Interesting read

[ira01]

Shouldn't that read "It'll cost you just a snickers"?

[onthefence]

I thought Prosper said they had a third party servicer from the start?

I asked that question early on in the process.  The answer was that they had already contracted with someone to take over servicing the loans in the event they went under.  The documentation is out there somewhere in the old forums.

[mhs505]

I thought Prosper said they had a third party servicer from the start?

I asked that question early on in the process.  The answer was that they had already contracted with someone to take over servicing the loans in the event they went under.  The documentation is out there somewhere in the old forums.

Perhaps that relationship has been broken?   

[Urbi_et_Orbi]

I thought Prosper said they had a third party servicer from the start?

I asked that question early on in the process.  The answer was that they had already contracted with someone to take over servicing the loans in the event they went under.  The documentation is out there somewhere in the old forums.

Perhaps that relationship has been broken?   

It's clearly spelled out in the SEC filing related to the secondary market, in the event we decide to believe what Prosper put into it.

The plan involves a skeleton crew of Prosper employees.

[mhs505]

It's clearly spelled out in the SEC filing related to the secondary market, in the event we decide to believe what Prosper put into it.

The plan involves a skeleton crew of Prosper employees.

So, I am lost.  Why did someone earlier think that PMI is now looking for a third party servicer?

[Xenon481]

It's clearly spelled out in the SEC filing related to the secondary market, in the event we decide to believe what Prosper put into it.

The plan involves a skeleton crew of Prosper employees.

So, I am lost.  Why did someone earlier think that PMI is now looking for a third party servicer?

You didn't read the 2nd post of this thread?

[NewHorizon]

Lendingclub.com has a third- party servicer that would administer the loans if it went out of business. Prosper.com says it's looking for one.

http://www.bloomberg.com/apps/news?pid=20601039&sid=a7LI2Jh3XdHM&refer=home

I talked to Cameron @ Prosper today.  He's pretty sure Bloomberg was mistaken with that "looking for one" comment.  I asked him if he could send exacting details on how the post-Prosper Prosper loans would be serviced - details that could be made public.  He said he'd research further and relay what he could.  So I'm thinking I'll see something from him in a week or so.  Or maybe it'll show up in a near-future Prosper blog.

[Urbi_et_Orbi]

It is outlined in the SEC filing, unless they are planning to amend it.   

[112233]

It is outlined in the SEC filing, unless they are planning to amend it.   

if so, wait for the amendment to the amendment

[onthefence]

It is outlined in the SEC filing, unless they are planning to amend it.   

if so, wait for the amendment to the amendment

Wouldn't it be easier if we just called up Prosper Bank and asked them what the heck they are doing?

[Urbi_et_Orbi]

It is outlined in the SEC filing, unless they are planning to amend it.   

if so, wait for the amendment to the amendment

Wouldn't it be easier if we just called up Prosper Bank and asked them what the heck they are doing?

Great idea.  Also, please ask them about the collection status on my loans.

[Fred93]

“Most loans are very serious transactions; lenders need to be licensed and loan brokers need to be registered,” Lund said. “Is there a security associated with the [Prosper.com] loans? My concerns would be as much for the investors as for the borrower.”

There's an aspect of that statement that sticks out and no one else seems to have commented on.  Its the part where he uses the words "most" and "serious".  Remember this is some kind of state lending regulator guy speaking.  How do we read his meaning when he says "most"?

Most loans are very serious transactions ... but ... there are these others that are just playtime ha ha?

Is he saying something about prosper, or saying that in general some loans are not serious, or ...