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.
- Loan Rate Analyzer Here is the actual Prosper Loan Analyzer that I use when evaluating a single loan. For input it takes the credit grade, debt to income ratio, and loan amount. It looks at all loans in the last 100 days with the same credit grade, DTI 0% to DTI+10%, and loan......
- 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 Taxes The following is for reference only. I am not a tax advisor nor am I offering any advice on your taxes. If you have specific questions about your situation you should consult with a tax professional. This information should apply to Lending Club as well. However, since I do not......
- Are Good Loans Harder to Find? I have been reading quite a few comments lately about how good loans are becoming harder to find on Prosper. I thought I would look into this matter using the public data dump and crystal reports. One caveat, not all information is in the public data dump that is available......
- November 2007 Prosper Marketplace Survey with Commentary from Kirk Inglis CFO November 2007 Prosper People-to-People Lending Market Survey Membership and Loan Volume Statistics --------------------------------------------- 2007 2006 November November Year-to- Year-to- Since 2007 2006 Date Date Inception ---------------------------------------------------------------------- New Members 33,917 19,062 368,741 119,294 506,508 ---------------------------------------------------------------------- Funded Loans $6.4 $3.3 $74.9 $23.9 $103.3 million million million million million ---------------------------------------------------------------------- Average Loan Size......
