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.
- Big Prosper Changes -- 2nd Loans, Authenticated API, 0% on AA, 36% Max Rate, and Portfolio Plans Big changes for Prosper today in new release... Borrowers can now have second loans Authenticated API for access to extended credit and a lender's loans for lenders 0% servicing fee on AA credit In states where rates aren't capped the new maximum is 36% Portfolio Plans might be the biggest change of......
- 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......
- 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......
- Update On The Deadbeat Lenders -- Prosper Responds Earlier in the week I wrote a post about the lenders and group leaders on Prosper that were also borrowers AND LATE on their loans: http://rateladder.com/2007/02/26/please-close-major-loophole-for-deadbeat-lendergroup-leaders/ Basically I was calling for the impounding of the lender funds to pay loan. Well, Prosper has responded via Prosper Andrew: Hi all, We're......
- 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......
