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Post by bracknellboy on Jun 21, 2015 6:28:50 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. I guess its a matter of personal opinion as to whether members should 'expect' or 'deserve' a response over the weekend from a platform, or indeed a platform which does not 'officially' post on here but does have an enthusiastic employee as a forum member.
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Post by westonkevRS on Jun 21, 2015 7:46:02 GMT
I'll ask Tuesday when I'm back. But there has definitely not been any manual intervention. Hopefully everyone's money has been matched, so no damage done. If anyone is especially stressed and didn't get their money matched and lent, they can always use the official Customer Services route which was open Saturday and will open 9am Monday. The only thing I can think that coincides is customers reacting to the change in "Your Rate". This is the only thing that has occurred recently that I think has happened of importance and I'm not a believer in (non-statistical) coincidence. This could be lenders on this forum removing their setting or more likely other lenders reacting to our email to remove their Your Rate setting. I'm unsure technically what happens in either case, but perhaps turning it off "unstrands" money that jumps to the front. I did count the number and value of YR set money on Friday (and at what rate) which I'll rerun and compare Tuesday. I will be able to identify if a log of YRs were removed in the 3 year market. @ westonkevRS
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locutus
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Post by locutus on Jun 21, 2015 8:01:35 GMT
Sorry Kev - I just reread my comment and realised how unreasonable it sounded. I meant to say that I appreciate it is the weekend and as a result, we don't expect full responses immediately. However, when you get to work next week and have time to look into this during normal hours, we would really appreciate some answers to the relatively simple questions that have been posed in this thread by various users.
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oldgrumpy
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Post by oldgrumpy on Jun 21, 2015 8:30:30 GMT
Why aren't there nearly always borrower offers, both below and above the lender offers? Is demand for our cash slack? Does RS invite prospective borrowers who are not in a hurry to make an offer if they don't want to pay the prevailing bottom rate? When a six figure borrower(s) offer is flagged up at 0.2% below the bottom lender rate, then gradually reduces over an hour or so while no lender money is on offer at a low enough rate, does that mean that tens of thousands of £ cash is being provided in short time by lenders at that lower rate, or is there another source of funds RS can call upon to allow that business to progress? How can I (as a borrower) gobble up that £28K outlier still available at 6.2% today, cos I want to lend it out next Thursday at 6.9%? If that £30K ish lump at 6.2% remains until tomorrow morning, I wonder what tomorrow's MR will be, because there's almost nothing else up to 6.7%, then £48K at 6.8%. Will MR be 6.2%, which is a helluva fall, or 6.8% (which will include the remants of last Friday's 6.9%MR unmatched)? (cross posted with about the last four above.... didn't even see brackers's post cos I went off for more tea ... have a nice day Kev )
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oldgrumpy
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Post by oldgrumpy on Jun 22, 2015 7:28:48 GMT
OG: "If that £30K ish lump at 6.2% remains until tomorrow morning, I wonder what tomorrow's MR will be, because there's almost nothing else up to 6.7%, then £48K at 6.8%. Will MR be 6.2%, which is a helluva fall, or 6.8% (which will include the remants of last Friday's 6.9%MR unmatched)?" Yep. 6.2% MR. Only £172K in the Q before the 6.8% funds start to be matched. A bad few days for MR lenders, dumped at 6.9% last Friday, unmatched all weekend, then splattered into 6.2% Monday, probably all lent out, with YR lenders up to 6.5%-6.8% being in business for most of this afternoon. (Yes my rate is still 6.8%, untainted by the almost historical system today )
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Post by beegee on Jun 22, 2015 11:32:53 GMT
Another ~£100k dropped in at 6.2%. That'll keep MR down for a while!!
OOPs meant 6.3%
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Post by bobthebuilder on Jun 23, 2015 2:34:36 GMT
To save westonkevRS the trouble of investigating further the original question asked in this thread (why borrow requests at 6.0% were showing as unmatched when there were lender offers at rates lower than that), here's the reply I received from Customer Services:
"In regards to the Borrower orders you seen on the 3 Year Market, there was a display glitch which caused the market to appear incorrect.
