I started my RSS feeds on March 18th… I thought I would check in on my favorite (Underappreciated Listings)…
There have been 6,364 listings profiled, requesting to borrower $61,781,819 or $9,952.01 per loan on average.
Here is the listing status break down…
| Status | Total Amount | Number | Per Loan |
|---|---|---|---|
| Cancelled | $3,427,672 | 259 | $13,234 |
| Pending Verification | $92,900 | 8 | $11,613 |
| Expired | $30,822,079 | 3268 | $9,431 |
| Completed | $12,258,725 | 1365 | $8,981 |
| Active | $1,654,511 | 195 | $8,485 |
| Withdrawn | $13,525,932 | 1269 | $10,659 |
And here is the Current Loan Status for Completed Listings…
| Status | Total Amount | Number | Per Loan | Avg Loan Age |
|---|---|---|---|---|
| Current | $11,178,784 | 1252 | $8,929 | 123 |
| Paid | $373,479 | 33 | $11,318 | 165 |
| Payoff in progress | $15,500 | 2 | $7,500 | 166 |
| Late | $173,474 | 21 | $8,261 | 143 |
| 1 month late | $234,487 | 27 | $8,685 | 159 |
| 2 months late | $60,200 | 7 | $8,600 | 188 |
| 3 months late | $132,801 | 13 | $10,215 | 191 |
| 4+ months late | $90,000 | 10 | $9,000 | 230 |
Late in some form: $690,962
Current/Paid: $11,567,763
Only 5.6% of the population of these loans are late… This is much better than the general population of loans of Prosper which is just over 10%. And all of these listings are at higher than average rates…
Another interesting note, over 30MM dollars in listings that were fund-able based on loan size, DTI, and interest rate expired. Expired means the auction ended but the loans were not fully funded. Given that these loans perform better than the general population, I find this to be an extraordinarily high number.
(Edit:) Mike points out that it is more interesting if the loans skew to the lower credit grades… So here is the credit grade breakdown of the loans for Underappreciated rss listings.
| Credit Grade | Total Amount | Number | Per Loan | Avg Loan Age |
|---|---|---|---|---|
| AA | $1,200,049 | 67 | $17,911 | 145 |
| A | $1,975,971 | 126 | $15,682 | 121 |
| B | $2,671,564 | 218 | $12,255 | 117 |
| C | $3,162,154 | 374 | $8,455 | 121 |
| D | $2,395,099 | 378 | $6,336 | 125 |
| E | $859,688 | 204 | $4,214 | 146 |
That looks skewed to the lower credit grades to me.
What do you think?
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4 comments ↓
There’s not enough information to make a judgment. If the funded (and not canceled) loans weight heavily toward the “prime” space (AA, A), then I find this uneventful. If it weights heavily toward the sub-prime end (D, E), then it’s noteworthy.
Mike don’t get me wrong. Buyer beware. I am not suggesting that this RSS feed is the only vetting needed in order to bid. Just reporting the results.
Let me see how the completed listings breakdown by credit grade.
I do not think that “screwed” (skewed?) was the word you were looking for but that may be what us lenders are: “That looks screwed to the lower credit grades to me.” LOL
Nice catch… Fixed! that was pretty funny.
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