanks for your suppport. I too have found REBS responsive to direct emails but it would save them so much effort in making individual responses just to enter the journal when anything of note happens on that loan account.
LW
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Post by danraj on Feb 16, 2015 12:29:59 GMT
Thanks for the thread.
We try not to intervene on the forums as we want the discussion to be principally between the borrower / broker & lenders.
I accept that we can improve the post-application information in a more structured way. There is a review of the discussion section taking place that will make it easier to identify unread replies.
I'll give this some thought & consult with the team over how best to deli mover this feature.
Thanks again for the request.
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Post by ladywhitenap on Feb 16, 2015 13:50:01 GMT
I quite agree, that during the Auction, the discussion pages should be monitored by REBS but not generally for them to contribute but if perhaps a borrower/broker is just not responding, I would hope that REBS would at least communicate with the borrower and give them a nudge.
Post auction the discussion page should still be the place where lenders can continue discussions with REBS responding if appropriate.
My intention is that the information page is different.
1) It is read only as far as lenders (and borrowers) are concerned.
2) Only REBS can write to it
3) Entries cannot be erased. If a prior entry needs correction, this is added to the journal so that the page is a complete history of the loan to date.
LW
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