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IR and Folio purchases- something to be aware of if your totals are off

Started by Peter, July 19, 2016, 11:00:00 PM

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dr.everett

Thought I would share this in case there are other IR users that are purchasing heavily from Folio. Short synopsis- my IR portfolio totals are significantly less than what LC shows.

I asked Ricardo about this, and after a bit of research he came back with the following:

"The issue appears to be in the notes you purchased in the secondary market.

The notes file will not provide what percentage of the loan you own, so we can calculate your share of the payments. Instead, IR uses the field "Invested" which gives the amount you invested in the loan, and divides that by the total amount funded to the borrower, to figure out your percentage of the loan. But for purchased loans, the Invested field will give the price you paid for that loan. If you paid less than the amount the original purchaser of the note paid for it (as it normally goes), IR will think your share of the loan is smaller than it really is.

Looking at the file, I don't see any field that could provide the correct value for how much of the original loan you own, so I don't believe if it will be possible to fix it. I will contact LC to see if they can add the field to the file."

So to summarize- if you purchase a lot of notes on Folio and use IR- you should expect to see variances until LC provides the data IR needs.

NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL