Membership is subject to compatibility with the goal of the platform which is to settle the maximum number of high quality loans without people’s time being wasted. Accordingly investors, brokers and solicitors are subject to suspension and expulsion if their actions are deemed to be detrimental to the goal of the platform.
The system collects data on the reasons loans are rejected and the frequency of rejections. The aim is to suspend and if necessary expel:
- Investors who are advertising the availability of funds with particular criteria but who are not genuinely prepared to lend against those criteria,
- Brokers shopping poor quality deals.
An investor who rejects a loan quickly that is put to them by a broker with a track record of shopping poor quality deals will not be penalized by the platform. On the other hand if an investor repeatedly rejects loans put by brokers with a track record of high acceptance rates, and which loans are subsequently quickly accepted by other investors with good track records, then that investor will be removed. This may seem harsh but the aim of the policy is to reward careful, diligent brokers who are shopping high quality deals by preventing them from having to deal with time wasters.
Brokers who have a track record of shopping poor deals that are quickly rejected by investors with good track records are also detected. Every rejection they receive from a lender with a good track record is a vote against their judgment. They are first given warnings, then face suspension and ultimately expulsion. This may seem harsh but the aim is to remove brokers who shop poor quality loans. This prevents genuine investor’s from having to waste their time sorting through rubbish, when it is the broker’s job to filter out rubbish prospects.
Investors and brokers are also subject to suspension or expulsion if they receive multiple unfavorable ratings or are subject to substantiated adverse reviews.