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.
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- 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......
- Prosper in Quiet Period? I though Prosper had already done this: http://www.rateladder.com/2007/10/30/prosper-files-s1-with-sec/ From Prosper This morning: http://blog.prosper.com/2008/10/15/prosper-filing-registration-statement-enters-quiet-period/ Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future.The registration filing is a necessary step toward making the......
