Entries Tagged 'Features' ↓
November 8th, 2007 — Features, Prosper.com
The community spoke…
What??? You can’t take away expire listings!!!!
How am I supposed to learn?
How am I supposed to check up on my standing orders?
This is ludacris.
etc.etc.etc. 
9 days later the initial expired listing decision was modified when the site was updated last night. Now expired listings can be seen by authenticated lenders. Lenders that log into their account will be able to see all old listings.
Good choice Prosper! Thanks!
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November 4th, 2007 — Features, Goals, Listing Review, Prosper.com, Statistics, Strategy, Tools
In my Friday post, I encouraged everyone to think for themselves when it comes to estimated return guidance. It is after all only an estimate. Today, I would like to pimp a listing I have bid on that I feel demonstrates a great return loan, but it is a fairly risky bucket.
There are 2 things about this loan that Prosper is not counting or discounting.
The first is that this person has 0 current DQ. The bucket says 0-1. All the rest of the extended credit is VERY clean as well.
The second is that this is only a $7,500 loan; whereas the bucket extends all the way to $25K.
This is an autofund loan and therefore you will not receive anything lower than the current rate.
Here is how Prosper break it down…
19% Rate
(11.23%) estimated loss
(0.84%) adjustment
(1%) servicing fee
———–
5.93% estimated return
To be sure a 5.93% return is good, but I am not lending on Prosper to receive a 6% return. However, I still bid on this listing. I bid because I think the estimated loss for this loan is less that the average loss of the bucket into which it was placed. Therefore, the estimated ROI will be greater than 5.93%.
What do you think?
Welcome to the 5th installment of Pimp my Listing. I have placed a $50 bid at 19%.
This is a C Credit Homeowner with super clean extended credit. Requesting a loan of $7,500 at 19%.
$25 Bonus For New Lenders
How to Use Prosper Listing Widget for MySpace, Blog, Website, or Other
Purpose of loan:
This loan will pay off high interest home improvement credit cards
My financial situation:
We are a good candidate for this loan because we are hard workers and always work very diligently at paying off our debts on or before time. We are working part time jobs as well so we can be debt free except for our house payment in 4 years. This is our goal and we will not stop until we make it. We are a good family and always very grateful and appreciative of everything that comes our way. We always do what we can to give back what has been given to us whether it is just time we have volunteered or in this case a loan to be paid back. We would like to thank you in advance for your help.
Monthly net income: $
I could not find an area to add my spouses income so I will show it here as well.
My Net = 3375.00
My Spouse = 2450.00
Total = 5825.00
Monthly expenses: $
Housing: $ 1550.00
Insurance: $ 143.00
Car expenses: $ 1305.00 includes car payments
Utilities: $ 335.00
Phone, cable, internet: $ 140.00
Food, entertainment: $ 400.00 Clothing, household expenses $ 300.00
Credit cards and other loans: $ 1000.00
Other expenses: $ 100.00 dance and sports for child
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November 2nd, 2007 — Features, Prosper.com, Statistics, Tools
One of Prosper’s most recent changes was to add bidding guidance on the manual bid page. See the picture below.
I think this is a great feature in theory. It makes the estimated return obvious using Prosper’s own roll rates. I am sure this will be an incredibly valuable feature for all manual bidding lenders.
However, I would caution lender to think for themselves a little bit. Speaking as one who has analyzed a bunch of Prosper data if you sliced the current loan data into 54 equal segments (see graph at the bottom of the page) you start to get some mighty fine segments. There are currently 15,832 loans on Prosper. 15,832 / 54 = 293 per segment assuming equal size buckets. I haven’t looked but I am sure that not all buckets are of equal size. Even with even distribution this is cutting it close.
And then there is Heisenberg’s Uncertainty Principle (ie now that these segments are measured they a bound to change). I would imagine the Prosper updates the various adjustment fields on a regular interval, but even so the nature of the buckets themselves might change.
Overall, I think this feature is more good than harm. In fact, I am not sure there is any harm. I just think that lenders need to think for themselves. For example, I biggest hole in the segments is that they don’t adjust for loan amount. Then again 108 segments would cut the data even thinner.
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October 31st, 2007 — Features, Prosper.com, Tools
I think the authenticated API is big news. It signals additional development in an area that will benefit the entire community… I hope that there is much more to come.
Here I will quickly run down various things I have done with the API since the inception…
First of all ProProsper — Professional Tool For Prosper Lenders… While the application does a few interesting things, the biggest, best, most useful feature of ProProsper is direct SQL access of the public Prosper data and some schema enhancements. I built ProProsper using a rapid application development toolkit on top of struts and tomcat. SQL Server 2000 database using DTS packages to import and post process the data.
Second I built a Prosper Listing Widget using Adobe Flex Builder 2 and the webservice API (I have updated the listing widget to use the new https version of the API). I also did 2 variations on the widget ProProsper RSS Feed Listing Widget Rotator and Group Listing Widget Rotator.
