Harmoney

[leesal]

I think that the 10m is the principal that has been paid for loans that are marked current. So they do not fit into the "fully paid" category.

Thanks, that's helpful . So then I get something like this:

Year	Period	All Loans	% Grade A	A taken out	quarters	% through	early repay	full paid	loan	princ paid	current	hazard %	charged %	charge
2014	3	9	23.8%	2.14	12	0.75	75%	1.61	0.54	0.35	0.18	100%	0.9%	0.02
2014	4	9	23.8%	2.14	11	0.6875	75%	1.61	0.54	0.31	0.22	100%	0.9%	0.02
2015	1	22	23.8%	5.24	10	0.625	75%	3.93	1.31	0.66	0.64	100%	0.9%	0.05
2015	2	36	23.8%	8.57	9	0.5625	75%	6.43	2.14	0.94	1.20	100%	0.9%	0.08
2015	3	42	23.8%	10.00	8	0.5	75%	7.50	2.50	0.94	1.56	100%	0.9%	0.09
2015	4	60	23.8%	14.28	7	0.4375	66%	9.37	4.91	1.54	3.37	95%	0.9%	0.12
2016	1	40	23.8%	9.52	6	0.375	56%	5.36	4.17	1.07	3.09	88%	0.8%	0.07
2016	2	47	23.8%	11.19	5	0.3125	47%	5.24	5.94	1.22	4.72	71%	0.6%	0.07
2016	3	48	23.8%	11.42	4	0.25	38%	4.28	7.14	1.12	6.02	56%	0.5%	0.06
2016	4	69	23.8%	16.42	3	0.1875	28%	4.62	11.80	1.31	10.49	34%	0.3%	0.05
2017	1	51	23.8%	12.14	2	0.125	19%	2.28	9.86	0.69	9.17	12%	0.1%	0.01
2017	2	73	23.8%	17.37	1	0.0625	9%	1.63	15.75	0.52	15.22	1%	0.0%	0.00
		506		120.428				53.84006		10.687	55.90079			0.640

As a disclaimer, its possible to model with a different set of assumptions and arrive at the same result. Nonetheless on this set it would suggest Grade A has performed to

Default rate of 0.225% per year
Early repayment rate of 75% spread evenly over 1st two years (ie 37.5% would early repay after one year of loan).

That would indicate a very high rate of early repayment! Am surprised it would be that high.