February 2010 Originations

[Urbi_et_Orbi]

Total originations for the month of February 2010: $1,718,105

Total amount originated during the last week of the month: $774,611

Percentage of monthly loan originations that originated during the last week of the month: 45.08%

Number of loans originated during the month: 357

Number of loans originated during the last week of the month: 162

Percentage of loans originated during the last week of the month: 45.38%

Percentage of loan amount originated on the LAST DAY of the month: 14.02%

2/1   2   $3,500
2/2   11   $44,400
2/3   2   $4,250
2/4   22   $124,750
2/5   4   $5,000
2/8   12   $88,000
2/9   17   $77,800
2/10   17   $87,787
2/11   17   $66,300
2/12   19   $58,200
2/16   17   $105,207
2/17   21   $119,800
2/18   13   $64,200
2/19   21   $94,300
2/22   10   $67,500
2/23   37   $222,280
2/24   22   $118,800
2/25   25   $125,150
2/26   68   $240,881

You can find more raw data here:
http://www.prospers.org/forum/prospercom_is_simply_not_sustainable_at_the_moment-t18322.0.html;msg327363#msg327363

[xraider]

I wonder how much of that is Prosper's own money through shills?

[bamalucky]

Lobby

[Xenon481]

Lobby

Second.

How much more obvious can it be that they are just trying to push loans through (very likely without any verification) at the end of the month just to make the month look better?

ETA: And February originations are STILL more than 10% lower than January's.

[bankomatic]

I don't understand something. Why is there such a big jump in loan originations at the last week?

[bamalucky]

I don't understand something. Why is there such a big jump in loan originations at the last week?

When work is piling up the best thing to do is put the boxes at the end of the conveyor belt & close the inspectors eyes.

[mothandrust]

I wonder how much of that is Prosper's own money through shills?

I picked a 12/31/09 loan at random...

http://www.prosper.com/invest/listing.aspx?listingID=438508

...which is listed as an "A" on EricsCC but comes up as a "D" on Prosper.

The main bidder is DasMula who has been a Prosper member since 11/14/06, did nothing for over 3 years and then suddenly pushed in $58K in the last 3 months.

The bids are dispersed throughout the month, but there is a higher concentration of bids in the last week of the month, like this "B" on EricsCC...

http://www.prosper.com/invest/listing.aspx?listingID=439022

...which is an "HR" on Prosper.  Less than half funded until DasMula comes in--on Christmas Day!--with $1500 in bids so it would fund on 12/31/09.

[Urbi_et_Orbi]

I don't understand something. Why is there such a big jump in loan originations at the last week?

Not sure.  If you look at the daily data for the last several months, you will note a marked increase in origination during the last few days of the month, followed by an anemic amount of originations the following first few days of the next month.

We have heard rumors for years that Prosper would stuff a higher-than-usual amount of loans throught he pipe at the end of each month to make the numbers look better (as you will have noted, Prosper enjoys issuing press releases touting volume growth). There were related rumors that loans originated late in the month were subject to less pre-funding scrutiny than other loans and thus may represent a dispropoptionally higher risk to lenders due to the lack of quality control.

I have, however, yet to see a serious or meaningful analysis of performance of loans originated late in the month vs. average for the month as a whole.

Note that these numbers do NOT refer to loans successfully funding in the auction at any given day of the month, but rather refer to when Prosper releases them from "pending origination."

[ira01]

Lobby

Second.

How much more obvious can it be that they are just trying to push loans through (very likely without any verification) at the end of the month just to make the month look better?

ETA: And February originations are STILL more than 10% lower than January's.

And January and February this year both have exactly the same number of business days, so the drop is NOT due to February only having 28 days.

[pjz]

Totally agree. That HR rating is sure fishy.

I wonder how much of that is Prosper's own money through shills?

I picked a 12/31/09 loan at random...

http://www.prosper.com/invest/listing.aspx?listingID=438508

...which is listed as an "A" on EricsCC but comes up as a "D" on Prosper.

The main bidder is DasMula who has been a Prosper member since 11/14/06, did nothing for over 3 years and then suddenly pushed in $58K in the last 3 months.

The bids are dispersed throughout the month, but there is a higher concentration of bids in the last week of the month, like this "B" on EricsCC...

http://www.prosper.com/invest/listing.aspx?listingID=439022

...which is an "HR" on Prosper.  Less than half funded until DasMula comes in--on Christmas Day!--with $1500 in bids so it would fund on 12/31/09.

[kenL]

Totally agree. That HR rating is sure fishy.

I wonder how much of that is Prosper's own money through shills?

I picked a 12/31/09 loan at random...

http://www.prosper.com/invest/listing.aspx?listingID=438508

...which is listed as an "A" on EricsCC but comes up as a "D" on Prosper.

The main bidder is DasMula who has been a Prosper member since 11/14/06, did nothing for over 3 years and then suddenly pushed in $58K in the last 3 months.

The bids are dispersed throughout the month, but there is a higher concentration of bids in the last week of the month, like this "B" on EricsCC...

http://www.prosper.com/invest/listing.aspx?listingID=439022

...which is an "HR" on Prosper.  Less than half funded until DasMula comes in--on Christmas Day!--with $1500 in bids so it would fund on 12/31/09.

The difference in credit grades between prosper and eric's is because prosper invented a second rating system when they reopened after registration. All the post registration loans are rated now according to the new 'prosper rating' system and the old credit grade isn't used. Nevertheless, you can still find the old credit grade in the downloadeable data. Eric's is apparently still using the old credit grade and not the new 'prosper rating'.

[onthefence]

All the post registration loans are rated now according to the new 'prosper rating' system and the old credit grade isn't used. Nevertheless, you can still find the old credit grade in the downloadeable data. Eric's is apparently still using the old credit grade and not the new 'prosper rating'.

You can still see the grade increments on the loan listings.  Take a look at this one:
http://www.prosper.com/invest/listing.aspx?listingID=446534

See the field listed as Credit score:  It's in 20 point increments which corresponds to the original Experience Plus grade lettering.  You have to know how to translate the number to the credit grade, but all of the information is still there.

[Urbi_et_Orbi]

Not surprisingly, the originations for March 1 dropped down to 8 loans in the total amount of $20,100.

These people are becoming awfully predictable.

[112233]

I wonder how much of that is Prosper's own money through shills?

shill each time the right numbers dont come in at the end of the month?

[blue]

Total originations for the month of February 2010: $1,718,105

So does that means $17K in income for Prosper for the Month? (What % do they have to pay Web Bank)?
And $17K annual income for Prosper?