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.
- Loan to Listing Corelation -- Ongoing Debate. That is exactly my point. Other people are already doing it, just not as blatant as my example. Eric looks up a lender's loans and shows the status in the context of evaluating a lender's performance. Prosper gave me the data and I can tell you for all loans in......
- Hey, Brother, Can You Spare A Dime? There are many ways to secure loans these days, but due to the sub-prime mortgage crisis, banks and other financial institutions have been much tighter on their guidelines to lend. It seems you need an almost perfect credit score these days to get a low interest rate. Now that this......
- RateLadder.com Launches Rate Loan Analyzer I have decided to take RateLadder.com to the next level. Instead of having just static content, I will be launching a series of live crystal reports that run off the nightly prosper data. The first report is the actual Prosper Loan Rate Analyzer that I use when evaluating and reviewing......
- Renaud Laplanche, Lending Club CEO in the News Renaud Laplanche, founder and CEO of Lending Club in California recently spoke with Jackie Hyland from ABC News Money Matters about Lending Club, where borrowers with good credit can obtain personal loans from complete strangers. It was touted as providing a unique and creative way to get a loan that......
- Prosper in Japan and Other Asian Countries Prosper and SBI Holdings to Establish Prosper in Japan and Other Asian Countries San Francisco – August 6, 2007 – Prosper (www.prosper.com), America’s first people-to-people lending marketplace, and SBI Holdings, Inc., a holding company for SBI Group, the financial innovation leader of Japan, today announced an agreement to form a......
