arbster
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Post by arbster on Oct 30, 2015 12:23:17 GMT
Interesting. My mind goes back to the conversation I had with one of the FC Customer Service crew where he talked about the principle that PLs could be "rejected" by retail lenders and sent packing to the institutional lenders. Apparently that was a lie, as suspected at the time.
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Post by aloanatlast on Oct 30, 2015 13:08:51 GMT
Interesting. My mind goes back to the conversation I had with one of the FC Customer Service crew where he talked about the principle that PLs could be "rejected" by retail lenders and sent packing to the institutional lenders. Apparently that was a lie, as suspected at the time. The same line has also been peddled in the other place recently.
But I gather there has also been talk of pre-acceptance. I guess this will be pre-acceptance of a firm offer, not "will you promise to accept this if we can scrape up the money". So the whole deal will be finalised before lenders know anything about it. The line will be that we wanted acceptance delays reduced.
They could of course sound out some WL lenders before deciding whether to fill a loan, and allow it to fall short if they have a taker lined up.
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Post by davee39 on Oct 30, 2015 13:54:24 GMT
This strikes me as something approaching a sensible policy. In the past flippers provided liquidity with a large proportion of each loan instantly appearing for sale after acceptance. Now it is similar to the situation at Assetz where loans are underwritten before release to the market. I am no longer interested in A or A+ at current rates, but I will be happy to see them fill. Flipping 1% cashback either leads to large secondary market volumes at par or discounts which negate most of the cashback. Flipping is dead, I hope that pruning will still be possible.
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Post by GSV3MIaC on Oct 30, 2015 15:59:26 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show).
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acky
Posts: 481
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Post by acky on Oct 30, 2015 16:25:28 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show). .... but only if you have a bot (which I don't) that looks for them every couple of minutes and can get in there before they get b*zookered.
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Post by aloanatlast on Oct 30, 2015 16:38:43 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show). New on the market, 16775, E60. Only £63K and already 40 pages of parts on sale. No doubt plenty more where they came from. No huge rush to buy.
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Post by GSV3MIaC on Oct 30, 2015 17:01:59 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show). .... but only if you have a bot (which I don't) that looks for them every couple of minutes But that's pretty much the definition of a flipper ... or ticket tout, or whatever. Now if folks weren't quite so desperate to buy (let's see how long the 40 pages of parts for sale lasts ..)
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Post by davee39 on Oct 31, 2015 11:18:18 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show). You are quite correct on these. The problems are the ugly large A and A+ loans which would previously only been filled by chunks being at 'flipworthy' rates. I am unlikely to be alone in completely rejecting these. 1% cashback is too small an incentive when the loans are unloaded at a 0.7% discount. The Bots are acting as market makers for the 'E' loans, but based on the rejection rate it does not look to be particularly worthwhile.
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ablender
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Post by ablender on Oct 31, 2015 11:31:08 GMT
I am not attracted to E rates. Not on the PM nor the SM. My main loans where in A+ and A under the old system. Now there is nothing that keeps me going and given that we are starting to see milking problems and the like I started to wind down.
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Post by GSV3MIaC on Oct 31, 2015 14:37:57 GMT
Flipping very much AIN'T dead .. it's just migrated to small D/E loans which can still be snapped up and sold at a premium (as an analysis of recent loan bidding will show). You are quite correct on these. The problems are the ugly large A and A+ loans which would previously only been filled by chunks being at 'flipworthy' rates. I am unlikely to be alone in completely rejecting these. 1% cashback is too small an incentive when the loans are unloaded at a 0.7% discount. The Bots are acting as market makers for the 'E' loans, but based on the rejection rate it does not look to be particularly worthwhile. Yep, and in future Feeling Creative is going to underwrite these themselves, and kick the excess parts further down the street for newbie autobidders to diversify with. End of that sort of (useful) market making - I guess FC have a cheaper source of cash than the 1%, which they have to give to all (even the mugs who were in anyway). And as you say, 1% not a great incentive unless you can shift the parts fairly fast. The bots are NOT NEEDED to market make on those small D/E loans, they would still sell out very nicely if everyone was restricted to 1% or 0.1% of the loan, never mind 20% (if there was no demand, there'd be no quick flip). The previous system, where folks would stick their neck out for a premium (see also underwriters on AC etc?) worked better IMO, except for the unfairness of granny getting a lousier autobidded rate for the same risk as the last minute bot-strike folk achieved. I'm sure I could come up with something fairer (higher rate for larger chunks bought, but only after all the minnows have had a nibble?), but I'm equally sure Fabulous Computing could never code and deploy it. They don't need to, they are now obviously aslosh with cash - vulture capitalist, and 'you bid it for me' passive investors, both. Now why does the 'transfer out' screen lie to me about my current balance?!
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ablender
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Post by ablender on Oct 31, 2015 15:07:43 GMT
Re transfer out : It will eventually catch up. I had the same issue this morning. It will take some time but it will update eventually.
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Post by goldservice on Oct 31, 2015 16:25:39 GMT
Re transfer out : It will eventually catch up. I had the same issue this morning. It will take some time but it will update eventually. Yes, but why?!
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Post by GSV3MIaC on Oct 31, 2015 16:37:10 GMT
Well both the transfer page, and the loan parts (buy) page seem to be using an out-of-date cached version of your total balance, as opposed to the version that the other pages are picking up. As to why that is, I guess those pages have not had the javascript/iframes/JSON makeover that afflicted the other pages. As to why THAT is .. well now we are into metaphysics. 8>.
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ablender
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Post by ablender on Oct 31, 2015 16:45:21 GMT
GSV do you know if we can do anything on our side to make the caches update quicker?
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Post by GSV3MIaC on Oct 31, 2015 18:05:55 GMT
Not as far as I know, the value is coming from a cached version on their server someplace I think, not on your PC.
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