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Post by robinshould on Jun 23, 2015 20:40:17 GMT
I've been quiet on this forum for a while but have been keeping up with events. This forum is very important for me in developing trust with Ratesetter and Kev's active participation is a major part of that. The active members may be tough 'customers' for Kev but in the end a business benefits hugely from listening and responding to its most demanding clients. Thanks to all the contributors!
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Post by p2plender on Jun 23, 2015 21:32:49 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 likewise. As ever, thanks for the input Kev.
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locutus
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Post by locutus on Jun 23, 2015 21:58:17 GMT
Yes Kev I believe an explanation is due. I logged on at about 08.30 to 08.40 to see two different timed matches at 6.0% only to find my ( and Mrs Woodie's ) offers at 5.9% still standing. Woodie, how does Kev's explanation account for what you reported above? This is the part that is still not making sense to me.
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Post by westonkevRS on Jun 24, 2015 5:18:56 GMT
Yes Kev I believe an explanation is due. I logged on at about 08.30 to 08.40 to see two different timed matches at 6.0% only to find my ( and Mrs Woodie's ) offers at 5.9% still standing. Woodie, how does Kev's explanation account for what you reported above? This is the part that is still not making sense to me. I suspect your order was filled within the large loan and the display wasn't reflecting this because of the database tooing and froing between with updates, that are also used to display the offers. If you DM (or post here as it's anonymous) the contract number associated with this 5.9% I can confirm if it was part of the larger loan and therefore if my thesis above is correct. Of course this would mean you could have got 6.0% if you'd placed an order at this level because the large loan was made up of multiple parts, including 5.9% and 6.0%... @ westonkevRSlink.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219
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woodie
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Post by woodie on Jun 24, 2015 8:53:32 GMT
Well locutus I did admit I didn't fully understand Kevin's explanation.
I thought that because there had been a large commercial order to borrow and somehow it was duplicated, the 'system' went into meltdown and showed incorrect information in the left hand panel showing recent matches. Further I thought that we had been reassured that this didn't adversely affect lenders at 5.9% because no money had been lent out at 6%.
But Kev's last post seems to imply that money was being lent at 6% and those offering at 5.9% only needed to cancel their order and reapply at 6% to get a match.
The former is regrettable but the latter is unacceptable, it's not up to lenders to amend orders because the matching system is wonky.
I, and I think most others, would just like an assurance from RS that the panel showing recent matches is in real time and is accurate.
Sorry, must dash, got to go over to MT to get an update on the chickens
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Investor
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Post by Investor on Jun 24, 2015 9:16:41 GMT
Crystal ball time.....as it's quiet Cuurently 10:15 and there are zero borrower offers so my estimate....
Total borrower offers of c£130k to hit the market at 11:07 today at 6.5%
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Investor
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Post by Investor on Jun 24, 2015 10:57:35 GMT
Just checked back in, it's now 11:50 and there is 134K on the borrowers market at 6.6% Will just have to adjust my figures slightly but have got the measure of westonkevRS now.
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Post by westonkevRS on Jun 24, 2015 12:06:04 GMT
Well locutus I did admit I didn't fully understand Kevin's explanation.
I thought that because there had been a large commercial order to borrow and somehow it was duplicated, the 'system' went into meltdown and showed incorrect information in the left hand panel showing recent matches. Further I thought that we had been reassured that this didn't adversely affect lenders at 5.9% because no money had been lent out at 6%.
But Kev's last post seems to imply that money was being lent at 6% and those offering at 5.9% only needed to cancel their order and reapply at 6% to get a match.
