39 replies to this topic

[kcrane]

propman, on 30 April 2012 - 16:55, said:

My experience is that a higher proportion of weekend loans seem to get rejected or zapped. This might be due to higher rates, frustration of no decision for a couple of days or merely that it includes applications that are rejected quickly by the underwriters and so would not normally be noticed if made during the working day (as they will be quickly reviewed).

- PM

If I get a chance (I may have to spend some time earning cash to invest in Zopa   ) I'll watch the levels during the week as well.

[kcrane]

momac, on 30 April 2012 - 17:29, said:

We seem to be edging terribly close to a recommendation for some underwriting work to be undertaken at the weekend

It would seem to make sense - funds are tied up all over the weekend and then dumped back in their offers in the early part of the week, just as the weekend repayments come in, with the result that lenders have more money in their offers than they might wish.

So some zappers working over the weekend would result in faster decisions for borrowers, early release of lenders' funds back in to offers and ease the underwriting burden of Mondays.

Just my opinion - it's what I would do.  This also harks back to another thread about smoothing the flow.

I don't know Zopa's business model, I wonder if the extra revenue would support weekends (and nights?)  

[momac]

kcrane, on 30 April 2012 - 17:54, said:

I don't know Zopa's business model, I wonder if the extra revenue would support weekends (and nights?)  

I don't know it either, but this thread has pushed forward a possible requirement for some weekend working on the part of the underwriters.  There is no evidence that night working is required.

Properly managed, weekend and general out of hours (not nights) working is not expensive.  There are any number of people, perfectly well qualified, who are unable to work 'normal' hours and would be pleased to have the opportunity to work outside normal office hours.  This is a management, rather than a staffing, issue.

[chilterncom1]

momac, on 30 April 2012 - 18:12, said:

I don't know it either, but this thread has pushed forward a possible requirement for some weekend working on the part of the underwriters.  There is no evidence that night working is required.

Properly managed, weekend and general out of hours (not nights) working is not expensive.  There are any number of people, perfectly well qualified, who are unable to work 'normal' hours and would be pleased to have the opportunity to work outside normal office hours.  This is a management, rather than a staffing, issue.

The underwriters do appear on the occasional weekend when demand is high relative to funds available - that was not the position this past weekend, by the way. For a period of a year or more, there were ample funds and it made little practical difference that a portion of lenders' money was tied up over a weekend.

[kcrane]

momac, on 30 April 2012 - 18:12, said:

Properly managed, weekend and general out of hours (not nights) working is not expensive.  There are any number of people, perfectly well qualified, who are unable to work 'normal' hours and would be pleased to have the opportunity to work outside normal office hours.  This is a management, rather than a staffing, issue.

Good point, I'd made an assumption that weekend work would be an issue (resource and cost-wise).

Night working comment was tongue in cheek.

[momac]

chilterncom1, on 30 April 2012 - 18:36, said:

The underwriters do appear on the occasional weekend when demand is high relative to funds available - that was not the position this past weekend, by the way. For a period of a year or more, there were ample funds and it made little practical difference that a portion of lenders' money was tied up over a weekend.

Agreed, but times are changing.

The suggestion was that some underwriters should be scheduled to work over the weekend and maybe late evenings, not that underwriters are paid overtime to cover those hours.

...and it does make a practical difference to the OP if his funds are tied up over the weekend and then to experience a 69% rejection rate.

[chilterncom1]

momac, on 30 April 2012 - 22:33, said:

Agreed, but times are changing.

The suggestion was that some underwriters should be scheduled to work over the weekend and maybe late evenings, not that underwriters are paid overtime to cover those hours.

...and it does make a practical difference to the OP if his funds are tied up over the weekend and then to experience a 69% rejection rate.

It would only make a difference if the OP had run out of funds to lend - and there's no indication that happened. Otherwise, the OP would be participating in all available loans anyway.

[figures18]

momac, on 30 April 2012 - 22:33, said:

Agreed, but times are changing.

...and it does make a practical difference to the OP if his funds are tied up over the weekend and then to experience a 69% rejection rate.

Have you considered that Billy Borrower may well apply for a loan late on a Saturday evening but wouldn't appreciate a phone call from Zopa underwriters at the crack of dawn on a Sunday when he's got a hangover.  When the working world is working then that's the time to collate all of the info, there's only so much zapping that w/end underwriters can do.  As Chilterncom1 says, if the funds on offer are sufficient to meet demand then there's no reason to have w/end working.  If the OP is concerned then he should overfund his offer to account for the rejection rate.  On average a 1/3rd of A*36 may get through but every weekend is different, sometimes I see 45-50% go through, other times it's far lower.

