mikeb
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Post by mikeb on Sept 11, 2015 16:53:01 GMT
Was a fixed rate 8.0% A+ when I saw it. Is now a Fixed Rat 8.0% B grade, now it's drawn down. 8.0% is too low for a B grade. Both[*] personally, in terms of MBR under existing system (9.0%), and under the new-world-order rates (10.0-10.6%). What the ...?   [*] What's the word for both, but for three things?
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oldgrumpy
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Post by oldgrumpy on Sept 11, 2015 17:15:20 GMT
Perhaps this is part of the introduction of Samir's wonderful new and fairer fixed rate strategy, where his sloppy team's work is to become even more sloppy. What a platform!
[*] collectively ?
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Post by bracknellboy on Sept 11, 2015 17:41:49 GMT
have mod'd it: mikeb: I know that was a slip, but surely you know by now...... |
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mikeb
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Post by mikeb on Sept 11, 2015 17:48:11 GMT
have mod'd it: mikeb: I know that was a slip, but surely you know by now...... Yes I do know, that's why I only referenced "15625" which is not the name of the borrower. I see you removed the screen shot -- ah, that's what you meant -- those screen shots were done for FC -- now reinstated, thanks!
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Post by GSV3MIaC on Sept 11, 2015 19:01:08 GMT
Do let us know what they say (in 2 days time or whatever).
I guess it makes a change from the last time they turned an E into a C or whatever it was, at the point of drawdown. Obviously the lessons have not been learned (or learned backwards?)
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mikeb
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Post by mikeb on Sept 14, 2015 18:48:06 GMT
Now silently fixed (back to A+) without comment/Q&A or reply to email as yet.
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blender
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Post by blender on Sept 15, 2015 6:32:23 GMT
Fascinating, The business is C but the two asset secured loans are A+. Personally I prefer repayments to recoveries and would treat it all as C.
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mikeb
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Post by mikeb on Sept 15, 2015 18:11:03 GMT
FC: "... however please be assured that we have systems in place to make sure that any errors such as this are flagged as soon as they occur, so they can be rectified as soon as possible.... "
More concerned that there NEEDS to be systems in place to catch loans changing risk band which shouldn't be possible without some serious intervention. After all, when loans have been mistakenly put up in the wrong band/duration/amount before, they've had to be cancelled and re-run because they can't be changed! There's not many legitimate cases (that I know of) where a loan has changed risk band for a good reason, normally it's (original band) -> RBR/Downgraded -> Defaulted, if there's a change!
All sorted now, and a comment added.
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markr
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Post by markr on Sept 16, 2015 21:12:18 GMT
More concerned that there NEEDS to be systems in place to catch loans changing risk band which shouldn't be possible without some serious intervention. After all, when loans have been mistakenly put up in the wrong band/duration/amount before, they've had to be cancelled and re-run because they can't be changed! There's not many legitimate cases (that I know of) where a loan has changed risk band for a good reason, normally it's (original band) -> RBR/Downgraded -> Defaulted, if there's a change! The old version of the loan parts page used to have a little arrow by each loan to indicate if the risk band had been changed. The only thing I really remember about it was that it seemed to work the wrong way round to my logic (pointing up meant the loan had got worse). I don't recall a loan where the band had changed, but they must have thought it was necessary to build it into their system.
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Post by transo on Sept 18, 2015 21:27:50 GMT
Yes, the original Ts&Cs on selling loan parts said you couldn't do it if the loan "had changed by more than one risk band" (presumably up or down), but in practice I think loans only ever moved in/out of "Risk Band Removed"; I don't think I've ever seen a loan change from one risk band to another.
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sl75
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Post by sl75 on Sept 25, 2015 12:23:28 GMT
Yes, the original Ts&Cs on selling loan parts said you couldn't do it if the loan "had changed by more than one risk band" (presumably up or down), but in practice I think loans only ever moved in/out of "Risk Band Removed"; I don't think I've ever seen a loan change from one risk band to another. "Risk band removed" was a later invention. Once that existed, I'm not aware of any further loans having changed risk band. FC's original T&Cs had stated something along the lines that they would review the risk bands on all loans every month, something that never in fact seemed to happen routinely (I think the odd few where a risk band changed had been due to a subsequent application by the same borrower).
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blender
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Post by blender on Sept 25, 2015 13:48:35 GMT
Yes, the original Ts&Cs on selling loan parts said you couldn't do it if the loan "had changed by more than one risk band" (presumably up or down), but in practice I think loans only ever moved in/out of "Risk Band Removed"; I don't think I've ever seen a loan change from one risk band to another. "Risk band removed" was a later invention. Once that existed, I'm not aware of any further loans having changed risk band. FC's original T&Cs had stated something along the lines that they would review the risk bands on all loans every month, something that never in fact seemed to happen routinely (I think the odd few where a risk band changed had been due to a subsequent application by the same borrower). I remember the little arrows to tell you whether the risk band had gone up or down, when dinosaurs roamed the platform. The monthly review of the risk band of all loans was never going to be sustainable and I think the process started with 'has the monthly repayment been made? If so, risk band remains the same'. I doubt that the current collections and recoveries team even know that there was once such a process.
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Post by GSV3MIaC on Sept 25, 2015 15:08:09 GMT
And how long before nobody there remembers the small scaly creatures called auctions, and variable rate loans? 8>.
Well, OK, some will be Fossilised Creatures for the next 5 years...
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adrianc
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Post by adrianc on Sept 25, 2015 15:10:43 GMT
Ah remember, when ah were a lad...
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markr
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Post by markr on Sept 27, 2015 17:18:35 GMT
Eeeh, I remember when this was all NFs
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