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Thread: Harmoney

  1. #3751
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    Quote Originally Posted by Investor View Post
    It happens fairly often due to system errors on Harmoney's side.

    They don't contact you about it or charge fees as it's their fault so just consider it a bonus.
    Okay, another first for me then, I think I like earning interest on money I don't have more than write-downs !

  2. #3752
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    Quote Originally Posted by Vagabond47 View Post
    Okay, another first for me then, I think I like earning interest on money I don't have more than write-downs !
    From older newbie to newer newbie I'd say get used to the charge-offs. You'll get plenty more.

    Albeit with limited info, I'm finding that most loans that go past 60 days eventually go pear-shaped

  3. #3753
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    At the moment there is just the one loan over 60 days, I expect that to be written down any day now, everything else in arrears is 0-30 days, so nothing to worry about yet.

  4. #3754
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    Quote Originally Posted by Vagabond47 View Post
    I assume that is for myles? I didn't get or expect anything.

    Anyway, next question.. how have I ended up with a negative funds available amount? I did invest in a few loans today, but I thought the system was supposed to stop you from investing money you don't have? -$38.09 available funds.
    I wonder if you were invested in any of the errors I pointed out to harmony?

    Loans with negitaive outstanding balances.

    Completed loans that still owed money

    Open loans with $0 balances

  5. #3755
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    Quote Originally Posted by humvee View Post
    I wonder if you were invested in any of the errors I pointed out to harmony?

    Loans with negitaive outstanding balances.

    Completed loans that still owed money

    Open loans with $0 balances
    You're not alone humvee. I am experiencing these errors too, and some of them are now chronic. I noticed other posters mentioning similar problems too, earlier in this thread. Question is, are they just reporting errors, or more problematically, computing errors? If the summary shows 2+2 is 5, then it is quite likely that somewhere in the data 2+2 was computed as 5 (manually or algorithmically). Reports are just the final output. GIGO - Garbage In, garbage out.

    Harmoney dataset is huge and growing. Number of errors generally increase with dataset size, but then Harmoney is no different from banks with large financial datasets. Would you forgive your bank if they had such reporting standards? I remain invested for the moment, due to paucity of suitable alternatives...

  6. #3756
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    Quote Originally Posted by humvee View Post
    I wonder if you were invested in any of the errors I pointed out to harmony?

    Loans with negitaive outstanding balances.

    Completed loans that still owed money

    Open loans with $0 balances
    I have three of those. Calculated to overpaying 1 cent each. A bit untidy as they should be just scrubbed off active loans.

  7. #3757
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    Quote Originally Posted by beacon View Post
    You're not alone humvee. I am experiencing these errors too, and some of them are now chronic. I noticed other posters mentioning similar problems too, earlier in this thread. Question is, are they just reporting errors, or more problematically, computing errors? If the summary shows 2+2 is 5, then it is quite likely that somewhere in the data 2+2 was computed as 5 (manually or algorithmically). Reports are just the final output. GIGO - Garbage In, garbage out.

    Harmoney dataset is huge and growing. Number of errors generally increase with dataset size, but then Harmoney is no different from banks with large financial datasets. Would you forgive your bank if they had such reporting standards? I remain invested for the moment, due to paucity of suitable alternatives...

    It does look like harmoney have fixed some of the errors in each category since I reported them

    Here are the 4 worst of each type of error that remain in my loans
    All of the Active but $0 outstanding loans I reported appear to be fixed

    Attachment 10016
    Attachment 10017

  8. #3758
    yeah, nah
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    Quote Originally Posted by Wsp View Post
    Have you looked at differences in default rates between borrowers who make comments and those that don't?
    Pretty much what I expected:

    defcom.jpg

  9. #3759
    yeah, nah
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    Default 10000+ Loan Dataset

    Below is another data set from a long term Harmoney Lender - total loans is just over 10,000. Many thanks for sharing

    I don't now the history or details of this data set, but a few observation worth considering:
    • This data set includes early loans that had much higher interest and default rates - some of the early loans, from what I've been able to work out, were somewhat 'dodgy', so this needs to be considered i.e. older loans may not be representative of newer loans (I think Harmoney are doing a much better job now on loan selection - just my opinion).
    • I've not looked at the data set, but just doing the graphs, it appears that early loans where based on significantly higher risk loans that may not have had a good return. There has been a significant change to lower risk loans, which is where most of the current loans appear to be.




    First a time lapse, which shows the period and investment level. One point to note here is that towards the end there is a huge jump in defaults - I can only guess that Harmoney did a major 'tidy up' of old loans at this point, but I'm not sure. Unfortunately it makes the details of actual timing of defaults of lesser value.

    Attachment 10028

    The 'hazard' curve is 'broken' due to the jump in defaults. Huge 'churn' of loans very obvious.

    Attachment 10029

    If you can work this chart out, you can see the significant amount of higher risk loans that have been paid off on the right half of the chart (light blue). The Population line shows where most of the loans are now - lower risk.

    Attachment 10030

    Data can be beautiful - shows that Harmoney have the mix of loans right. Note that this data set includes earlier, much higher risk loans, so this is probably not an accurate representation of current loans and their default rates, that have change numerous times over the period of this data set. (This applies to all the details below to some extent as well.)

    Attachment 10031

    Attachment 10032

    Limit to 5 images - continued next post...

  10. #3760

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