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......
- 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......
- 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......
- 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......
- Prosper Borrower Income On Prosper the borrower's income matters, even if it is only stated income... Prosperous Land did a very interesting analysis on borrower income: It's All About the Income... His conclusion (only being able to use 6 months of data as that is all that exists), when income is not stated or......
