Author Topic: Is Folfiofn canceling sell orders on Loan Payment?  (Read 5612 times)

yojoakak

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Is Folfiofn canceling sell orders on Loan Payment?
« on: January 18, 2013, 07:05:31 PM »
My Canceled Sell Orders table is getting huge.

I know Foliofn used to reverse a Pending Sale when a Loan Payment came in, then put the note back up for sale at the original asking price.

Now it seems like they're just canceling sell orders when a loan payment comes in.

I actually think that's a better idea, because a few times I've had a late loan up for sale at a hefty discount. A payment would come in bringing the loan up to date, but it would still be listed at a big discount. Inevitably someone would swoop in and buy it before I noticed and/or updated the price.

SeanMcD

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #1 on: January 18, 2013, 07:26:11 PM »
Sometimes.  I haven't been able to figure out their new logic yet, but on any given day, about half of the loans I have for sale that receive payment get canceled (without having any pending purchases) and the other half remain for sale at the original price.

AmCap

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #2 on: January 18, 2013, 10:27:02 PM »
It makes sense; a payment on a loan would reduce principal somewhat and pay down accrued interest.  The note would have to be re-priced.

Randawl

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #3 on: January 19, 2013, 02:03:37 AM »
That's been happening to me, too.  I can't tell if the cancellations are coming from "currently for sale" and "sold but not processed" or just from the "currently for sale" group.

Quote
It makes sense; a payment on a loan would reduce principal somewhat and pay down accrued interest.  The note would have to be re-priced.

The sell order is good for 7 days at a set price but interest accrues daily.  Technically then, notes should have to be re-priced daily for that to be true.  Although, the daily drift in value/price is small compared to the dramatic percentage change when a payment is processed.
Or I suppose you could say they chose 7 days as a good balance.

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Foliofn. . .then put the note back up for sale at the original asking price.

They sure don't seem to be doing that any more, are they?  I think it's been months?  I am probably off on that.

Grant

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #4 on: January 19, 2013, 05:45:42 AM »
This is why I wish I could price my notes as an absolute % markup... It would only need to be posted once and then, as interest accrued or payments made, the price would be adjusted accordingly.

AmCap

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #5 on: January 19, 2013, 09:39:10 AM »
That's been happening to me, too.  I can't tell if the cancellations are coming from "currently for sale" and "sold but not processed" or just from the "currently for sale" group.

Quote
It makes sense; a payment on a loan would reduce principal somewhat and pay down accrued interest.  The note would have to be re-priced.

The sell order is good for 7 days at a set price but interest accrues daily.  Technically then, notes should have to be re-priced daily for that to be true.  Although, the daily drift in value/price is small compared to the dramatic percentage change when a payment is processed.
Or I suppose you could say they chose 7 days as a good balance.

Quote
Foliofn. . .then put the note back up for sale at the original asking price.

They sure don't seem to be doing that any more, are they?  I think it's been months?  I am probably off on that.

Good point.

Generally I price notes at a set gain/loss based on my cost basis so I don't really worry much about that fluctuation.

william

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #6 on: January 19, 2013, 01:26:19 PM »
This is why I wish I could price my notes as an absolute % markup... It would only need to be posted once and then, as interest accrued or payments made, the price would be adjusted accordingly.
I completely agree. This would save me so much time.

AmCap

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #7 on: January 19, 2013, 07:09:41 PM »
I know from experience that on prosper you can set your prices for a set of notes as a percentage of principal and accrued interest.  It doesn't adjust automatically, but it makes pricing so much easier.


Randawl

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #8 on: January 19, 2013, 08:56:41 PM »
This is why I wish I could price my notes as an absolute % markup... It would only need to be posted once and then, as interest accrued or payments made, the price would be adjusted accordingly.

I would love to price with an absolute % markup.  Maybe we can hope they add that functionality one day.  Although, I'm pretty sure it's possible to use a script, perhaps in Chrome, to accomplish this.  I just don't know how to do it.

Lloigor

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Re: Is Folfiofn canceling sell orders on Loan Payment?
« Reply #9 on: January 21, 2013, 11:44:11 AM »
I would like to be able to price a group at the same percentage markup, but I feel like having it not change once priced is a good thing.  That way your note gets a sliver cheaper and more appealing to buyers each day it doesn't sell.