Yesterday I downloaded the sample c# app provided by Prosper and adjusted it to work with the new API (https instead of http). The sample app is pretty basic, but here is what I did to make it work…
1. changed line 12 of app.config to:
https://services.prosper.com/ProsperAPI/ProsperAPI.asmx
2. removed ProsperAPIService web reference
3. created a new WebReference with url:
https://services.prosper.com/ProsperAPI/ProsperAPI.asmx?WSDL
4. named the new WebReference “ProsperAPIService”
5. rebuilt sample app
Also I have begun playing around with the API with WSDL2Java… Nothing really interesting yet. But apparently the ssl cert being used is not compatible out of the box with java and you need to use this… http://blogs.sun.com/andreas/entry/no_more_unable_to_find
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October 30th, 2007 — Features, Prosper.com
Here is a link to the Prosper S1 SEC Filing
S1 From Wikipedia (here):
Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC). The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO). Other less detailed registration forms, such as Form S-3 may be used for certain registrations.
This morning I found this: http://biz.yahoo.com/bw/071031/20071031005280.html?.v=1
Following effectiveness of the registration statement, Prosper intends to establish and maintain a secondary trading market online auction platform, or Resale Platform, pursuant to which lenders may seek to transfer borrower notes to other Prosper registered lenders.
The registration statement relates to the Prosper Marketplace Lender Participant Rights, which represent Prosper’s obligations to seek to establish and maintain the Resale Platform and to provide various administrative, clerical, recordkeeping, identity verification, payment processing, collection and other services, associated with $500,000,000 in aggregate principal amount of Prosper Marketplace Borrower Non-Recourse Notes originated and to be originated on the Platform from time to time after the registration statement is declared effective by the SEC.
All of the securities to be sold in this offering will be sold by Prosper through the operation of the Platform
Bring on the secondary market!!!
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October 30th, 2007 — Features, Prosper.com
Big changes for Prosper today in new release…
- Borrowers can now have second loans
- Authenticated API for access to extended credit and a lender’s loans for lenders
- 0% servicing fee on AA credit
- In states where rates aren’t capped the new maximum is 36%
- Portfolio Plans might be the biggest change of all.
- Bidding guidance based on Prosper default rates (see picture).
Here is the note from Prosper Andrew (here is the forum thread)…
Hi everyone,
Tonight we made a number of significant changes to the site, many based on your feedback. Changes include…
Improved bidding guidance for lenders
As the Prosper portfolio has grown and matured, we finally have a volume of loan payment activity that has allowed us to replace the Experian historical default data with Prosper’s own estimated default data.
We have also performed some analysis on the differences between borrowers within the same credit grade, and segmented the borrower population into 54 unique segments (one segment, for example, is C-grade borrowers with no automatic funding, 0 now delinquent accounts, and 2 or more inquiries). Based on which segment the borrower belongs to, we will display the estimated loss (due to default), rate adjustment (uncollected interest and fees), and annual servicing fee, and come up with an estimated return for loans to borrowers of that type.
Here’s an example of the new bid input for the example borrower:
Search listings now >
Portfolio plans introduced
Along with the new bidding guidance format (where return is calculated from actual Prosper performance), we are happy to introduce a new feature called “Portfolio Plans”. Portfolio plans are currently 4 model plans which you can think of as bundled standing orders. Each plan has 3 or 4 standing orders behind it, bidding on listings with predictable returns and specific risk levels.
Here’s the screen where you choose portfolio plans:
As listings that meet the plans’ standing orders pop up, bids will be placed. In the future, you’ll be able to build your own plans based on your standing orders. In the meantime, you can still create standing orders (which effectively do the same thing).
Get into portfolio plans now >
Standing orders can now avoid listings you’ve bid on
You’ve asked for this for a long time, and we’ve finally added it. Now when you create a standing order, you can choose to exclude “Listings I’ve bid on”, and avoid putting double bid amounts against the same listings.
Create a standing order now >
Second loans for borrowers
Borrowers who already have a Prosper loan can now take a second loan on Prosper if they meet certain criteria::
- It has been at least 6 months since their most recent loan origination
- The active loan must be current
- The last two monthly payments must have been paid on time
- Must have enough capacity in the $25,000 Prosper loan limit to take a loan which is at least big enough to meet your state’s minimum loan amount requirements
Borrowers seeking a second loan will have their active loan information described along with their credit report data.
Learn more about second loans >
Lender servicing fee changes
Lender annual servicing fees for AA credit grade borrowers change to 0%, and servicing fees for A credit grade borrowers change to 1%.
Interest rate cap changes from 30% to 36%
Prosper’s maximum borrower interest rate changes from 30% to 36%, subject to state laws in the borrower’s state of residence.
Now that we have historical default guidance on bidding pages, we feel comfortable allowing borrowers to create listings up to 36% interest (effectively 35% after potential bank draft charges).
Prosper Facebook application
Prosper members who use Facebook can now share their Prosper loans, bids, and watched listings with their friends on Facebook. I’ve been using it among my fellow Prosper employees, and it has been fascinating to keep track of what others are bidding on or watching. Try it out with your friends.
