Harmoney

[joker]

How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
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[Saamee]

How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
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Yes... I have hit that a few times recently.

Thinking it must be a major player comes in with a big order as the system processes lined up orders sequentially.

[RMJH]

How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
ScreenHunt.jpg

Scary, surely that should not be possible!

[PennyPicker]

Scary, surely that should not be possible!

It's a simple UI bug, well service probably; as we've all seen BUY orders are sometimes later refunded, no doubt because of situations like this where the our order was taken and later discarded after the math was done. Not unreasonable, it's a probable trade off between performance when accepting orders vs validation of available notes against unprocessed BUY orders. The service API, (and maybe there's an argument the UI) should never return a value > 100%, simple fix.

[RMJH]

It's a simple UI bug, well service probably; as we've all seen BUY orders are sometimes later refunded, no doubt because of situations like this where the our order was taken and later discarded after the math was done. Not unreasonable, it's a probable trade off between performance when accepting orders vs validation of available notes against unprocessed BUY orders. The service API, (and maybe there's an argument the UI) should never return a value > 100%, simple fix.

Good answer! Thanks.

[SilverBack]

How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
ScreenHunt.jpg

I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.

[alistar_mid]

I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.

well... you know what they say...

yoda-quote-path-to-the-darkside-1068x561.jpg

[PennyPicker]

It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order.

Couldn't help but laugh, I was reading your email while waiting for some acceptance tests to run where I've been 'mending' them to do exactly this!

I posted some time back, it's searchable; but IIRC Harmoney didn't write the system, they brought it from a chap and they skin it. If they don't have direct access to make changes/submit PRs, and this still holds true, they could be at the mercy of the development company on fixes and features.

[alundracloud]

The lack of loan availability for the retail investors has been mentioned a lot recently, and I'm beyond the point of holding out for things to change. Harmoney is effectively dead, unfortunately..

This plot (and table) shows how easily I found it to grow a portfolio when I first started, compared to the most recent 6 months.

Attachment 10578

data.jpg

The steepness / gradient of the plot shows how easy or difficult I found it to invest. The 147 days for the last 100 loans is a bit misleading, as I didn't invest in any loans in Feb 2019, however, the drop-off is plain to see.

[alistar_mid]

The lack of loan availability for the retail investors has been mentioned a lot recently, and I'm beyond the point of holding out for things to change. Harmoney is effectively dead, unfortunately..

This plot (and table) shows how easily I found it to grow a portfolio when I first started, compared to the most recent 6 months.

Attachment 10578

data.jpg

The steepness / gradient of the plot shows how easy or difficult I found it to invest. The 147 days for the last 100 loans is a bit misleading, as I didn't invest in any loans in Feb 2019, however, the drop-off is plain to see.

Harmoneys returns are becoming more attractive with lower interest rates, so there are more people wanting a peice of each loan now.

You just need to increase your notes per loan, if your'e doing 1, 2 notes per loan then there just isn't enough loan volume compared to demand to fill loans at a rate to deploy your capital like you have been used to, so increase the notes per loan

I am currently deploying $50k and I recon it will take just over a 2 months, i do 15 notes per loan which deploys nearly $10k a week.