Harmoney

[Wsp]

If you have a repay/income rate set below 4.37% you won't get many auto-lend loans?

I should have been clearer. What I meant was having a repayment to income range in my auto lend with a lower limit of say 5% and an upper limit of 25%.

[myles]

I should have been clearer. What I meant was having a repayment to income range in my auto lend with a lower limit of say 5% and an upper limit of 25%.

That makes sense now. I've got quite a few really good loans that fall below that though, especially in the higher B risk grade, so not something I'd do.

[Fisherking]

Can this borrower's monthly income be for real? If so, why would someone earning over $18k a month need to borrow $25k?
Attachment 8844

Not that long ago i was invested fairly heavily in property. Mostly sold now and converted to shares/ P2P/ funds, however when i was invested i sometimes had to fill in forms that stated my income; several times i was embarrassed because the monthly income figure was ridiculously high but was in fact correct. The other side of the paper of course contained outgoings which evened things up somewhat. This guy could be in the same boat and could easily be in a position of wanting a few extra $ on short term basis - something like Harmony would be cheaper than refinancing with the bank and wouldn't have the same regulatory scrutiny.

[PennyPicker]

Thanks Fisherking, good explanation. It's easy to forget we see only one side of the balance sheet, as you say.

I wonder though, on a loan application is it gross income or net the lender really wants to see? (Hmm... answered my own question http://finance.zacks.com/mortgage-le...come-5903.html).

[bung5]

Thanks Fisherking, good explanation. It's easy to forget we see only one side of the balance sheet, as you say.

I wonder though, on a loan application is it gross income or net the lender really wants to see? (Hmm... answered my own question http://finance.zacks.com/mortgage-le...come-5903.html).

hmm was wondering the same however the loan details state:

MONTHLY INCOME (after tax)
BORROWER INCOME: XXXX


Which isn't gross...

[whitt]

Auto withdrawal suggestion:

Today I emailed Harmoney the following suggestion to add for Auto withdrawal existing feature.

Suggestion 1:
Minimum account funds available level
Proposed- The $25 level is adjustable in $5 increments and works as a minimum level you want left in account.

Suggestion 2:
Customer can choose between A or B

A- As per existing where funds are withdrawn completely ( although now only down to minimum level set above)
or
B- An option to remove a fixed amount each week which would leave rest available to invest if required

These suggestions enhance existing Harmoney feature but allow quite a bit of flexibility for investors. example: Some one who wants to retire and say have $300 per week to live off can do so whilst remaining money stays in funds available being reinvested by auto lend.

[bung5]

Great suggestion. I also suggested to have multiple filters work on the Autolend .

E.g

Filter 1 - 36 month loans , b- d grade
Filter 2 - 60 month loans a grade
filter 3 - 36 & 60 months, e & f grade, debt to income ratio 0 - 15%

All of them running looking for loans to invest in

[Pipi]

I can't understand why it takes so long to get monthly statements out.

[alistar_mid]

Auto withdrawal suggestion:

Today I emailed Harmoney the following suggestion to add for Auto withdrawal existing feature.

Suggestion 1:
Minimum account funds available level
Proposed- The $25 level is adjustable in $5 increments and works as a minimum level you want left in account.

Suggestion 2:
Customer can choose between A or B

A- As per existing where funds are withdrawn completely ( although now only down to minimum level set above)
or
B- An option to remove a fixed amount each week which would leave rest available to invest if required

These suggestions enhance existing Harmoney feature but allow quite a bit of flexibility for investors. example: Some one who wants to retire and say have $300 per week to live off can do so whilst remaining money stays in funds available being reinvested by auto lend.

that is a great idea, I have both auto lend and auto withdrawal going, the idea being each week I get money reinvested and whatevers left over gets paid out to my bank account on a Monday. obviously this amount is variable depending on how many auto loans get filled. Would rather have a set minimum to get paid out to my bank acc.

[777]

I can't understand why it takes so long to get monthly statements out.

They are slow in getting out the March tax statements as well.