We had a large commercial order that was matched but due to the glitch a duplicate order appeared as if it wasn’t matched. That was showing at 6% but whilst that was still showing as unmatched there were funds placed on the market at 6% and below that were showing as unmatched.
Just to emphasise, there was no issue in the matching process, it was an error solely on the market view and the display of the Borrower Orders. The Technical Team have looked at it and resolved the issue."
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locutus
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Post by locutus on Jun 23, 2015 6:56:13 GMT
To save westonkevRS the trouble of investigating further the original question asked in this thread (why borrow requests at 6.0% were showing as unmatched when there were lender offers at rates lower than that), here's the reply I received from Customer Services:
"In regards to the Borrower orders you seen on the 3 Year Market, there was a display glitch which caused the market to appear incorrect.
We had a large commercial order that was matched but due to the glitch a duplicate order appeared as if it wasn’t matched. That was showing at 6% but whilst that was still showing as unmatched there were funds placed on the market at 6% and below that were showing as unmatched.
Just to emphasise, there was no issue in the matching process, it was an error solely on the market view and the display of the Borrower Orders. The Technical Team have looked at it and resolved the issue."
I had the exact same response but I'm afraid it doesn't answer all the questions posed in this thread and something is still not correct. In fact, putting this all down to a display problem sounded like I was being fobbed off. I will be speaking to customer services again this morning and would still appreciate it if Kev finds anything else out. For me, a display glitch might explain the image in the original post but it doesn't explain why I and others were seeing last matched rates (with timestamps) of 6% when we had money on the market at 5.9%. Additionally, no one has yet told me whether the data in the Market View panel is real time or delayed.
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oldgrumpy
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Post by oldgrumpy on Jun 23, 2015 8:11:24 GMT
Display problem?
Last night was odd too. Towards midnight I was in the Q at £230K at YR 6.8% - good result for a Monday. There was about £40K in at 6.2%, and other amounts spread upwards. About £350K of borrower offers were displayed at 6.1%
This morning, lo and behold, almost all that £350K 6.1% borrower offer has evaporated. My £500+ which was at 6.8% has been matched dated today (very surprised), so over £230K of matches were made between midnight and 8:30 this morning - now that is not normal transaction behaviour.
What is displaying needs to reflect actuality quite closely, within a few minutes, because it affects actions people take when choosing lending rates for their money.
edit: ...and was this morning's 5yr Market Rate set at 6.9%? I can't see much below it, though YR for me was set at 6.8% (exactly what I specified) so that would mean the new YR rules have already been applied, not left untill tomorrow.
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david42
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Post by david42 on Jun 23, 2015 14:26:49 GMT
Display problem? Last night was odd too. Towards midnight I was in the Q at £230K at YR 6.8% - good result for a Monday. There was about £40K in at 6.2%, and other amounts spread upwards. About £350K of borrower offers were displayed at 6.1%
This morning, lo and behold, almost all that £350K 6.1% borrower offer has evaporated. My £500+ which was at 6.8% has been matched dated today (very surprised), so over £230K of matches were made between midnight and 8:30 this morning - now that is not normal transaction behaviour. What is displaying needs to reflect actuality quite closely, within a few minutes, because it affects actions people take when choosing lending rates for their money. edit: ...and was this morning's 5yr Market Rate set at 6.9%? I can't see much below it, though YR for me was set at 6.8% (exactly what I specified) so that would mean the new YR rules have already been applied, not left untill tomorrow. I also got some 6.8% matches just before 8am. It matched my left over offers from the rate peak that failed to materialise on Sunday. Yippee. The rate trends tab says today's 5 year market rate was set at 6.2%. So that would explain why your YR was left at 6.8% under the old rules.
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locutus
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Post by locutus on Jun 23, 2015 14:37:48 GMT
An update. I spoke to customer services with the following 3 questions.
Q1 - What is the explanation for the screenshot originally posted. A1 - It is a display glitch.
Q2 - How up to date is the information in the Market View panel. A2 - It is real time. Once money is matched, it is removed from the view.
