Still no reports coming through. Have noticed these two loans recently. I'm not sure how these levels of repayment are manageable and I'm sure I wouldn't want an autolend setting to have placed them in my portfolio.
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Still no reports coming through. Have noticed these two loans recently. I'm not sure how these levels of repayment are manageable and I'm sure I wouldn't want an autolend setting to have placed them in my portfolio.
That would have been helpful if he/she used the house as security. I doubt the borrower would sell the house to pay off the loan if lost their job or retired.
Paying off a 77K loan at a very high repayment rate over the next 5 years makes this loan a high risk and low reward.
But if you doubt the loan rating - would that not mean you doubt all loan ratings ?
Harmoney have access to more data than we do (one would hope) - they have a better picture to classify
the loan - i would say we cant beat that with less information.
Perhaps sombody who owns their own house would count higher plus the fact that may have
had other loans in the past etc - which show good behavours. Maybe being married ups the score.
If harmony get it wrong - im out $25.00
We dont see past loan history :drool: but can guess at it - i guess thats the magic sauce which makes it all work.
How about he was an only child & was gifted the house!
I posted the first two and this one because the first two tenets of lending are the willingness and ability to repay, not security (which we don't have) or asset values. After this one, no more. BUT, I won't be surprised if Harmoney cops more flack if these become quite normal.