[momac]

figures18, on 30 April 2012 - 22:45, said:

Have you considered that Billy Borrower may well apply for a loan late on a Saturday evening but wouldn't appreciate a phone call from Zopa underwriters at the crack of dawn on a Sunday when he's got a hangover.  When the working world is working then that's the time to collate all of the info, there's only so much zapping that w/end underwriters can do.  As Chilterncom1 says, if the funds on offer are sufficient to meet demand then there's no reason to have w/end working.  If the OP is concerned then he should overfund his offer to account for the rejection rate.  On average a 1/3rd of A*36 may get through but every weekend is different, sometimes I see 45-50% go through, other times it's far lower.

This past weekend does demonstrate the need for some scheduled weekend working for the zappers - the working world was not working, but they were still able to release funds.

Unless Zopa have some very flexible working policies that we are not aware of, the zapping which took place on Saturday and Sunday will have been at great cost.

[figures18]

momac, on 11 June 2012 - 17:33, said:

This past weekend does demonstrate the need for some scheduled weekend working for the zappers - the working world was not working, but they were still able to release funds.

I disagree, there's no point in scheduling underwriters to work w/ends unless it's known that there'll a. be a severe funds shortage or b. a demand surge.  Very rarely can either be predicted with certainty.

I believe that Zopa being the progressive company that they are do have flexible working policies.

[elljay]

figures18, on 11 June 2012 - 17:40, said:

I believe that Zopa being the progressive company that they are do have flexible working policies.

And Giles has a big stock of   when needed to tempt the staff to work weekends

[momac]

figures18, on 11 June 2012 - 17:40, said:

I disagree, there's no point in scheduling underwriters to work w/ends unless it's known that there'll a. be a severe funds shortage or b. a demand surge.  Very rarely can either be predicted with certainty.

That is why I emphasised 'some' weekend working, which could be augmented in the case of a) and above and ease weekend 'spikes' normally.

   costs money, scheduled working doesn't, especially if management cover is also scheduled.

[figures18]

momac, on 11 June 2012 - 17:54, said:

That is why I emphasised 'some' weekend working, which could be augmented in the case of a) and above and ease weekend 'spikes' normally.      costs money, scheduled working doesn't, especially if management cover is also scheduled.

I'm not getting into this 'how much biscuits cost' discussion.  But, why would management cover need to be included/scheduled.  If the underwriters have a flexible approach to working hours then they can cover both a and b as and when they arise at no extra cost or detriment to Zopa.

[momac]

figures18, on 11 June 2012 - 17:59, said:

But, why would management cover need to be included/scheduled.  If the underwriters have a flexible approach to working hours then they can cover both a and b as and when they arise at no extra cost or detriment to Zopa.

It's something to do with having a 'responsible person' overseeing business activities.  Anyway, let's agree to differ for now.

We can start again later

Edited by momac, 11 June 2012 - 18:50.

[momac]

momac, on 11 June 2012 - 17:33, said:

This past weekend does demonstrate the need for some scheduled weekend working for the zappers - the working world was not working, but they were still able to release funds.

Sorry to reply to my own post, but I have been reflecting...

The 'working world was not working, but they were still able to release funds' makes me think that our mustachioed Business Analyst might be able to hone the automated processes to cover what the weekend zappers were doing...

Just a thought!

[figures18]

momac, on 11 June 2012 - 20:00, said:

Sorry to reply to my own post, but I have been reflecting...

I know how fond you are of Business Analystssssss but Mr Mustache is honing elsewhere and has been for a fair while now according to Twitter.  He's taken his swing and swung it elsewhere    It doesn't/wouldn't take a business analyst to hone automated processes.  If they could be automated any more they would have been.  SL75 posted in great detail about the automated setup maybe he can find his post?  

I'm also not sure why Zopa's underwriters need a responsible adult to oversee them at w/ends, I find that thought bizarre to be honest especially as they're qualified and competent during weekdays.

We are going to have to agree to disagree on this one  

Edited by figures18, 11 June 2012 - 20:17.

[PeteC]

figures18, on 11 June 2012 - 17:59, said:

I'm not getting into this 'how much biscuits cost' discussion.  But, why would management cover need to be included/scheduled.  If the underwriters have a flexible approach to working hours then they can cover both a and b as and when they arise at no extra cost or detriment to Zopa.

Bit if Giles is feeling the pinch, Jammie Dodgers are currently half price at Sainsburys

http://www.sainsbury...D=1339445504239

Pete

[momac]

figures18, on 11 June 2012 - 20:11, said:

We are going to have to agree to disagree on this one  

Indeed.

[figures18]

PeteC, on 11 June 2012 - 20:14, said:

Bit if Giles is feeling the pinch, Jammie Dodgers are currently half price at Sainsburys

The word on the street is he paid in Pizza's... which he served on his knees..

[momac]

figures18, on 11 June 2012 - 20:15, said:

The word on the street is he paid in Pizza's... which he served on his knees..

and he can mend the holes in his trousers with half price Jammy Dodgers from Sainsury's - half price, not free, please note