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 — Secure Borrower needs funds to complete rental houses — $25,000 at 12.00% — AA Credit — DTI 25% A new loan funded (Secure Borrower needs funds to complete rental houses — $25,000 at 12.00%). I participated via my standing order: Mid DTI — AF. Which is this loan was funded as a medium debt to income ratio and was an auto-funding loan. The borrow had AA credit and......
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- Prosper is Going To Sue Deadbeat Borrowers Prosper the p2p lending company is getting tough on late borrowers. The "New Agency Test" is taking an interesting turn... Prosper is going to sue. I just received the following email from Prosper. The purpose of this email is to inform you of your right to choose what action you would......
