locutus
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Post by locutus on Jun 19, 2015 20:32:19 GMT
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Post by westonkevRS on Jun 19, 2015 21:24:36 GMT
The Borrower orders can stay on the market for a period even after it's been matched. This is a RateSetter setting and can be minutes or hours. It isn't something that is often thought about or changed, although I think the period of offer was extended recently to try and get borrowers a better rate. That's why in the last few months you might have noticed more borrower requests than a year or so ago. This borrower loan is probably looking to be more competitive because it's a large loan (Commercial Lending, or Real Estate). The borrower offer will disappear shortly, timing out as it looks to be fully matched with the existing lender offers. westonkevRSlink.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219 |
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Post by bobthebuilder on Jun 20, 2015 6:27:54 GMT
Sorry Kevin, but that definitely doesn't seem to be the case. When I checked at 20/6 07:00, the last match shown was at 6.0% at 06:46 on 20/6. The lender offers were: 6.00% £133.7k Cumulative £231.1k 5.90% £46.9k Cumulative £97.4k
5.80% £50,504.97 Cumulative £50,504.97
There's a single open borrower request for £93,403.38 at 6.0%.
The volume stats look odd too - only £36.6k matched in the past 24 hours, which doesn't include my lending offer that I've had in the market at 5.90% during that time. I'm sure something weird is going on.
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jonah
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Post by jonah on Jun 20, 2015 7:43:53 GMT
At 8.40 the borrower offer is still there but down to 48k ish.
Last matched at 6% at 8.25.
there is over 100k on offer at 6% and quite a bit under 6%.
I'm confused.
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locutus
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Post by locutus on Jun 20, 2015 7:47:21 GMT
Have to agree that something doesn't look right. I had money that should have been matched as part of that of that £138k but it still seems to be sat there this morning. Some clarity on how the figures on the Market View are calculated and how often they are updated would be appreciated. I was under the impression that it was near real time and to find out that Borrower orders can remain on the listing for hours after they have been matched doesn't seem right.
Also, how would keeping Borrower orders on the market after they have been matched result in getting Borrowers a better rate?
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locutus
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Post by locutus on Jun 20, 2015 7:52:55 GMT
Also, another question. How is it possible that the last match was 6% when I have had money sat there unmatched at 5.9% for a couple of days now?
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Post by yorkman on Jun 20, 2015 8:02:52 GMT
Also, another question. How is it possible that the last match was 6% when I have had money sat there unmatched at 5.9% for a couple of days now? Ditto. Particularly galling when I've had 5.9% and 6% offers sitting there since Tuesday lying unmatched to see this happening. Explanation need I think.
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jimc99
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Post by jimc99 on Jun 20, 2015 11:11:35 GMT
This situation has occurred several times in the past month or so. I had lending out at 5.9% when the borrower at 6.0% appeared. I simply cancelled my 5.9% offer to lend and replaced it with a 6.0% offer to lend whereupon it was matched immediately. Does seem strange that the system did not allow the borrower to soak up" the offers below his 6.0% automatically. I can only assume that ratesetter "assigned" this loan a rate of 6.0% but if so the system should have automatically lent the money of the 5.8% and 5.9% lenders out at 6.0%.
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woodie
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Post by woodie on Jun 20, 2015 11:54:06 GMT
Yes Kev I believe an explanation is due. I logged on at about 08.30 to 08.40 to see two different timed matches at 6.0% only to find my ( and Mrs Woodie's ) offers at 5.9% still standing.
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oldgrumpy
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Post by oldgrumpy on Jun 20, 2015 12:40:38 GMT
I'd like an explanation of exactly how RS manages the figures placed as "borrower offers". Watching the fluctuations on the 5 year market, I have never understood how large five (or even small six) figure "borrower offers" suddenly appear at (say) 6.6% when the best lender offer is (say) 6.8% - then bit by bit the "matching" progresses at 6.6% while nothing is apparently being taken from the lender offer money. Then all of a sudden, if an influx of money comes on offer at 6.5/6.6% (jolly good), but the borrower offers at 6.6% magically change to a large lump at 6.4% or even lower!!! I don't think it really affects the rate at which I finally lend, but it surely delays the time scale. Please tell there is no manipulation or juggling of these figures, and that all market rate statistics shown to us are real time (within ten minutes or so, anyway) and reliable. edit 17:34 Oh look. Some of yesterday's MR 6.9% in 5 year didn't get lent out, and £40k of 6.8% is available, with peanuts at 6.6%,6.5%,6.4%. Along comes a benefactor offering about £10K at 6.2% and ..... surprise, surprise, all of a sudden there appears a borrower offering 6.1%. When was he advised to do that, when the prevailing market rate is still stuck at Friday's 6.9%? Wouldn't he reallistically be advised to grab the 6.2% that nice person was offering while it was there? 18:37 Ah! The lender's £10.3K at 6.2% is still there. Another ratebeater has put in £13K at 6.1%, the borrower has gone, but another borrower has appeared, offering 5.9%!!!! We'll be down to 5.5% before the evening is out, at this rate, but how is it being managed?  |
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gnasher
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Post by gnasher on Jun 20, 2015 18:02:03 GMT
Yes, it looks like within 24hrs in the 5 year market,we have had matches between 6.9 and 5.9 - now that is what I call volatile for a "boring is good" platform!
The reason I like RS is that it is simple and understandable - except that it isn't when this sort of thing happens, indeed it looks barking mad. Got my last big chunk away at 6.8 so no complaints from me, but I would be happier if I understood a little better what is happening in this market.
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oldgrumpy
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Post by oldgrumpy on Jun 20, 2015 18:36:28 GMT
Yep! Plenty of lender cash piling in now at 6.1/6.2%. Good luck for borrowers (but not that skinflint fiveniner ) If I hadn't refused my RS imposed YR at 6.9%, (see other thread) I probably wouldn't have got my repayments away yesterday evening (at 6.8%). I wonder what MR will be on Monday. Quite a chunk of that MR 6.9% may well take a drop of about 0.7%. Mmm! I reckon it's Kevin emptying his money box in order to scupper my prediction (on another thread) about the rate for the 21st of this month. |
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woodie
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Post by woodie on Jun 20, 2015 20:09:28 GMT
Not too happy about todays events. I thought I knew how RS worked.
If I offer to lend at 5.9% and find that after that offer a borrower has had to pay 6.0%, I have to wonder why.
Until Kev explains differently I have to assume that there has been manual intervention into what is supposed to be an automatic matching system.
Some favoured lender has been allowed to jump the queue and impose a higher interest rate than necessary to the detriment of the borrower and other retail lenders.
I really, really hope I'm wrong.
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Post by westonkevRS on Jun 20, 2015 20:36:38 GMT
Sorry guys, but I've just looked at the 3 and 5 year markets and they look fine. Quite a few 5 year lender offers all the way down to 6.0%, but there isn't anything weird going on. Perhaps I missed all the fun. And I'm certainly not aware of any "manual intervention", not that there ever is. The only "manual intervention" is when a market has run out of money and we've added some liquidity, but this was rare and hasn't happened for a while. Believe it or not, the markets are pure. I'm back in the office Tuesday and I'll check nothing untoward happened..... @ westonkevRS |
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locutus
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Post by locutus on Jun 20, 2015 23:16:27 GMT
Kev - you've had numerous reports from users on here that things don't look right and have not answered any of the questions that have been raised. Appreciate it is the weekend but I think we deserve some answers to the fairly simple questions that have been asked.
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