There was a Prosper update last night. Nothing that was completely unexpected… The one thing that struck me as interesting was that borrower’s are now required to sign the promissory notes themselves… Before the process had been that Prosper was authorized to sign on their behalf… The part that struck me as interesting was the final paragraph…
Although this new process may add some additional time before loan funding, we expect that this change will reduce immediate loan payoffs and enhance the legal enforceability of Prosper promissory notes.
The bold part caught my attention (I added the bold for emphasis) as I am on the loans that are part of the legal test. Related or just coincidental use of the root legal? More info please. Update: Ed Giedgowd Chief Compliance Officer and General Consul of Prosper provided an update on borrower sign loans.
Here the highlights from blog post:
- Portfolio Plan Bids can now be adjust as an average of all the bids in the plan
- Self employed and non verifiable income borrowers will now have DTI displayed as Not Calculated
- Income Range changed to Stated Income and now show regardless of whether it is verifiable or not
- More bankruptcy data is now being shown including chapter and filing date
- There is a messaging change for those lenders that wish to bid on negative ROI listings.
- New Loan Funded — Working Capital Loan for Post Production Company — $21,000 at 18.50% — B Credit — DTI 59% A new loan funded (Working Capital Loan for Post Production Company — $21,000 at 18.50%). I participated via a manual bid, this was an autofunding loan. The borrow had B credit and 59% DTI. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10......
- Portfolio Plans -- The Good, The Bad, and The Ugly I think Prosper is doing some interesting things lately and Portfolio Plans are no exception... A portfolio plan is a series of slices of data that when combined make getting into a diversified investment of Prosper loans extremely simple. There are 4 risk levels for the current plans. Conservative (estimated......
- Another Step in the Prosper Lawsuits Against Borrowers As I have talked about before Prosper is going to sue deadbeat borrowers and I have opted to join the suit as opposed to receiving an equivalent to the last junk debt sale buyout. For me this meant giving up ~$30 to remain on the lawsuits of 6 of my delinquent......
- Everyday People -- Shining Example of Prosper Group Here is a current listing from EveryDay People. This listing has an excellent chance of funding. In addition, Everyday People's Group Leader StaciM has also endorsed AND BID on the listing. (Personally I think an endorsement without a bid is meaningless... kudos StaciM). The reason StaciM can bid with confidence......
- Borrow Money with Unsecured Personal Loan With Prosper you can borrow money via unsecured personal loans, up to $25,000 and depending on you credit at rates as low as 8% (lower in some cases). Yesterday I made the case to borrow money on Prosper with unsecured debt. I talked about the 2 most important things to getting......
