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.
- Ayn Rand Indecisive Liberal, Prosper Blog, and Other Prosper Changes Prosper CEO called Ayn Rand an indecisive liberal when compared to Prosper Lenders. In his blog post on money and merit, Chris Larsen uses The Cathedral and The Bazaar to make the argument that p2p lending is toppling cathedrals... I find the Ayn Rand assertion hilarious. And Prosper has an......
- New Loan Funded — really want to get out of debt — $25,000 at 25.00% — C Credit — DTI 131% A new loan funded (really want to get out of debt — $25,000 at 25.00%). I participated via my standing order: Any DTI — AF. Which is this loan was funded as a any debt to income ratio and was an auto-funding loan. The borrow had C credit and 131% DTI. ......
- Prime Borrowing on Prosper Hits Record Levels -- Febuary Marketplace Survey SAN FRANCISCO--(BUSINESS WIRE)--March 11, 2008--Spurred by the credit crunch, attractive rates, and lender demand for conservative assets, Prosper (www.prosper.com), America's largest people-to-people lending marketplace with over 600,000 members and $120 million in funded loans, reported that the number of prime borrowers (720+ credit scores) creating listings and obtaining loans continues......
- New Loan Funded — home renovations — $25,000 at 19.5% — B Credit — DTI 46% A new loan funded (home renovations — $25,000 at 19.5%). I participated via a a manual bid the loan was NonAutofunding. The borrower had B credit and 46% DTI. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last......
- New Loan — debt consolodation [sic] — $25,000 at 15.00% — B Credit — DTI 15% A new loan funded this afternoon (debt consolodation [sic] (Loan #6434) — $25,000 at 15.00%). I participated via my standing order: Low DTI and Mid DTI — NAF. Which is this loan was funded as a low and medium debt to income ratio and was an non-auto-funding loan. The borrow had B......
