zcommodore

There's a new sheriff in town, according to a recent announcement on the Prosper forums, and his name is Doug Fuller, VP of Operations at Prosper.

From what I gather, it looks like he will be looking closely at late borrowers and finding ways to improve collections. Among other things, he said he would be looking at improving when they are attempting to contact borrowers by calling at different times of the day. Also, they would be looking at possibly sueing borrowers who have the ability to pay but aren't for whatever reason.

I know people from Prosper read my blog now and then so I have a couple of borrowers I'd like you to consider for further review.

Waterdistributor never even made the first payment on his loan. He claimed income at greater than $100K and in the response to one question, he said, "As far as repayment, my income level is high enough to support the payment." I remember this listing was in review for more than a week so it should have had plenty of time for Prosper to verify his stated income and I assume they did given the size of the loan. This is one of the reasons I stopped bidding on low grade borrowers for the most part. I've also mostly stopped bidding on borrowers with a lot of inquiries due to this one as well.

One other one I'd like Prosper to take a second look at, cchinc2000. On his listing, his budget indicates he has over $1000 available per month to make payments on his $3000 loan.  This one happens to be in my group and I've communicated with him about this.  He got his knickers in a knot about some perceived error(s) on Prosper's part that supposedly cost him $200.  I don't know exactly what happened but it is my belief that he just didn't have money in his account when Prosper attempted to automatically withdraw his payments according to their normal schedule and those failed payments caused his bank to charge him fees in addition to what Prosper's late fees.

If Doug Fuller can make lender's pockets fuller by getting more borrowers to pay, I'm sure that will help Prosper in a number of ways including increasing lender interest in the site again and therefore increasing volume of loans.

After reading the announcement, I particularly liked one comment made by xraider on another forum, "We've seen the hat.  Looking forward to the cattle."