homes119
Member of DD Central
Posts: 93 
Likes: 19
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Post by homes119 on Apr 6, 2016 22:16:38 GMT
Is anyone else experiencing too many buybacks of loans (Mogo/Banknote) when still current?
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Post by dagoatla on Apr 7, 2016 6:31:53 GMT
I have €2000 of buy backs in April already.
It doesn't really matter once there are plenty of loans on the primary market, as Auto Invest reinvests the money as soon as it hits my account
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Post by martins on Apr 7, 2016 7:24:41 GMT
In many cases those buybacks are early repayments by the borrowers. In some cases the buybacks are loans that are restructured; if restructuring affects expected cash flow to investors (changes to loan term, monthly payments, interest, etc.) we require loan originators to buy those loans back.
So far all those instances in account statement were shown as buybacks, which was misleading. We have been working on separating out the reasons for early terminations and it took us while to coordinate it with all loan originators but I am happy to announce that today we put the system update that will allow investors to see the exact reason for early terminations of the loan in their account statement. This will give a better overview of loan performance.
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Rob
Posts: 138
Likes: 36
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Post by Rob on Apr 17, 2016 8:22:56 GMT
We have been working on separating out the reasons for early terminations and it took us while to coordinate it with all loan originators but I am happy to announce that today we put the system update that will allow investors to see the exact reason for early terminations of the loan in their account statement. This will give a better overview of loan performance. Banknote is still buying back loans without giving any reason. I have entries in my statement which say "buyback (reason: not specified)" on 16/04/2016.
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Post by martins on Apr 17, 2016 23:37:59 GMT
Yes, Banknote is not yet providing this information to us.
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