Feb 16: Loan processing correction and Accrued interest
Feb 17, 2017 8:01:04 GMT
david42, pauls, and 3 more like this
Post by stevefindlay on Feb 17, 2017 8:01:04 GMT
Last night we ran an update to correct for:
So what:
These fixes and updates mostly impact clients with larger balances (£10k+) and who've been with us over 2-3 months.
As usual if you have any questions or concerns, please contact us at invest@bondmason.com
- (1) Loan importer: a platform changed their date format from dd/mm/yyyy to mm/dd/yyyy without notifying us. This lead to the incorrect posting of interest and capital repayment to c.20 loans (2.5% of portfolio) over a two month period. This has been unwound
- (2) Duplicate payment: 2 loans received duplicate interest and capital repayments. These have been reversed.
- (3) Accrued interest: we've reduced the accrued interest calculation to reflect that we receive loan payment data with a delay of up to 2-3 days on some platforms
So what:
- Accrued interest becomes cash interest: many clients will see an increase in the amount of cash interest on their accounts. Typically +0.1-0.2%
- Reduction in accrued: there is a corresponding reduction in accrued interest, and a reduction for item (3) above. For about half of the clients the difference is less than 0.05%. For the remainder the difference on their overall balance is up to ~0.2%. Going forward, you should hopefully see an uplift as interest coverts from accrued to cash, as opposed to a decrease.
These fixes and updates mostly impact clients with larger balances (£10k+) and who've been with us over 2-3 months.
As usual if you have any questions or concerns, please contact us at invest@bondmason.com