Automated Response to Bumped-off Underbid - ARBU
ARBU is the Automated Response to Bumped-off Underbid facility.
This is a facility which is provided for Advanced Lenders (those having bought Advanced Lender membership). It is designed to automatically replace a bid or match that has been bumped-off via another lender's underbid. The lender has the facility to specify a number of parameters controlling how the replacement bid/s or match/es will be placed.
The first setting is to set whether the following settings are for ALL loan requests or are they to apply only to specific loan requests, or a group of loan requests.
"ARE THESE ARBU SETTINGS GLOBAL FOR ALL LOAN REQUESTS". We will first deal with the "Yes" radio button selected:
MAXIMUM NUMBER OF AUTOMATED RESPONSES: This where you can enter the maximum number of automated responses that you wish ARBU to make on any one Loan Request. e.g. 3.
SHARE INTEREST RATE WITH OTHER OFFERS: Here there is a radio button selection for whether you wish ARBU to place a bid that shares an interest rate with others or to place a bid with an interest rate that is unique on the Loan Request. e.g. Interest rate bids at 5.3%, 5.35%, 5.4%, 5.5%. Bid calculates out at 5.4%.
If the radio button for SHARE INTEREST RATE WITH OTHER OFFERS = "No" then the bid is placed at 5.39%, 0.01% lower to make it have a unique rate, but if the radio button for SHARE INTEREST RATE WITH OTHER OFFERS = "Yes" then the bid is placed at 5.4%, sharing the 5.4% interest rate slot with the other bid.
Tooltips show on each of the possible choices as shown above.
NO. OF BIDS INSIDE HIGHEST INTEREST RATE BID: Enter the number of bids, inside, or lower than, the highest interest rate bid. e.g. Entered value = 4, highest interest rate bid = 6.8%, 4 bids inside, takes the rate to 5.8%, sharing interest rate set above = yes, bid placed at 5.8%.
LOAN AMOUNT INSIDE HIGHEST INTEREST RATE BID: Enter the amount inside the highest interest rate bid. e.g. Entered here = 100, highest interest rate bid = 6%, £100 inside, takes the interest rate to 5.6%, sharing interest rate set = yes, bid placed at 5.6%.
% INTEREST RATE INSIDE HIGHEST INTEREST RATE: Enter the percentage inside the highest interest rate bid. e.g. Entered here = 0.25, highest interest rate bid = 6.4%, 0.25% inside, takes the interest rate to 6.15%, sharing interest rate set = no, as 6.15% already bid, the bid is placed at the nearest not bid rate, which is 6.1%
ARBU may be selected to work in combination with lending portfolios, set in AutoLend Global Settings.
When you click the link for CREATE NEW ARBU GROUP, a lightbox opens up as shown below:
Enter the name you require as your Group Title.
Then, in the dropdown, select in turn each Loan Request, by its title, that you wish to add to the group. Then click the double right arrow to place it in the box headed "LOAN REQUESTS IN GROUP". If you wish to remove a Loan Request from that box highlight it with the cursor and then click the double left arrow.