mikes1531
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Post by mikes1531 on Jan 30, 2014 4:46:08 GMT
That's fine Andrew, but please get it so that we do have a consistent 24h notice, otherwise we need to stand by our PCs all day. At the moment I'm having to log in much more frequently than I used to. It's no fun. OK. Understood. It will get slicker. Inasmuch as there is considerably less than 24 hours before the 1200 start time of this auction, and there still is no sign of the full Credit Report or answers to some very pertinent questions in the Q&A, I am going to presume that the auction start will be postponed until at least Friday. On that basis, I've left my pre-bids active. I have to, because if I delete them I'll lose my opportunity to take part in this loan since it is 99% funded with pre-bids. If the auction isn't postponed, and my pre-bids are turned into real bids on Thursday, I'm going to be rather upset.
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j
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Post by j on Jan 30, 2014 8:40:49 GMT
OK. Understood. It will get slicker. Inasmuch as there is considerably less than 24 hours before the 1200 start time of this auction, and there still is no sign of the full Credit Report or answers to some very pertinent questions in the Q&A, I am going to presume that the auction start will be postponed until at least Friday. On that basis, I've left my pre-bids active. I have to, because if I delete them I'll lose my opportunity to take part in this loan since it is 99% funded with pre-bids. If the auction isn't postponed, and my pre-bids are turned into real bids on Thursday, I'm going to be rather upset. Granted that not much time given to dissect report when it goes up, it does state in the summary that auction start is an estimate & may vary slightly.
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oldgrumpy
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Post by oldgrumpy on Jan 30, 2014 8:51:23 GMT
Inasmuch as there is considerably less than 24 hours before the 1200 start time of this auction, and there still is no sign of the full Credit Report or answers to some very pertinent questions in the Q&A, I am going to presume that the auction start will be postponed until at least Friday. On that basis, I've left my pre-bids active. I have to, because if I delete them I'll lose my opportunity to take part in this loan since it is 99% funded with pre-bids. If the auction isn't postponed, and my pre-bids are turned into real bids on Thursday, I'm going to be rather upset. Granted that not much time given to dissect report when it goes up, it does state in the summary that auction start is an estimate & may vary slightly. So do I, or do I not transfer funds to cover my pre bid? The full report is what will influence me. I'd better sit by my computer for the next 3hrs 10 mins to make sure I don't miss out - (or do miss out if that is how the report influences my decision). Or perhaps I will sit here and find out by (11am) that I didn't need to sit here.....
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j
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Post by j on Jan 30, 2014 9:12:28 GMT
Granted that not much time given to dissect report when it goes up, it does state in the summary that auction start is an estimate & may vary slightly. So do I, or do I not transfer funds to cover my pre bid? The full report is what will influence me. I'd better sit by my computer for the next 3hrs 10 mins to make sure I don't miss out - (or do miss out if that is how the report influences my decision). Or perhaps I will sit here and find out by (11am) that I didn't need to sit here..... Not long to go now, I think I'll have a fruit salad while we wait...no bananas!
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Post by batchoy on Jan 30, 2014 9:16:11 GMT
So do I, or do I not transfer funds to cover my pre bid? The full report is what will influence me. I'd better sit by my computer for the next 3hrs 10 mins to make sure I don't miss out - (or do miss out if that is how the report influences my decision). Or perhaps I will sit here and find out by (11am) that I didn't need to sit here..... Not long to go now, I think I'll have a fruit salad while we wait...no bananas! Its been pushed back so you can turn your PC off and go and do something less boring
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Post by batchoy on Jan 30, 2014 9:49:30 GMT
As others have said AC really do need to get better at doing this and give lenders a consistent 24hrs sight of the final credit reports and associated documents, more particularity so with the introduction of pre-bids. With no documents available at the time the N***h W***s B******g L**n could have been pushed back to 12:00 tomorrow at 12:00 yesterday. Instead it is left until there is just 3hrs before the auction and I have found my self having to access the AC website on a regular (and fruitless) basis on the off chance that the documents have been released and I have the maximum amount of time to do my DD.
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oldgrumpy
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Post by oldgrumpy on Jan 30, 2014 10:01:01 GMT
How about no auctions are given a start date at all until the full documentation is available, then a suitable start date can be posted, giving lenders appropriate time for DD and transference of funds.
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j
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Post by j on Jan 30, 2014 10:34:34 GMT
It would be helpful to know some of the dynamics of preparing the credit reports & getting them posted by AC in terms of timescales. That way we, as lenders, might have a better perspective of any difficulties/issues encountered by AC, and might become less frustrated & more patient with the whole process if we know what sort of obstacles are involved in the whole operation.
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j
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Post by j on Jan 30, 2014 10:37:05 GMT
It's also showing just over 100% funded now
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j
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Penguins are very misunderstood!
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Post by j on Jan 30, 2014 10:41:24 GMT
How about no auctions are given a start date at all until the full documentation is available, then a suitable start date can be posted, giving lenders appropriate time for DD and transference of funds. I'm not too sure about that. I would still like a time frame of some sort, even if its approximate. It just helps with funds planning, even if it's not very definite. At the end of the day, and btw I'm of similar sentiment to most here in being frustrated with auction push backs & delay in report uploading, we will just have to accept the fluidity of the situation until processes can be tightened & improved by AC.
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j
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Post by j on Jan 30, 2014 11:46:46 GMT
anther 170k in underwriting! slowly creeping along to the finish line
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bugs4me
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Post by bugs4me on Jan 30, 2014 11:55:29 GMT
How about no auctions are given a start date at all until the full documentation is available, then a suitable start date can be posted, giving lenders appropriate time for DD and transference of funds. Believe AC do their best and to a certain extent they are reliant upon others in this area. Also appreciative of their activity on the forum but I think a school report world say 'could do better'.
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unmadem
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Post by unmadem on Jan 30, 2014 12:27:49 GMT
How about no auctions are given a start date at all until the full documentation is available, then a suitable start date can be posted, giving lenders appropriate time for DD and transference of funds. I agree and would suggest they start 2 days after the full documentation is available. This would give time for crowd diligence i.e. some extra research to identify issues not just reading the report. There are a couple examples of this being very effective in finding fundamental issues with some loans. This is to the long term benefit of both lenders and AC.
Also I'd prefer that AC take as much time as they need to get the reports to the state that they are completely happy with rather than trying to meet the latest target date. The hackney documentation was released about midnight in a sterling effort to meet the date. (Thank you to those having the late night) But is that approach sustainable as AC grows and there are more and more loans and possibly more complex situations to document.
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Post by batchoy on Jan 30, 2014 12:50:19 GMT
How about no auctions are given a start date at all until the full documentation is available, then a suitable start date can be posted, giving lenders appropriate time for DD and transference of funds. I agree and would suggest they start 2 days after the full documentation is available. This would give time for crowd diligence i.e. some extra research to identify issues not just reading the report. There are a couple examples of this being very effective in finding fundamental issues with some loans. This is to the long term benefit of both lenders and AC.
Also I'd prefer that AC take as much time as they need to get the reports to the state that they are completely happy with rather than trying to meet the latest target date. The hackney documentation was released about midnight in a sterling effort to meet the date. (Thank you to those having the late night) But is that approach sustainable as AC grows and there are more and more loans and possibly more complex situations to document.
Not setting the auction date until the full documentation was available then giving 2 workings days to the auction would be good, as you say it would give time for crowd diligence and for any resulting questions to be answered. The problem at the moment with long previews with draft documents, and a short period with the final documentation is that there are a lot of questions asked in the early stages which are simply answered by the full paperwork and then real questions raised by the full documentation that aren't answered in time due to the short time left to the auction. A good example is the Kiddie loan, where we did not get the full details until fairly late on in the day before the auction and the auction was scheduled for 9:00am. Commendably chris was handling and passing on queries and concerns quite late into the evening and other members of the AC team were answering the queries that were passed to them, however this level of commitment is unsustainable particularly if AC's growth predictions materialise, and it could all be avoided if there was better scheduling at the preview stage.
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j
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Post by j on Jan 30, 2014 22:22:43 GMT
I have a feeling this might be pushed back by a few hours to allow time to read through full report if we have the same night owl to post it around midnight just like the Hackney one last night!
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