Add the Facebook application now >
Ended listings hidden
In an ongoing effort to balance the privacy and transparency of our customers, we have changed the visibility of ended listings to only be visible to those who are involved with the listing or resulting loan (if any).
Requests for credit are considered sensitive documents in the world of consumer credit. This change is a proactive move on Prosper’s part for greater consumer privacy, and the same level of transparency that you have come to expect from Prosper, but only on an as-needed basis.
Unless the borrower has an active listing, ended listings will no longer be available for viewing, except by lenders who are involved in resulting loans. If a borrower has an active listing, and has also created listings in the past, those ended listings will be available for view to registered lenders.
Collection agency performance metrics
Collection agency performance metrics now break out agency performance by credit grade. Here are the new numbers:
See collection agency performance metrics >
Authenticated API
API users can now sign in via the API, and access listing extended credit data and lenders’ basic loan holdings via web services.
Learn more about Prosper’s API >
And, as usual, many other small changes that are hopefully improvements to your experience on the site. Your feedback, as usual, is welcome.
Best regards,
Andrew
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October 26th, 2007 — Features, Prosper.com, Statistics, Tools
Yesterday, I had one of those bitter sweet moments.
Sweet in that a loan I had been writing off in my mind as bad was repurchased by Prosper for the full principal balance. Bitter, because I really believe I am helping people with these loans and yet someone would take advantage and try to steal my hard earned money.
Which one? If you saw my Prosper Days presentation then you know which one. And yes… my wife was right… as usual.
I would like to thank Prosper for standing by the 100% Identity Theft Guarantee. Here is the email from Prosper…
Dear Kevin,
Prosper has recently repurchased one of your loans in accordance with Prosper’s 100% Identity Theft Guarantee, under which Prosper has agreed to repurchase loans from lenders if the loan is found to involve identity theft of the named borrower’s identity. (See section 7.d of the Lender Registration Agreement.)
Prosper has determined that the borrower whose credit information is displayed in the loan listing did not post the listing, and was unaware that someone had accessed their identity for the purpose of requesting a loan through Prosper. Prosper has therefore repurchased the loan, and is crediting your Prosper account in the amount of your bid. When the credit is complete (within 1-2 business days, if not already completed) the funds will be available for further bidding.
Prosper is committed to providing a safe and secure marketplace, and works with law enforcement authorities to prosecute to the fullest extent perpetrators of identity theft.
Loan: XXXXXXX (Loan #XXXX)
Borrower: XXXX
Repurchase date: Oct-25-2007
Principal balance: $41.94
Repurchase amount and unpaid group leader rewards (if any): $41.94
View loan details (link removed as you must be on the loan to view the page)
Learn more about repurchased loans.
Sincerely,
Prosper
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October 9th, 2007 — Features, Prosper.com
From “Prosper Jon”… (I am on Facebook and I am using this application.)
—-
We recently launched a beta Facebook application called “Prosper”. This is one of the upcoming features alluded to by Andrew in his Sep 12 site update announcement.
As some of you know, we’ve experimented with the Facebook Platform in the past by developing a game called Fantasy Banker.
This application isn’t a game, but a more directed effort to bridge Facebook and the Prosper marketplace.
By integrating Prosper with your social graph, you can make the marketplace even better and social lending more social.
The application also allows you to share your Prosper activity with your Facebook network, even if they aren’t already Prosper users. Once you’ve added the application, simply using Prosper can inform your friends about loan requests you’ve made, or bids you’ve placed. Here’s an example of what the stories look like when they show up in Facebook’s news feed:
If you’re a Facebook member you can check it out:
Try Prosper on Facebook now>
Learn more about Prosper on Facebook>
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October 9th, 2007 — Features, Prosper.com, Statistics
San Francisco – October 9, 2007 – Prosper (www.prosper.com), America’s largest people-to-people lending marketplace, today released its September People-to-People Lending Market Survey. Prosper’s People-to-People Lending Market Survey provides key statistics and a market commentary by Chris Larsen, Chief Executive Officer and Co-Founder of Prosper.
Prosper’s People-to-People Lending Market Survey is released on the second Tuesday of every month. To register to automatically receive the survey, send an email with “SUBSCRIBE” in the subject line to: p2plendingmarketsurvey@prosper.com.
Continue reading →
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October 6th, 2007 — Features, Prosper.com, Statistics, Strategy, Tools
Yesterday I published a new installment of the Prosper Late Curves. Several readers have asked if I could pull the data for one slice or another. While it would be possible to pull any advanced search slice out of the Prosper performance page, it is rather time consuming to pull the data by hand. And these curves begin to have meaning at the 10 month mark, so slices with newly available data aren’t very interesting. Even so, I felt it was worth while to pull one slice in particular — 0 current delinquencies.
The 0 current DQ curves have less data (that credit feature wasn’t added until June 06) and therefore are a little jumpy. Over time these curves will smooth out just as the general population curves have smoothed out. Without further ado…
0 DQ By Count (click for a larger image)
0 DQ by Amount (click for a larger image)
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