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Post by Ace on Aug 29, 2020 17:51:02 GMT
Does anyone understand what the "Auction Status" box on AC's pipeline loans refers to? (Currently showing on loan 1281's loan page). I did search the AC faqs for "auction", but no results.
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cb25
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Post by cb25 on Aug 29, 2020 18:40:33 GMT
Perhaps it'll be like the early days in FC, i.e. the loan will be set by the lenders (assuming they bid enough to fund the loan).
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 29, 2020 19:21:38 GMT
A solution for MLA only new loans perhaps?
You can no longer pre-subscribe to pipeline loans due to FCA guidance.
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iRobot
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Post by iRobot on Aug 29, 2020 19:57:34 GMT
There's a section in the T&Cs titled: 7. The Auction Process -- can't guarantee they're one and the same though... Also, searching the AC boards for "auction" throws up a number of posts relating to loan launch and / or pre-launch -- quite a few of these mention underwriters / underwriting. Might be useful to reverse the search and primarily look for underwriters / underwriting and then try to hook into an 'auction' angle. NB: I don't have access to the restricted AC board, so it may be large-as-life and explained seven-ways-'til-Sunday in there!  |
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dead-money
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Post by dead-money on Aug 29, 2020 20:06:09 GMT
Nothing in private board, this thread gives some background.
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Post by Jack Barlow on Aug 29, 2020 20:08:29 GMT
It's referring to an upcoming underwriters' auction.
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dead-money
Rocket to the Moon
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Post by dead-money on Aug 29, 2020 20:11:04 GMT
There's a section in the T&Cs titled: 7. The Auction Process -- can't guarantee they're one and the same though... Also, searching the AC boards for "auction" throws up a number of posts relating to loan launch and / or pre-launch -- quite a few of these mention underwriters / underwriting. Might be useful to reverse the search and primarily look for underwriters / underwriting and then try to hook into an 'auction' angle. NB: I don't have access to the restricted AC board, so it may be large-as-life and explained seven-ways-'til-Sunday in there! One wonders when version 7.5 of the T&Cs appeared on the website or it was last modified...
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cb25
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Post by cb25 on Aug 29, 2020 20:33:04 GMT
There's a section in the T&Cs titled: 7. The Auction Process -- can't guarantee they're one and the same though... Also, searching the AC boards for "auction" throws up a number of posts relating to loan launch and / or pre-launch -- quite a few of these mention underwriters / underwriting. Might be useful to reverse the search and primarily look for underwriters / underwriting and then try to hook into an 'auction' angle. NB: I don't have access to the restricted AC board, so it may be large-as-life and explained seven-ways-'til-Sunday in there! "9. When sufficient Bids have been entered to fund a Loan in full, the Auction will then close."
So, not like FC in the early days. In that case, all bids were accepted regardless of rate requested whilst the loan amount hadn't been reached. Once the loan amount had been reached, bids were only successful if they were lower than one of the earlier bids, which they then replaced. A better system imo than the one suggested here.
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Post by Ton ⓉⓞⓃ on Aug 30, 2020 7:20:45 GMT
It's referring to an upcoming underwriters' auction.
As I remember it loans were often fully underwritten by professional underwriters, the loans were then opened for bids from us; the retail lenders, we might make up any short fall in underwriting, then as more bids from us came in we would steadily push out the underwriters of the loan. At some point very soon after this the loan would be drawn by the Borrower. There were also Shadow bids, which were placed early. There were lots of variations and changes as time went by. The key thing being; this was done before there were any AA accounts which we now understand to be doing the "underwriting". Underwriters (and perhaps shadow bids from us?) were doing what the AA's have been doing til recently.
After drawdown the underwriters normally put up their whole holding for sale immediately and it might takes hours, days or weeks or even months for that to be sold.
It was a comfort to some as it was felt that if underwrites had funded it they must have done their own DD on loans etc. Personally I didn't really rate their DD as from time to time you could see what I took to be underwriters questions asked of AC, similar to as we do now. I was often not impressed by the quality of their questions.
I probably missed out quite a bit, but that's the essence of what used to happen.
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iRobot
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Post by iRobot on Aug 30, 2020 7:38:10 GMT
One wonders when version 7.5 of the T&Cs appeared on the website or it was last modified... It was there in March 2015 - possibly before but Wayback is slooooow this evening and I got bored 
Scratch that. I misread "version 7.5" as 'clause 7.5'. Last Wayback capture of version 7.4 was July 13th, 2020 and the first capture of 7.5 was 12th of August. So sometime between those two dates. 7.5 seems to be the addition of the section 9 defining the AAMP and some amendments to section 8 to also reflect that addition. Edit: there are no changes between the last saved version of 7.5 and the 'live' one as far as I (or, more accurately, MS-Word) can see. 
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