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.
- 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%......
- New Loan Funded — Clearing a personal credit card used for business purchases — $9,500 at 18% — A Credit — DTI 46% A new loan funded (Clearing a personal credit card used for business purchases — $9,500 at 18%). I participated via an automatic bid Low AMT -- Extreme DTI -- Autofunding. Which means this funded at less than 15K less than 60% DTI and was autofunding. The borrower had A credit and......
- Are Good Loans Harder to Find? I have been reading quite a few comments lately about how good loans are becoming harder to find on Prosper. I thought I would look into this matter using the public data dump and crystal reports. One caveat, not all information is in the public data dump that is available......
- November 2007 Prosper Marketplace Survey with Commentary from Kirk Inglis CFO November 2007 Prosper People-to-People Lending Market Survey Membership and Loan Volume Statistics --------------------------------------------- 2007 2006 November November Year-to- Year-to- Since 2007 2006 Date Date Inception ---------------------------------------------------------------------- New Members 33,917 19,062 368,741 119,294 506,508 ---------------------------------------------------------------------- Funded Loans $6.4 $3.3 $74.9 $23.9 $103.3 million million million million million ---------------------------------------------------------------------- Average Loan Size......
- Virgin Money Review Virgin Money is another the brainchild of Richard Branson, the well known entrepreneur that is behind a multitude of businesses, record labels and projects throughout the world. His belief is that everyone should have access to the money they need when they are trying to get money for a business......
