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Thread: Harmoney

  1. #3391
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    There looks to have been a much larger then usual wave of writeoff's go through in the last few days.

    At least some of it must have been less then 60 days arrears as the amount ive had written off was more then total balance of all loans that were 60 day+

  2. #3392
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    Perhaps HM are quickly ridding themselves of rather time-wasting retail investors. HM have probably realized that servicing only a bunch of wholesale lenders rather than thousands of small retail lenders will be a much more efficient business model. Just saying! And I hope I'm wrong.
    Last edited by icyfire; 12-06-2018 at 02:50 PM.

  3. #3393
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    Okay, so is this my first charge off in process? Can't quite tell what this means when it has a paid off date, and an outstanding principal amount, and nothing in charged off?
    Harmoney1.jpg

  4. #3394
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    So, no days in arrears Vagabond, but still a large amount of $ when compared to last payment - seems like over 1.5 months in arrears to me. These reporting errors from Harmoney have been around from inception. I have tackled Harmoney repeatedly and keep getting promises to fix, but I doubt the will or money exists to make it happen. And if the focus is shifting from satisfying retail to satisfying wholesale investors, then there is even less likelihood of the glitches being addressed, as the latter won't be so focused on the whys but just on the net returns.

  5. #3395
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    It was previously 31-60 in arrears, no idea why it says 0 now.

  6. #3396
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    Looks like a Paid Off loan rather than a Charged Off loan to me (could be wrong). Probably just a timing issue before everything is 'tidied up'.

    Paid Off loans have the PAID-OFF DATE: field as yours does, Charged Off loans don't show the PAID-OFF DATE: field but show a CHARGED-OFF DATE: field under the CHARGE-OFFS / ARREARS section.

  7. #3397
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    Still a frustrating lack of loans on the investor portal!

  8. #3398
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    So, at 1439 hrs today there were four loans on the marketplace and now there is only one of them left, but the loans activity for the past 24 hours states no loans written. Conclusion: providing accurate information is not a Harmoney priority.

  9. #3399
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    I logged in this morning to check if the status on that loan had changed, and discovered something interesting. On the mobile version of the interface there are a couple of other loans with interesting statuses. Like one with "current (61-90)" and current (31-60) and sure enough, last payment in April for both loans. On the fullsize interface those loans simply show as current. So apparently current can mean anything from actually current to we're about to charge it off.

    I think Harmoney needs to sort their systems out pronto.

  10. #3400
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    Quote Originally Posted by Vagabond47 View Post
    I logged in this morning to check if the status on that loan had changed, and discovered something interesting. On the mobile version of the interface there are a couple of other loans with interesting statuses. Like one with "current (61-90)" and current (31-60) and sure enough, last payment in April for both loans. On the fullsize interface those loans simply show as current. So apparently current can mean anything from actually current to we're about to charge it off.

    I think Harmoney needs to sort their systems out pronto.
    From experience I'd say just different "Categories" of credit control

    Borrowers are able to vary the terms if they suffer "unforseen financial hardship" through a formal application. HM would also no doubt vary terms on a case-to-case basis as part of their collection process.

    Therefore I'd read "Current (61-90)" - to mean that collections have been renegotiated, so borrower is on track with payments, but from a lender perspective client remains 2 months behind.

  11. #3401
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    Quote Originally Posted by leesal View Post
    From experience I'd say just different "Categories" of credit control

    Borrowers are able to vary the terms if they suffer "unforseen financial hardship" through a formal application. HM would also no doubt vary terms on a case-to-case basis as part of their collection process.

    Therefore I'd read "Current (61-90)" - to mean that collections have been renegotiated, so borrower is on track with payments, but from a lender perspective client remains 2 months behind.
    1) if its been renegotiated in some way we should know.. perhaps a status of "credit control" or "impaired" or "under supervision"
    2) last payment April.. if they've renegotiated for a temporary reduction in payments there should at least one smaller payment more recently than April.

  12. #3402
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    Over the past 2 years I've queried quite a number of loans recorded as current but actually in arrears by my reckoning and every time the response has been to change the status to in arrears. There is definitely a problem with recording of status.

  13. #3403
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    MARKET STAT UPDATE:

    -Autolend graph in market stats now confirms the recent rapid decline on matches and funding using this feature
    -Retail Vs Institutional funding graph also shows a recent spike in loan % being given to wholesale sector. Currently sitting at 85% where as previous it had averaged 75%

    Looks like its slim picking for future Autolend matches until the market improves significantly or Harmoney edit the lending % ratio away from Wholesale sector.

    Screenshot_5.jpg
    Screenshot_4.jpg
    Attached Images Attached Images
    Last edited by whitt; 14-06-2018 at 04:08 PM.

  14. #3404
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    This is ridiculous, there are just no loans available?

  15. #3405
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    Quote Originally Posted by johna View Post
    This is ridiculous, there are just no loans available?
    I haven't had a single auto lend loan purchased for over a month, and at all times I have had 2k-3k+ sitting idle

    But there is really odd stuff happening

    Eg Today there were 2 loans on the market place both of which matched my auto lend rules perfectly - and searching with my auto lend filter confirmed this, But auto lend did not invest

    I then Manually invested in both LAI*00131746 & LAI*00131744 - The loans then sat on the market place for several hours before they were filled.

    It seems like a case of there are not enough loans - and at the same time not enough investors( to fill a loan while investors suitably diversify / fractionalize )

    LAI*00131744 D5 26.49% 60 2.6% $24,125 Business Cash Flow
    LAI*00131746 C3 21.9% 60 0.56% $40,450 Debt Consolidation

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