(copy/pasted from verified forum by request)
A borrower posted to the .com forum a couple of weeks ago asking why she wasn't getting bids. I took a quick look and noticed that her credit numbers looked OK, but she had not stated income and thus no DTI was calculated. I told her that if she could state her income and if her DTI was 40% or less, she'd qualify for the portfolio plans.http://www.prosper.com/lend/listing.aspx?listingID=365073https://connect.prosper.com/p/3951/18045.aspx#18045
She replied with a follow up question on a Friday evening, so I PM'ed her back a response to avoid the weekend posting delay. This started a cordial back and forth for several messages, as she had some questions about Prosper.
She reposted her listing with a stated income range of $50k - $75k, apparently just high enough to get her to 40% DTI. Portfolio plans fired away.http://www.prosper.com/lend/listing.aspx?listingID=367698
I noticed in her new listing text she said, "My income changed from my other listings because I figured my income from my employer incorrectly." So I checked her previous listings, and indeed, she had stated an income in the very first of seven listings: the lowest range of $1 - $25k, which yielded a DTI of 156%!
She "figured incorrectly" by more than $25k?
Worried that I may have just directed a pig to the lipstick counter, I reported the listing. I specifically told Prosper I was suspicious of the stated income because it had jumped so much from a previous listing and had been increased to just barely enough to qualify for the portfolio plans.
When the listing funded, it was pending verification for a week. Then it became a loan.
I then contacted the borrower and asked her what post-funding verification she experienced, noting that lenders have read inconsistent stories from borrowers about the process Prosper implements. Her response:
The verification that I went through was sending a voided check for my bank account verification, the first one they didn't receive and then they sent me an email to fax a copy of the check which I think that they should have done in the first place.
I don't know if they verified anything with my job that I get my benefits through. If they did check it would have been easy enough for them to because it is automated.
I think that they tried calling me on my house and cell phone, because I had a different CA number on my caller ID, but no messages. I tried calling the number back and line was busy.
I did see that on the lenders board, that lenders were wondering about the verification process. I did have everything ready to be faxed, because no one seems to know what they would ask for.
If you have any more questions please let me know! Thanks
So, no faxing of W-2 or paystub!