spiral
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Post by spiral on Aug 10, 2014 17:34:18 GMT
I assume RS don't approve loans on a Sunday so how do the numbers increase? Yesterday eve the 5yr market had 1.907m approved, tonight that figure is 1.929m. There was also 85.2 thousand matched in the last 24 hours so a total of 107K of approvals occured in the last 24 hours.  |
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pikestaff
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Post by pikestaff on Aug 12, 2014 7:28:35 GMT
I don't know, but perhaps the loans were already approved but waiting for paperwork which borrowers submitted online. Or some loans may be approved automatically when borrowers apply.
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Post by mogzi on Aug 12, 2014 7:41:38 GMT
Maybe it's their retail partnership lending activity. Increased Giff Gaff and Commuter Club transactions over the weekend by consumers could explain.
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spiral
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Post by spiral on Aug 12, 2014 9:50:12 GMT
I don't know, but perhaps the loans were already approved but waiting for paperwork which borrowers submitted online. Or some loans may be approved automatically when borrowers apply. I don't think it can be that because the info button next to it says (as an explanation) "The total amount of fully approved credit, both the loans that are on the market and credit limits given to approved borrowers who have not yet placed loan requests on the market. All credit limits expire after 14 days." so they should already be counted.
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Post by geoffrey on Aug 12, 2014 11:35:18 GMT
Surely some borrowers will have credit ratings good enough for automatic approval procedures. Certainly Wonga et al (not to tar the much more benign RS with the same brush) can approve loans more or less instantly for the right candidates. I seem to remember Zopa having some going through this way too (but my memory is hazy on this -- correct me anyone if I'm wrong).
On a related point, as commented on another thread, the demand figures RS publishes seem very unreliable. At least the projected matches for the next 24 hours almost NEVER equal (or are less than) the reported matches for the previous 24 hours. Unless a lot of approved borrowers are refusing to take loans at these rates, or are taking smaller loans than expected within their credit limits, the demand figures should be taken with a very large pinch of salt (pending explanation from RS, which they have so far, despite repeated requests, declined to comment on).
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spiral
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Post by spiral on Aug 12, 2014 15:05:33 GMT
Surely some borrowers will have credit ratings good enough for automatic approval procedures.
On a related point, as commented on another thread, the demand figures RS publishes seem very unreliable. At least the projected matches for the next 24 hours almost NEVER equal (or are less than) the reported matches for the previous 24 hours. I agree, projections are exactly that and can go up or down, but demand figures are (or should be) real data based on actual numbers that are known and in the system. Not sure about automated approvals though, my first thought on that was if it did occur, those people would immediately take their loan, not sit on the fence as an approved but not yet taken loan.
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Post by westonkevRS on Jun 12, 2015 19:21:00 GMT
I assume RS don't approve loans on a Sunday so how do the numbers increase? Yesterday eve the 5yr market had 1.907m approved, tonight that figure is 1.929m. There was also 85.2 thousand matched in the last 24 hours so a total of 107K of approvals occured in the last 24 hours. Actually yes, for around 12 months now the underwriting team has been a 7 day operation. We have multiple underwriters working Saturday and Sunday, it ensures a better customer experience and more consistent queue management. @ westonkevRSwww.linkedin.com/profile/view?id=19236219
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oldgrumpy
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Post by oldgrumpy on Jun 14, 2015 22:41:27 GMT
Well done them!!!! They got my early morning dump today (Sunday) lent at 6.8%  |
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adrianc
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Post by adrianc on Jun 15, 2015 7:27:03 GMT
Well done them!!!! They got my early morning dump today (Sunday) lent at 6.8% Eww. Just... eww.
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