Harmoney

[myles]

Do others find it odd that loans now sit for quite some time on the Marketplace before they are filled?

With the lower number of loans going through, I find it counterintuitive that loans can sit in the marketplace for some hours before being fully funded. Around six months ago, if you didn't get in fairly quickly, you could miss out on a loan. Does this suggest that many are now 'mostly' using auto-lend, or perhaps due to the lower frequency of loans, are not checking as regularly as they may have in the past. Odd...

It is a changing beast, as perhaps is the economy...

[Cool Bear]

Do others find it odd that loans now sit for quite some time on the Marketplace before they are filled?

With the lower number of loans going through, I find it counterintuitive that loans can sit in the marketplace for some hours before being fully funded. Around six months ago, if you didn't get in fairly quickly, you could miss out on a loan. Does this suggest that many are now 'mostly' using auto-lend, or perhaps due to the lower frequency of loans, are not checking as regularly as they may have in the past. Odd...

It is a changing beast, as perhaps is the economy...

Yes, I noticed that too and wonder why as well as so many here are complaining that there are not enough loans.

[humvee]

It's only taken them 3 years to fix this major software bug. Now that their business model has mostly shifted away from retail lenders HM are quite happy to show the true amount in arrears on the dashboard. Is this a coincidence or dodgy business practice?
There has been no communication from HM explaining this major screw up. Are they trying to sweep this one under the carpet?

Still Plenty of errors though

Attachment 9764

[alundracloud]

Do others find it odd that loans now sit for quite some time on the Marketplace before they are filled?

With the lower number of loans going through, I find it counterintuitive that loans can sit in the marketplace for some hours before being fully funded. Around six months ago, if you didn't get in fairly quickly, you could miss out on a loan. Does this suggest that many are now 'mostly' using auto-lend, or perhaps due to the lower frequency of loans, are not checking as regularly as they may have in the past. Odd...

It is a changing beast, as perhaps is the economy...

Hi Myles,

The theory I have that would explain this.... previously (ie up until 2 or so months ago), Wholesale/Institutional investors would snap-up the entire marketplace in one fell-swoop. It wouldn't be uncommon for there to be 5 or more loans on the marketplace one minute, and the next minute they're all completely filled and the marketplace is empty. Under this method, retail would get first dibs at the marketplace, being able to actively pick and choose what they put $ into- this also explains the discrepancy in the RARs between Retail & Wholesale.

With Harmoney now running two marketplaces, this means that institutional investors aren't 'cleaning up' the retail marketplace as they did before, meaning loans are sitting around for a whole lot longer. I could be entirely wrong about this, esp. because I thought HM always ran two separate marketplaces??

I definitely haven't noticed the marketplace being 'cleaned up' as I used to see.

[PennyPicker]

Seems to be HM have finally fixed a bug.

Previously the "Amount in Arrears" did not reconcile against HM export report. The reported value in the dashboard now equates to the reported value.

Confirmed as working.

[BJ1]

Confirmed as working.

Wouldn't it be great if, instead of us having to speculate, Harmoney actually told us what it has done / is doing. I find the speculating unhelpful and at times contrary to what I actually have been told by Harmoney. The company needs to understand that it charges us fees for a professional service and failing to provide that, as it has done, leaves it exposed to charges of taking money under false pretences.

[alundracloud]

Agree BJ1. The non-existent communication from HM is a constant frustration. Why is it so difficult to be upfront?

[ratkin]

How have people been doing with Harmoney lately? Logged on for the first tim in ages to see my Realised annual return down to 8.8% seems to have been gradually declining. Is that because of the lower interest environment or are the company skimming more off?

Or is it the dreaded "charged off"

[myles]

I definitely haven't noticed the marketplace being 'cleaned up' as I used to see.

I think you are probably right. I was never clear on just how this worked, and still aren't.

[joker]

In a Dompost news article from November 2017, FMA stated...
There were 16,977 loans outstanding with P2P lenders at the end of June [2017], of which 1469 were in arrears (i.e. 1+ days overdue).

This calculates as 8.65% of the total P2P active loan book in arrears 12 months ago.

My arrears currently stand at 4.79% of active loans (number, not value) up from 1.53% yesterday in a mildly conservative book (B, C, D1 & D2), and this figure is identical to that for my arrears with LC.

Full story here...https://www.stuff.co.nz/business/industries/99287834/financial-regulator-shines-light-on-p2p-lending-crowdfunding

Most stats available for P2P seem to consider loans in arrears as those that are 31+ days overdue.