Harmoney

[Knot]

Hi Knot (& Mathismo)
I had a quick look at different loans (paid off, charge off, current, new, etc) and realised that the $ figure for service fee is just 1.25% of the principal we invested. So, it is not much information as it is not the amount charged or the amount to be charged (which includes 1.25% on interest) as well. So, it does not tell us anything new at all! A meaningful figure would be the actual service fee that was charged!

Seems to be a bit of a rounding issue too, a single note ($25) has a service fee of $0.31, two notes ($50) has a service fee of $0.63. I would of expected 2 notes to be double 1 note if it is 1.25% of the principal. The only thing I can think of is the round up/down issue I have seen in other parts of the website strikes again.

Personally I am not interested in rounded figures, they don't give me accurate information, just give me the complete data in an exportable format (or even better, an API I can query).

[Monica@Harmoney]

Seems to be a bit of a rounding issue too, a single note ($25) has a service fee of $0.31, two notes ($50) has a service fee of $0.63. I would of expected 2 notes to be double 1 note if it is 1.25% of the principal. The only thing I can think of is the round up/down issue I have seen in other parts of the website strikes again.

Personally I am not interested in rounded figures, they don't give me accurate information, just give me the complete data in an exportable format (or even better, an API I can query).

Completely get that - we have removed the figure as it appears to be pulling incorrectly from the API. Will be back in touch soon. Monica.mathis@harmoney.co.nz

[Monica@Harmoney]

Completely get that - we have removed the figure as it appears to be pulling incorrectly from the API. Will be back in touch soon. Monica.mathis@harmoney.co.nz

Please see our FAQs for Investors online for 'rounding'. https://www.harmoney.co.nz/how-it-works/investor-faq
Regards Monica.mathis@harmoney.co.nz

[Knot]

Please see our FAQs for Investors online for 'rounding'. https://www.harmoney.co.nz/how-it-works/investor-faq
Regards Monica.mathis@harmoney.co.nz

New faq section? Now that I think about it, it would be useful to know when the faq had last been updated.

I get the rounding of numbers, and I pretty much ignore what I consider rounding errors on the site, but as someone who likes to track things closely I'm not that interested in rounded numbers, I'd much prefer the real number in the export files (aka 8 decimal places), the web interface I can live with being rounded to $xxx.xx style numbers as it is only useful for quick reference anyway.

Because the export of data is limited, we have to calculate ourselves other data from that, in excel for some, or python/javascript in my case. (Example if I want to know detailed transactions per loan I have to calculate the value of principal and interest on each payment from the difference between two csv exports, I can't simply look them up because I only receive an incremental amount for each loan.) I am hoping that in the future a proper tranaction history will be made available.

I am not trying to be negative, I love the Harmoney platform, I just want it better

[humvee]

Hi Monica

Is there any update on this ... given it is march

WHEN WILL PAYMENT PROTECT BE OPEN TO RETAIL INVESTORS?
We expect this product to be available by approximately mid-February 2016. But don't worry; we will notify you as soon as we can with an exact date.

[Darchie]

I do get the feeling this thread has pulled up on momentum somewhat!

But i have a couple of questions for Monica

Is there any plan to allow joint investors to register? This is an important question ...

And Mark's told me that the 1.25% fee charged on both interest & principal (which is LETHAL on our returns on these reoccurring Re-Writes) ... is going to be addressed ...

I ask when is this dreadful fee structure going to be fixed? .... I'd like to know what's happening with this, as i will not plonk any more funds into Harmoney until this is addressed.

Awaiting your response Monica

[Finite]

I would like to hear about the latest plans for a secondary market - the lack of one is stopping me investing more.
How about just getting the institutional funders to agree to purchase any loans from retail investors at their face value of outstanding principal?

[Knot]

I would like to hear about the latest plans for a secondary market - the lack of one is stopping me investing more.
How about just getting the institutional funders to agree to purchase any loans from retail investors at their face value of outstanding principal?

I don't think it is that simple, from memory their license from the FMA needs to be altered to allow them to have a secondary market. (I could be recalling this wrong and/or they may have already applied for a variation.)

[Whippeedo]

Great idea

Couldn't agree more, the inability to see important information easily is a real problem, I'd like to see the ability to get a full transaction history, configurable email/sms notifications on events (eg loan full funded and accepted, more than X in your investor account, loan repaid in full, etc).

Currently I grab a csv export of my loans every day automatically and then import it into a database, I am still creating the front end but the idea being to have my own dashboard with all the information I want. I really should scrape the front page as well for other useful bits (as opposed to trying to derive them from the data I do have)

I'd also really love it if I could set a preference that turned on "rewrite auto transfer" - if one of my loans was being rewritten my current investment in that loan is rolled into the new loan (with no 1.25% charge), obviously this would need to be worked out so that it was rolled up or down to the nearest $25 depending on funds being available in my account). I see this as a win for everyone, I don't get hit with the 1.25%, or have idle funds, the borrower gets funded faster, and Harmoney doesn't have grumpy investors, although they lose that lovely 1.25% tax on a rewrite.

[Whippeedo]

Thanks for sharing. I'm up to about 170 loans now after 3 months. No bad results yet. Takes time to get momentum. Will report after the first 6 months results are in