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Thread: Harmoney

  1. #3371
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    Quote Originally Posted by myles View Post
    Seems to have been broken for at least the last two days i.e. showing 0 but a few loans have gone through...?
    I concur, i subscribed to one a1 loan last night. and watched the counter not move (remain at zero) as it progress from marketplace to funding - so i think its broken.

  2. #3372
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    Harmoney says...

    Following the recent announcement on 04 May 2018, there have been a few recent changes to loan allocations on the platform.

    We now have 2 marketplaces:
    1. Peer-to-Peer, where loans are funded from investments by retail and wholesale investors through our p2p marketplace; and
    2. Wholesale funding, where whole loans are funded by our institutional partners.

    The loans are then allocated for funding from either source in accordance with Harmoney’s Loan Allocation Policy.

    Harmoney’s loan allocation policy is designed to allocate loans between the wholesale and retail investor marketplaces on a fair, reasonable and equitable basis to ensure that each marketplace receives a representation of the overall risk grade of Borrowers approved to submit their loan. For more information: https://www.harmoney.co.nz/how-it-works/marketplace-management

    I suspect that they wish to close the gap between the retail and wholesale RARs caused by retail investors selectively investing in the better loans and leaving the riskier loans to be filled by the wholesale investors. How else can one explain the variance in RARs?
    Last edited by joker; 08-06-2018 at 04:19 PM.

  3. #3373
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    Quote Originally Posted by joker View Post
    Following the recent announcement on 04 May 2018, there have been a few recent changes to loan allocations on the platform.

    We now have 2 marketplaces:
    1. Peer-to-Peer, where loans are funded from investments by retail and wholesale investors through our p2p marketplace; and
    2. Wholesale funding, where whole loans are funded by our institutional partners.
    Hmmm, interesting that they say that 'we now have 2 marketplaces' - the ability for wholesaler's to fund whole loans, I thought, was always available to them - suggesting that the '2 marketplaces' always existed. The ability for wholesale investors to invest in the 'p2p marketplace' is the one thing that I think may have changed i.e. that wholesalers can play in our sandbox and, I assume, pay the same fee's etc. that we do (this may or may not be new).

    Where did the above come from joker?

  4. #3374
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    Quote Originally Posted by myles View Post
    Hmmm, interesting that they say that 'we now have 2 marketplaces' - the ability for wholesaler's to fund whole loans, I thought, was always available to them - suggesting that the '2 marketplaces' always existed. The ability for wholesale investors to invest in the 'p2p marketplace' is the one thing that I think may have changed i.e. that wholesalers can play in our sandbox and, I assume, pay the same fee's etc. that we do (this may or may not be new).

    Where did the above come from joker?
    In response to an email I sent them complaining about disparity since May between the total number of loans and the number appearing on the market place as well as the way that loans were disappearing from the marketplace when only 20% full. (Their response suggests that wholesale/institutional investors were filling them with large placements).

  5. #3375
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    Really Borrowing $25K for a computer?
    Repayments 20% of total income and still gota pay rent in auckland!
    Attachment 9723

  6. #3376
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    Quote Originally Posted by joker View Post

    I suspect that they wish to close the gap between the retail and wholesale RARs caused by retail investors selectively investing in the better loans and leaving the riskier loans to be filled by the wholesale investors. How else can one explain the variance in RARs?
    Different fee structure for wholesale. Also, what evidence is there for retail getting first pick at the loans?
    I thought a loan went to one or the other and that was the end of it.

  7. #3377
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    Quote Originally Posted by humvee View Post
    Really Borrowing $25K for a computer?
    Repayments 20% of total income and still gota pay rent in auckland!
    I could easily build a $5k computer, add in a couple of programs I would want if i was setting up as a freelance designer and that would easily hit $25k. Unlikely to be the case here, but possible.

  8. #3378
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    Quote Originally Posted by Vagabond47 View Post
    Different fee structure for wholesale. Also, what evidence is there for retail getting first pick at the loans?
    I thought a loan went to one or the other and that was the end of it.
    If what Joker has communicated is true (HM stating "there is now two marketplaces"). From HM own mouth, previously there was only one.

    I can't see any reason they'd sidestep the truth.

    Everything else fall into place from there - historical difference in RAR, court case, 4th of May T&C's we signed, the lack of volume. All a function of allocation between two marketplaces from the prior single marketplace. Wholesalers still have the ability to bid in the retail platform (retaining their liquidity function), with the fewer amount of loans its more noticeable when Wholesale chomps them up.

  9. #3379
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    Quote Originally Posted by leesal View Post
    If what Joker has communicated is true (HM stating "there is now two marketplaces"). From HM own mouth, previously there was only one.
    You've not been around long enough leesal - existence of the Wholesale Marketplace and Retail Marketplace is not new, it just hasn't been so well defined as it is in the new documentation.

    A quote from a Harmoney rep from October 2016:

    "We don't offer the "cream of the crop" to our Institutional Lenders. Loans are randomly distributed between the wholesale and retail markets, and are risk-graded on the same criteria irrespective of which market they go to. Because each Lender has total control over which loans they chose to (or not to) invest in, there's unlikely to be many Lenders who are exposed to exactly the same risk - which is why we highly recommend that Lenders diversify their portfolios (you can find out more about diversification here:.." Grace@Harmoney

    As for the rest - speculation I think. Harmoney have always had the right to swing the balance of loans into the Wholesale Marketplace if there is a requirement...I suspect there is at the moment.

  10. #3380
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    Suspect the emergence of this parallel market could explain why the activity stats have been turned off.

    I hope we continue to get both wholesale (ie both markets consolidated) and retail stats in the spirit of openness which, to be fair, has existed thus far.

    Of course it's their business to operate as they wish but if availability continues at this level it's basically over for anyone with more than a few $K who wishes to be well diversified.

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