Author Topic: FICO's updated... kind of  (Read 2758 times)

jpildis

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FICO's updated... kind of
« on: March 13, 2017, 04:14:34 PM »
So FICO scores are updated for March and are now accurately reflected in Folio.  The only problem is that they are not updated in the "Download All - Extended" file that many of us use for Folio selling... be careful out there.

Fred93

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Re: FICO's updated... kind of
« Reply #1 on: March 13, 2017, 04:18:34 PM »
So FICO scores are updated for March and are now accurately reflected in Folio.  The only problem is that they are not updated in the "Download All - Extended" file that many of us use for Folio selling... be careful out there.

I have reported this as a bug a couple of times.  Today I included pictures and a line from the notes file.

Please report this to LC. 

Can you imagine if a stock broker gave DIFFERENT earnings info on the same stock to buyers vs sellers?

jpildis

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Re: FICO's updated... kind of
« Reply #2 on: March 13, 2017, 05:03:57 PM »
So FICO scores are updated for March and are now accurately reflected in Folio.  The only problem is that they are not updated in the "Download All - Extended" file that many of us use for Folio selling... be careful out there.

I have reported this as a bug a couple of times.  Today I included pictures and a line from the notes file.

Please report this to LC. 

Can you imagine if a stock broker gave DIFFERENT earnings info on the same stock to buyers vs sellers?
Will do.  Good day to be a buyer. \_(ツ)_/

JohnnyP

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Re: FICO's updated... kind of
« Reply #3 on: March 15, 2017, 10:42:08 PM »
So, If I am selling a note that is trending down, then the FICO improves (so it starts trending up), then somebody can buy it and get a great deal? The notes are not cancelled like when payments are processing?


Fred93

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Re: FICO's updated... kind of
« Reply #4 on: March 16, 2017, 02:18:11 AM »
So, If I am selling a note that is trending down, then the FICO improves (so it starts trending up), then somebody can buy it and get a great deal? The notes are not cancelled like when payments are processing?

Precisely.  ...but it is worse than that.

This can happen BEFORE you place the sell order.  The database that they use to generate the "notes" file that sellers use to tell them the "last FICO" for each of their notes, gets updated sometimes several days AFTER the new "last FICO" data is posted to the database that generates the web pages for each loan.  So a seller can look at his notes file (or have his software do this), and decide to sell a note where FICO has dropped, only to find that a day before, new FICO data was posted, and the FICO score of that borrower is actually UP, not down. 

I have told them that they must make these databases synchronous.  In other words they must give sellers and buyers the same information. 

It looks to me like the notes file pulls info from a different database than the loan web page, and the update from one database to the other is a manual process that sometimes happens a few days after the new FICO data comes in.

Anyway, that's the discussion I've had with them.  You point out another problem, which is also troubling, but which I have not discussed with them... the fact that one might place a sell order which lasts N days, only to find that the FICO scores are updated while that sell order is live. 

To mitigate (but not eliminate) this issue, I only issue 1-day sell orders.  When they expire the next day, I run my program again, and it places the sell orders again (or perhaps slightly different ones, if FICO scores or note statuses have changed).

jpildis

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Re: FICO's updated... kind of
« Reply #5 on: March 17, 2017, 01:08:31 PM »
You can also just avoid the 11th - 15th of each month. I stop selling my downs until FICOs are updated.

Fred93

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Re: FICO's updated... kind of
« Reply #6 on: March 17, 2017, 02:03:35 PM »
You can also just avoid the 11th - 15th of each month. I stop selling my downs until FICOs are updated.

Interesting thought.  I had not tried to learn the pattern of WHEN these updates flow thru.  Are they consistent with those dates?

jpildis

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Re: FICO's updated... kind of
« Reply #7 on: March 20, 2017, 08:40:37 AM »
You can also just avoid the 11th - 15th of each month. I stop selling my downs until FICOs are updated.

Interesting thought.  I had not tried to learn the pattern of WHEN these updates flow thru.  Are they consistent with those dates?

Pretty much... it used to be like clockwork on the 15th but I've seen it as early as the 11th.  I just go dark until the notes download shows me that the wave of FICO updates has happened.