oldgrumpy
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Post by oldgrumpy on Jan 30, 2014 15:56:09 GMT
Working OK for me in the last couple of days.
Incidentally, if you are selling 2223 following "late" payment and WACTB etc, they actually paid on time, but the payment was a few p short and the "system" has taken 17 days* to correct it. I have asked FC to make this clear on the borrower's payment page.
*correction, 23 days to sort out. It was 17 days from the WACTB message.
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mikeb
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Post by mikeb on Jan 30, 2014 18:54:57 GMT
they actually paid on time, but the payment was a few p short and the "system" has taken 17 days* to correct it. The "system" can't cope with partial payments, so the whole payment has to be held up for the want of a penny or three. This happens where a lender conciously makes a part payment, which FC receive, but then have to sit on until enough partials arrive to "run a payment". It looks like in this case the underpayment was accidental, so even less fair on the borrower to have it marked as "late"! I like that you put "system" in quotes, it's almost as if you don't believe there IS a system 
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Post by batchoy on Jan 30, 2014 20:38:21 GMT
Working OK for me in the last couple of days. Incidentally, if you are selling 2223 following "late" payment and WACTB etc, they actually paid on time, but the payment was a few p short and the "system" has taken 17 days* to correct it. I have asked FC to make this clear on the borrower's payment page. *correction, 23 days to sort out. It was 17 days from the WACTB message. Personally I think it is perfectly reasonable to mark the payment as late if it is incomplete, whether it was deliberate or inadvertent part of the payment no matter how small is still late. After a recent change it is now standard practice over on IsePankur to mark a payment late if it is a few euro cents short, despite the bulk of the payment being paid on time. The borrower is then be subject to warning letters until such time as the outstanding part of the payment is settled, plus the borrower gets stung for penalty fees which are passed on to borrowers.
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oldgrumpy
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Post by oldgrumpy on Jan 30, 2014 21:12:00 GMT
Working OK for me in the last couple of days. Incidentally, if you are selling 2223 following "late" payment and WACTB etc, they actually paid on time, but the payment was a few p short and the "system" has taken 17 days* to correct it. I have asked FC to make this clear on the borrower's payment page. *correction, 23 days to sort out. It was 17 days from the WACTB message. Personally I think it is perfectly reasonable to mark the payment as late if it is incomplete, whether it was deliberate or inadvertent part of the payment no matter how small is still late. After a recent change it is now standard practice over on IsePankur to mark a payment late if it is a few euro cents short, despite the bulk of the payment being paid on time. The borrower is then be subject to warning letters until such time as the outstanding part of the payment is settled, plus the borrower gets stung for penalty fees which are passed on to borrowers. Yes, all very efficient and correct, but I, as a lender don't want to be given the impression that this borrower is more than three weeks late with his payment when most of the delay in resolving the inadvertent minor underpayment is actually a glitch in FC's system (they have acknowledged that). I believe several lenders having been selling their loan parts (as policy following late repayments) as I nearly did, but probably they didn't need to.
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Post by batchoy on Jan 30, 2014 21:30:20 GMT
The problem is how do you determine that something untoward might be building if an under payment is not flagged as a late payment. I tend to use a 3 strike policy on part payments particularly if they occur on consecutive repayments and there is no variation in the repayment amounts.
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oldgrumpy
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Post by oldgrumpy on Jan 31, 2014 8:07:59 GMT
If FC can say in one note recently that a 50% part payment has been received, they can say in another note that a 99.5% part payment (probably a manual payment error) has been received, not just WACTBFP.
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Post by GSV3MIaC on Jan 31, 2014 8:24:17 GMT
Fc limit comment words as if they were a dollar each. This might make some sense since each time you visit your summary page, they extract and send you ALL your comments. I was amazed .. they are there but hidden. I had assumed they were not sent unless you asked for them.
Ditto auction pages .. ALL the detail stuff us sent each time, just hidden away until you tab it. Good job bandwidth is infinite and free.
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pikestaff
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Post by pikestaff on Feb 10, 2014 7:53:52 GMT
The secondary market may be open, but there don't seem to be many buyers. I'm in the process of selling of my FC portfolio. For the first time ever, I am struggling to sell C loan parts at par. They are paying 2-3 tenths under current rates but this has not been an issue in the past. Any one else having this problem?
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jimbo
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Post by jimbo on Feb 10, 2014 9:24:59 GMT
Fortunately not. I dumped most of my sub-MBR C-rate loans at par last week.
Possibly, they've changed Autobid to stop people doing what I did, but there does seem to be a shortage of surplus cash on FC at the moment, so I'd personally put it down to that...
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blender
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Post by blender on Feb 10, 2014 9:29:39 GMT
Yes, sale of loan parts at par is slow, even well above MBR. I am selling a B at 9.3% at par (£90 loan parts) and it is much slower than usual.
I think that FC have quite some flexibility in when and how Autobid operates. A few months ago they changed an algorithm to make the autobid money more of a percentage of the size of loans at auction, to help fund the larger loans. I suspect they also have some control over the balance between the primary and secondary markets, perhaps separate runs for each which can be scheduled differently. This would allow Autobid to favour the primary or secondary markets when needed according to market conditions. Well, that's what I would have designed in. If so then at present I, as FC, would be turning the Autobid preference hard to the primary side.
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oldgrumpy
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Post by oldgrumpy on Feb 10, 2014 10:08:16 GMT
Over the last couple of months I have been selling my lowest rate loan parts in tranches of 10-20 at a time, at par, a couple of times a week. Most of these are(were) £20 units at way below current MBR. They went within a day or so - often within an hour. Last week I had to wait a couple of days, my latest group has been almost untouched for four days. I too suspect FC are tweaking, but (like Zopa) they don't actually want us to know how.
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blender
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Post by blender on Feb 10, 2014 10:38:09 GMT
... I too suspect FC are tweaking, but (like Zopa) they don't actually want us to know how. Agreed, any such tweaking would be considered by many lenders as interfering with the market - but that is unavoidable with a robot purchaser such as Autobid, which accounts for about half of the purchases, and necessary IMO.
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oldgrumpy
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Post by oldgrumpy on Feb 10, 2014 12:27:23 GMT
I wonder whether FC have switched off auto-bid on the secondary market so that available funds go to the new loans. There are 21 new loans listed as not fully funded and due to finish in the next three days. If FC is doing this they should announce it on the site so that all members can act accordingly, and if they wish, stop (temporarily) spend time trying to sell their loan parts.
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blender
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Post by blender on Feb 10, 2014 13:17:11 GMT
I doubt they would completely switch off Autobid on the secondary market, just schedule its runs less favourably or change a priority order somewhere. The slow rate at which new loans are filling is a concern and the next reduction of funding might be the HMG money. There was £20M total which started on 25th March at 20% and was reduced from 1st November to 10%. Since it started about £130M of loans have been agreed. We must very soon hit the point at which the amount will be tapered to 5% to eke it out further. I doubt that there will be a further tranche, or certainly not one in which FC gets treated favourably compared with the rest.
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markr
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Post by markr on Feb 10, 2014 14:05:41 GMT
I put a cluster of loan parts up for sale at par this morning, all the MBR C- loans were snapped up by the same person within seconds (autobid or bid-bot, you decide), but nothing else has gone yet. Admittedly most of the other stuff is sub-MBR A loans, but there's some above MBR ones that haven't gone.
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