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 — Consolidate Personal Credit — $20,000 at 18.00% — C Credit — DTI 22% A new loan funded (Consolidate Personal Credit — $20,000 at 18.00%). I participated via my standing order: Mid DTI — NAF. Which is this loan was funded as a medium debt to income ratio and was an auto-funding loan. The borrow had C credit and 22% DTI. As a reminder......
- Successfully Added ListingKey to Loan Table Prosper's public data does not have a primary key foreign key relationship between the loan and listing table. This keeps one from being able to correlate loans to listings which prosper does intentionally for privacy reasons. However, the other data in both tables is adequate to match on ~99.8% of the loans. I......
- Doug Fuller Update Legal Test The New Agency Test aka Legal Test has been updated via the blog: Legal Test Update We have obtained service on 12 of the suits – and have sent “proof of service” back to the courts. Another 41 have been formally entered on the dockets of the court in and......
- Prosper Marketplace Auctioning Debt The Baltimore Sun is reporting the Prosper Settlement. A settlement for $1 million dollars paid to 20 different states was announced today, with Prosper Marketplace agreeing to the payout after complaints poured in claiming that the peer-to-peer lending service was selling securities that were unregistered. Prosper Marketplace is a business......
- Please Close Major Loophole for Deadbeat Lender/Group Leaders There has been a minor uproar on the forums over deadbeat lenders/group leaders. That is to say, Prosper.com members that are lenders and borrowers with late payments on the loan given to them. The consensus seems to be that Prosper should be impounding the loan payments they are receiving in......
