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.
- 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......
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- Prime Borrowing on Prosper Hits Record Levels -- Febuary Marketplace Survey SAN FRANCISCO--(BUSINESS WIRE)--March 11, 2008--Spurred by the credit crunch, attractive rates, and lender demand for conservative assets, Prosper (www.prosper.com), America's largest people-to-people lending marketplace with over 600,000 members and $120 million in funded loans, reported that the number of prime borrowers (720+ credit scores) creating listings and obtaining loans continues......
- Response to Exponential Decay Post by Mike At ProsperousLands Mike at ProsperousLands responds to my exponential decay post. I will be commenting/responding formally in the near future, but one quick comment... my 1 month late or worse curves are real and cumulative. Meaning they reflect what actually happened and if we have enough data they will never go down. The exponential decay......
- Analyzing My Late Loans Here is a quick Prosper portfolio update... Total Account Value: $8,715.32 Cash Invested: $7,692.69 Active Loans: 144 Avg Loan Age Active Loans: 172 Days Avg Rate: 18.52% Avg Credit Grade: B+ Estimated ROI according to EricCC: 10.34% Estimated ROI according to LendingStats: 4.03% Conservative Estimated IRR according to RateLadder: 2.75%......