Q3 - Why was I seeing money being matched in the Last Matched Rates panel (with timestamps) at 6% when I had money on offer for 5.9%. I mentioned that others on this thread had reported similar anomalies. A3 - The person I spoke to will need to speak to the technical team to trawl through the figures and establish if any money was matched at 6% whilst I had money on offer at 5.9%. This could take a couple of days.
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oldgrumpy
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Post by oldgrumpy on Jun 23, 2015 15:43:13 GMT
Borrower offers are building up at 6.6% at this moment, and matches are being made at that rate, while the >6.6% lender money is "resting". Does anyone know exactly how borrowers (or RS) decide what their offer will be, when the actual lender money availability can fluctuate widely in just a few hours, even minutes?
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Post by westonkevRS on Jun 23, 2015 17:39:36 GMT
Borrower offers are building up at 6.6% at this moment, and matches are being made at that rate, while the >6.6% lender money is "resting". Does anyone know exactly how borrowers (or RS) decide what their offer will be, when the actual lender money availability can fluctuate widely in just a few hours, even minutes? Grumpy, The borrower orders can remain on the Market as offers even after they have been filled for a period of time set by RateSetter. Technically this could be up until the money has to be paid out, usually the next day at 4pm unless they've paid for same day money. This could entice a lender to lower their offer if they looked on the left of the Market, although I don't think anyone does. This period of offer time was recently extended from the traditional 30mins and hence why recently you've seen a lot more borrower orders than before and sometimes the display will look strange if the markets have quickly moved downwards. It is only a display thing though. @ westonkevRS
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Post by westonkevRS on Jun 23, 2015 17:56:00 GMT
To save westonkevRS the trouble of investigating further the original question asked in this thread (why borrow requests at 6.0% were showing as unmatched when there were lender offers at rates lower than that), here's the reply I received from Customer Services:
"In regards to the Borrower orders you seen on the 3 Year Market, there was a display glitch which caused the market to appear incorrect.
We had a large commercial order that was matched but due to the glitch a duplicate order appeared as if it wasn’t matched. That was showing at 6% but whilst that was still showing as unmatched there were funds placed on the market at 6% and below that were showing as unmatched.
Just to emphasise, there was no issue in the matching process, it was an error solely on the market view and the display of the Borrower Orders. The Technical Team have looked at it and resolved the issue."
I had the exact same response but I'm afraid it doesn't answer all the questions posed in this thread and something is still not correct. In fact, putting this all down to a display problem sounded like I was being fobbed off. I will be speaking to customer services again this morning and would still appreciate it if Kev finds anything else out. For me, a display glitch might explain the image in the original post but it doesn't explain why I and others were seeing last matched rates (with timestamps) of 6% when we had money on the market at 5.9%. Additionally, no one has yet told me whether the data in the Market View panel is real time or delayed. Hi guys, I checked with the system guys and spoke to the Customer Services team that have been trying to answer your questions. And I feel for them because the answer is quite technical. It basically only relates to large orders, which are processed slightly differently behind the scenes. It truely doesn't impact lenders matching rates, but does display some weird results. The reason is because loans must be matched within 30mins or the process times out. If you take a loan with RateSetter you get this strange process where you accept the offer and then says you are being matched with lenders. This loan formation actually usually takes around 15-20mins, and so if a borrower checks the status in between it says they are "being matched". The large loans (basically anything above around £25k) have a large chance of being timed-out so the system "force fills" the loan and makes several updates to the databases instead of only one. During this tooing and froing the Market will show some strange results. This "glitch" was known about before but wasn't noticed before and so hasn't been given a priority to fix especially as it is "only a display issue". I think also this has been compounded by the increased display time for borrower offers, and lenders eagle eyed anticipation of the changes to MR and YR. There is an element of trust here. And for lenders without any YR complications I'm pretty sure everyone had their money matched at the MR or a reasonable offer. Based on the obvious distress this "display glitch" has caused people on this forum, this "feature" will be getting corrected. I'm unsure of time-scales though. @ westonkevRS
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woodie
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Post by woodie on Jun 23, 2015 20:19:13 GMT
Not sure I understood much of the above post, but I'm happy to take Kev's word that RS are on the straight and narrow
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