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Post by chris on Jan 20, 2016 9:10:40 GMT
I don't really understand why the release of new loans on the site is now conditional to making some functionality changes on the new loan listing page. Surely, the old page can still work, and functionality releases can be kept separate (unless I have missed something, in term of the new loans being dramatically different in structure)? I don't really understand either why suddenly, all new loans have to be released at once, in one block. Doesn't really matter if new loans are delayed by a couple of days, but if you make some very firm commitments on dates and then miss those, it starts looking a bit amateurish. Having looked around the site, there is no section about communication about the site itself, in term of volume of loans or new functionality (the blog does not cover those), so in term of communication, I think the site is still missing a news section, maybe with some key messages on the dashboard page. We're a cheery old soul aren't we. Every item on the list is either not clickable, in which case there is no dependency, or you can click it to view the loan. We're discussing when to include things like the Q&A tab and security detail tab as these can be subject to change throughout the drawdown period of the loan rendering much of the early answers and details inaccurate by the time the loan draws. That necessitates changes to the loan details screen. Until that is agreed I can't set the list live. I have, however, published the list above so lenders can see that it does exist! In terms of on site communication it isn't as easy as you perhaps think as we're a regulated business and the site is a regulated financial promotion which means to be fully compliant every single piece of content we post needs to be checked and signed off by our compliance officer. I appreciate other sites aren't necessarily as fastidious about regulatory compliance however our team have a long history of dealing with the FCA and their predecessors and know the dangers of not having proper procedures in place. This regulation covers all manner of things, even dictating font sizes and positioning on the page of the risk warnings that must accompany any inducement to invest. We're working on solutions to improve the on site communication that will be released over the coming weeks and months but there's no quick fix and I, and the rest of the technical team, need sign off from several other sections of the business at every step.
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Post by dolphin on Jan 20, 2016 9:41:00 GMT
Shouldn't the loan amounts be shown to 20 decimal places.
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ton27
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Post by ton27 on Jan 20, 2016 9:51:34 GMT
Chris,
Thanks for the information on the loans - given the recent drought it is looking good and I, personally, am willing to wait until AC get the list into a state with which they are happy.
Looking forward to being able to invest some of the cash currently sitting in the QAA.
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Post by chris on Jan 20, 2016 11:12:47 GMT
Chris, Thanks for the information on the loans - given the recent drought it is looking good and I, personally, am willing to wait until AC get the list into a state with which they are happy. Looking forward to being able to invest some of the cash currently sitting in the QAA. Spec has been agreed, trying to get it coded and released today.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Jan 20, 2016 12:25:49 GMT
Chris, Thanks for the information on the loans - given the recent drought it is looking good and I, personally, am willing to wait until AC get the list into a state with which they are happy. Looking forward to being able to invest some of the cash currently sitting in the QAA. Spec has been agreed, trying to get it coded and released today. Fingers crossed for smooth release. Also kudos to you chris for all your efforts. It's been recognized  . AC got some of my votes in the unofficial P@P awards on this forum. The list looks impressive. But it would be nice if we had also a column with estimated drawdowns. Will all of them go in the next week or 2 or is is a plan for this quarter or year?
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Post by chris on Jan 20, 2016 12:29:38 GMT
Spec has been agreed, trying to get it coded and released today. Fingers crossed for smooth release. Also kudos to you chris for all your efforts. It's been recognized . AC got some of my votes in the unofficial P@P awards on this forum. The list looks impressive. But it would be nice if we had also a column with estimated drawdowns. Will all of them go in the next week or 2 or is is a plan for this quarter or year? The average time between a loan entering that list and drawing down is stable at around 52/53 days, and has been for several months even if there can be large fluctuations on individual loans. We expect most of those on that list to draw within January / February, although some could slip and others could be added including some at short notice. What has been agreed is that there will be no estimated draw down until our internal prediction is that the draw down is two weeks away, at which point a drawdown month will be shown (e.g. Jan or Feb) - it's at this stage the Q&A will be activated and any documents saved against the loan will be visible. Then once funds have been called and drawdown is imminent (2 - 5 days away) a precise date will be given. It's worth noting that even then the loan may still be delayed or may never draw. Legal process is still being worked on until the point of draw down with some final items, such as carrying out a bankruptcy search, not being done until the day of drawdown. This list is being provided as a convenience to lenders to give an indication of upcoming deals.
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Post by Butch Cassidy on Jan 20, 2016 12:38:33 GMT
Fingers crossed for smooth release. Also kudos to you chris for all your efforts. It's been recognized . AC got some of my votes in the unofficial P@P awards on this forum. The list looks impressive. But it would be nice if we had also a column with estimated drawdowns. Will all of them go in the next week or 2 or is is a plan for this quarter or year? The average time between a loan entering that list and drawing down is stable at around 52/53 days, and has been for several months even if there can be large fluctuations on individual loans. We expect most of those on that list to draw within January / February, although some could slip and others could be added including some at short notice. What has been agreed is that there will be no estimated draw down until our internal prediction is that the draw down is two weeks away, at which point a drawdown month will be shown (e.g. Jan or Feb) - it's at this stage the Q&A will be activated and any documents saved against the loan will be visible. Then once funds have been called and drawdown is imminent (2 - 5 days away) a precise date will be given. It's worth noting that even then the loan may still be delayed or may never draw. Legal process is still being worked on until the point of draw down with some final items, such as carrying out a bankruptcy search, not being done until the day of drawdown. This list is being provided as a convenience to lenders to give an indication of upcoming deals. Great news - I'm glad to see that common sense has prevailed; always the best policy to do the correct thing even, if it generates some moaning/complaining  .
