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Post by Matthew on Jul 27, 2015 20:20:25 GMT
Thread to keep forum members informed of any relevant website updates, bug fixes and new feature releases
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jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
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Post by jonah on Jul 28, 2015 20:58:36 GMT
Thread to keep forum members informed of any relevant website updates, bug fixes and new feature releases I noticed your site was down for maintenance this morning and that you've started this thread... Anything good coming up you can share? 
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Post by Matthew on Jul 29, 2015 15:03:40 GMT
Hi jonahWebsite was down for planned updates - mostly 'under the hood' but also implementation of the Refer A Friend functionality which was previously manual. You can find this under Your Account: member-area.lendingworks.co.uk/your-account/refer-a-friendWill be lots of updates to the Lender Centre coming over the next few months which I'll share here. |
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Post by Matthew on Aug 10, 2015 7:55:56 GMT
Hi EJiYes this is something we are planning to show - your actual return on loans and return on account (which would include any promotions and incentives and also account for any time where your funds are not earning e.g. when they are queued to be lent). I will let you know once I have a better estimate of when this will be rolled out. Thanks |
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Post by Matthew on Aug 11, 2015 7:21:17 GMT
Couple of minor bug fixes and improvements went live early this morning, in case you noticed any site unavailability, including prevention of double action submissions on certain buttons, notification where lending offers below minimum chunk size are held as pending, minor changes to some forms and mobile menu bug fixes.
The next major update you'll see is the Help Centre, which includes a lending section with loads more information on all aspects of the lending process. This should be released in the next few weeks.
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Post by Matthew on Sept 10, 2015 18:25:42 GMT
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Post by Matthew on Nov 19, 2015 17:23:05 GMT
Just to let you know, from next Tuesday Auto Income (automated transfer of repayments to your bank account) will now be available to receive weekly (every Friday) as well as monthly (28th of the month). This means no more waiting until the end of the month to receive your repayments We did have some requests from lenders for instant transfers (i.e. as soon as payments are received) but this would result in up to 31 transfers per lender per month which is not really what this facility was intended for. There are also some updates going live for borrowers. |
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Post by Matthew on Dec 4, 2015 19:30:27 GMT
Updated statistics page should go live on Tuesday morning which will include much more information for lenders, including our full loan book available for download. Pleased to hear feedback once you've had a look through.
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jw01
Posts: 63 
Likes: 21
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Post by jw01 on Jan 25, 2016 17:56:40 GMT
It's probably just me, but I cannot find the loan book download button on the statistics page.
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Post by Matthew on Jan 25, 2016 19:08:38 GMT
Hi jw01It's probably not just you - have you used the drop down under "Statistics" to select the Risk & Return statistics? If not it's at www.lendingworks.co.uk/peer-to-peer-lending/statistics/risk-and-return. It's currently unintentionally not that obvious that there is a drop down - however the site is currently getting a well overdue refresh so it will be improved as part of that anyway. Hope this helps. |
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Post by Matthew on Feb 2, 2016 14:55:47 GMT
Hi EJiWe update the statistics page once a month in line with the P2PFA's Operating Principles (this normally happens by the end of the first week of each month). Some stats are updated daily and are labelled as such (Total Lent / On Loan). We will move to real time updates in the future however the majority of the statistics do not change significantly month to month (gender split, average account value etc). The old stats page was a bit of a burden as the page load times were poor - the best way to do it is to update and cache the page daily in the early hours when (most of) our customers are asleep. Thanks |
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jonah
Member of DD Central
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Likes: 1,113
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Post by jonah on Mar 20, 2016 21:30:00 GMT
Looking through the loan book, several of them have 'no' to the shield column. Does this mean that those loans don't benefit from the reserve fund?
on that topic, I see a quite nice percentage in the fund currently. Is that at target level and if not is there a target number you could share? Also, is all the fund additions front loaded as a fee to a borrower, or is there a per month contribution?
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Post by Matthew on Mar 21, 2016 14:00:17 GMT
That is correct - loans funded by our institutional lenders do not benefit from the protection of the reserve fund. Instead, they receive any contribution which would ordinarily have been paid into the fund and in return take on the full credit risk i.e. exposure to their individual loans defaulting.
As a member of the P2PFA we're required to report the balance of our reserve fund and the level of coverage it provides. However it should be noted that the Lending Works Shield also includes insurance against certain types of defaults which cannot be quantified in the same way. Therefore the coverage ratio assumes no claims will be made on the insurance.
The expected level of claims is updated on a regular basis based on the actual credit performance of each loan cohort and expected loss curves going forward based on the maturity of each cohort. Our 2014 and 2015 cohorts are currently performing well ahead of expectations so the current coverage ratio appears high, however we have no current plans to reduce Shield contributions given that we're currently operating in a benign credit environment and it's always good to maintain a high level of prudence in what is essentially an estimation.
Currently all contributions to the Shield are paid from the loan arrangement fee i.e. front loaded. However, we will likely be introducing some margin-based contributions (i.e. paid out of the interest payments) later this year, partly to provide the Shield with an ongoing revenue stream (rather than relying solely on new origination) but primarily to reduce the upfront fees payable by the borrower (which are non-refundable on early settlement whereas future interest would be).
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