The former is regrettable but the latter is unacceptable, it's not up to lenders to amend orders because the matching system is wonky. I've looked into more detail on the loan orders by locutus and the large loan in question. The large loan was actually submitted on the Wednesday 17th June 2015, and was filled and completed by the Thursday 18th June 2015 ( locutus did actually participate in this loan albeit with a smaller amount from prior to the screenshot ). This borrower was shown on the screenshot of Friday 19th June 2014, and this is the " display glitch" that has been referred to. The loan was already completed but continued to be shown for another 12 hours due to the issues mentioned. Therefore despite showing at 6.0%, and lender offers on Friday 19th June would not have been matched to this borrower at whatever rate they offered, the loan was already closed. I appreciate that lenders enjoy (and have every right) to understand the mechanics of the markets and should expect to have the reporting correct. This influences lender decisions on rate and is therefore important. Hence this " display glitch" will get fixed. But lenders should be reassured that they were not somehow excluded from being matched to the loan, it simply shouldn't have been displayed. For the record, the "last matched" rates are near real-time. I understand this is not updated until the loan has been formed which could therefore be around 20mins after acceptance by the borrower depending on the loan size. westonkevRSlink.ratesetter.com/8Ls46js www.linkedin.com/profile/view?id=19236219
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locutus
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Post by locutus on Jun 24, 2015 13:38:40 GMT
Thanks Kev. I appreciate you taking the time to look into this.
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locutus
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Post by locutus on Jun 24, 2015 13:42:26 GMT
At 8.40 the borrower offer is still there but down to 48k ish. Last matched at 6% at 8.25. there is over 100k on offer at 6% and quite a bit under 6%. I'm confused. Kev, when jonah reported that he saw the Last Matched Rate at 6% at 8.25am on 20/06/15, am I right in thinking this was part of the display glitch? If this is not the case and it was accurate, should my money being offered at 5.9% not have been fully matched before matches at 6% were appearing?
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markr
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Post by markr on Jun 24, 2015 13:44:47 GMT
But Kev's last post seems to imply that money was being lent at 6% and those offering at 5.9% only needed to cancel their order and reapply at 6% to get a match. The former is regrettable but the latter is unacceptable, it's not up to lenders to amend orders because the matching system is wonky. I don't see what's unacceptable, those lenders offered money to lend at 5.9% and it was accepted at 5.9% and they will earn 5.9%. That's how the market works, the 5.9% money is used up, then the 6.0%, then the 6.1% etc. until the borrower demand is satisfied.
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 14:13:17 GMT
But Kev's last post seems to imply that money was being lent at 6% and those offering at 5.9% only needed to cancel their order and reapply at 6% to get a match. The former is regrettable but the latter is unacceptable, it's not up to lenders to amend orders because the matching system is wonky. I don't see what's unacceptable, those lenders offered money to lend at 5.9% and it was accepted at 5.9% and they will earn 5.9%. That's how the market works, the 5.9% money is used up, then the 6.0%, then the 6.1% etc. until the borrower demand is satisfied. What is unacceptable is that it appeared that lenders were offering 5.9% and it wasn't being accepted, while money at 6.0% was... and Kevin's post (maybe) implied that the fiveniners should have been pro-active in cancelling their order to lend their money out. It should have been (and he says was) lent out first.
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markr
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Post by markr on Jun 24, 2015 15:35:56 GMT
I think "Appeared" is the operative word here. As I understand it, any 5.9 money that appeared to be getting queue jumped by 6.0 money appeared that way only because it was *already* matched and had been for several hours. Any new money placed at 5.9 would have been put in the queue as normal and been ahead of 6.0 money for any new matches. As far as I can see, the only thing anyone could be aggrieved about is that at some point it may have appeared that the best rate for an immediate match was 5.9, when in fact they could have got one at 6.0. Unfortunate, maybe, but unacceptable?
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 15:40:32 GMT
I didn't accept the rates at that time, and my cash was matched at 6.8% not many hours later . Whatever happened during Glitchgate, MR lenders had a poor deal for a couple of days. Signed Smugsygrumps ed. Oops, sorry, that was 5year - I've drifted .... 6.1%-6.9% spread there over a couple of days.
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locutus
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Post by locutus on Jun 24, 2015 15:50:31 GMT
I think "Appeared" is the operative word here. As I understand it, any 5.9 money that appeared to be getting queue jumped by 6.0 money appeared that way only because it was *already* matched and had been for several hours. Any new money placed at 5.9 would have been put in the queue as normal and been ahead of 6.0 money for any new matches. As far as I can see, the only thing anyone could be aggrieved about is that at some point it may have appeared that the best rate for an immediate match was 5.9, when in fact they could have got one at 6.0. Unfortunate, maybe, but unacceptable? My money was not matched even though I saw Last Matched at 6% with a timestamp. Same for jonah.
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