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sl75
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Post by sl75 on Jan 20, 2016 12:45:45 GMT
What has been agreed is that there will be no estimated draw down until our internal prediction is that the draw down is two weeks away, at which point a drawdown month will be shown (e.g. Jan or Feb) - it's at this stage the Q&A will be activated and any documents saved against the loan will be visible. Then once funds have been called and drawdown is imminent (2 - 5 days away) a precise date will be given. Sounds good in terms of system design to avoid creating false expectations over an exact drawdown date... The main thing that the admin team will need to avoid is reaching the final week of a month, and having the drawdown still indicate that specific month (for that reason, I'd personally have favoured a technical solution that gives a relative indication rather than an absolute one for loans that are "close, but with no specific date yet", as then there doesn't need to be an explicit "this has slipped into the next month" action, [nor indeed an explicit action to "bring forward" a loan that had indicated next month, but turns out the paperwork was ready in time to draw down by the final day of the current month]).
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SteveT
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Post by SteveT on Jan 20, 2016 12:57:11 GMT
Indeed. "Next [8/6/4/2] weeks" seems a better bet up to the point a specific date is predicted.
This could be combined with a calendar-driven system prompt to the account managers along the lines of "Is this loan ready to be changed to 'Next [6/4/2] weeks' ?"
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Post by chris on Jan 20, 2016 13:50:11 GMT
Indeed. "Next [8/6/4/2] weeks" seems a better bet up to the point a specific date is predicted. This could be combined with a calendar-driven system prompt to the account managers along the lines of "Is this loan ready to be changed to 'Next [6/4/2] weeks' ?" We'd then get complaints if those dates didn't count down as predicted or if they went back up. We're using the same expected drawdown date as is used for internal reporting so the sales team should be all over that date and sanity checking it every couple of days.
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Post by chris on Jan 20, 2016 13:51:19 GMT
What has been agreed is that there will be no estimated draw down until our internal prediction is that the draw down is two weeks away, at which point a drawdown month will be shown (e.g. Jan or Feb) - it's at this stage the Q&A will be activated and any documents saved against the loan will be visible. Then once funds have been called and drawdown is imminent (2 - 5 days away) a precise date will be given. Sounds good in terms of system design to avoid creating false expectations over an exact drawdown date... The main thing that the admin team will need to avoid is reaching the final week of a month, and having the drawdown still indicate that specific month (for that reason, I'd personally have favoured a technical solution that gives a relative indication rather than an absolute one for loans that are "close, but with no specific date yet", as then there doesn't need to be an explicit "this has slipped into the next month" action, [nor indeed an explicit action to "bring forward" a loan that had indicated next month, but turns out the paperwork was ready in time to draw down by the final day of the current month]). For that scenario to happen we'd need to be in the final two weeks of the month in which case we're displaying a specific draw down date anyway.
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bg
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Post by bg on Jan 20, 2016 14:00:21 GMT
Sounds good in terms of system design to avoid creating false expectations over an exact drawdown date... The main thing that the admin team will need to avoid is reaching the final week of a month, and having the drawdown still indicate that specific month (for that reason, I'd personally have favoured a technical solution that gives a relative indication rather than an absolute one for loans that are "close, but with no specific date yet", as then there doesn't need to be an explicit "this has slipped into the next month" action, [nor indeed an explicit action to "bring forward" a loan that had indicated next month, but turns out the paperwork was ready in time to draw down by the final day of the current month]). For that scenario to happen we'd need to be in the final two weeks of the month in which case we're displaying a specific draw down date anyway. I'd be careful about putting months or dates (at least until drawdown was a near certainty). I think it would be better (in terms of people moaning) to just use a descriptive word(s) like "imminent", "pending" or "awaiting final legals". That way you are not tied into any particular day.
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investibod
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Post by investibod on Jan 20, 2016 14:24:26 GMT
What has been agreed is that there will be no estimated draw down until our internal prediction is that the draw down is two weeks away, at which point a drawdown month will be shown (e.g. Jan or Feb) - it's at this stage the Q&A will be activated and any documents saved against the loan will be visible. Then once funds have been called and drawdown is imminent (2 - 5 days away) a precise date will be given. Sounds like a pretty fair way to do things. You give the information when you have a reasonable certainty that it is right, but without waiting until the last moment. My one reservation would be the edge case of when a loan is expected to draw down at the end on one month or the start of the next. e.g. if a loan was expected to draw down around 29 Feb/1 Mar which month would you show? Whichever you pick you have a 50:50 chance of being wrong. I am not saying that I have a better solution, but maybe somebody has. I do not know it technically you could display Feb/Mar, or you have to show just one month.
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oldgrumpy
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Post by oldgrumpy on Jan 20, 2016 14:48:26 GMT
chris When you have decided exactly what guideline dates are to be displayed you should place an blanket comment to the effect that dates may and do change because of external agency inefficiency/efficiency and that no (time consuming) interaction in Q & A or the forum will be entered into on the subject of those guideline dates. (Unless errors are spotted ). You (and the team) really have more important things to do rather than constantly attending to the forum.
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Post by chris on Jan 20, 2016 14:53:20 GMT
chris When you have decided exactly what guideline dates are to be displayed you should place an blanket comment to the effect that dates may and do change because of external agency inefficiency/efficiency and that no (time consuming) interaction in Q & A or the forum will be entered into on the subject of those guideline dates. (Unless errors are spotted ). You (and the team) really have more important things to do rather than constantly attending to the forum. Already being covered. There will be a block of text stating something along those lines at the top of the Q&A tab and any questions on the subject will just be deleted.
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. AC got some of my votes in the unofficial P@P awards on this forum.
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