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[HollowOak]

Prosper has re-opened for lending. This time in limited mode for private and institutional lenders from California only. Borrowers may be nationwide. In the blog accompanying this openeing, Chris Larson takes a swipe at the SEC:

We remain hopeful that the SEC, which until now has effectively hamstrung the growth of the peer-to-peer and micro-lending industries in the U.S. will start applying the same common sense approach as California’s regulators. California has recognized that Internet auctions, just like the Google IPO, are the most efficient means of price discovery; that loan level transparency is better than the opaque loan pooling that brought the financial system to its knees; and that requiring regulatory filings every other day of web site transactions that are already visible in real time, is redundant and cost prohibitive.

The changes over the past weekend seems quite pervasive, with new layouts on almost all the pages. One can surmise that the Prosper development team spent the 6-month hiatus quite productively in revamping the underlying platform.

What remains to be seen is whether there will be any change in attitude between Prosper and its lending community and whether Prosper will revamp some of the practices that affect lenders negatively.

What is for sure is that Prosper will have a steep hill to clib to convince the majority of the Prospers.org community that lending (even for the "lucky" few living in California) is a winning proposition.

In the spirit of new beginnings, I'd like to extend to Prosper, its management and all the Prosper employees a "good luck" wish. Here's hoping that this time around things will be different. As a Texas resident, I'll be watching from the very distant sidelines.

For those in California wishing to invest (and for all of those curious about the new shape of things to come), start here.

[HollowOak]

I've just been checking out the "new" Prosper and noticed that 3 out of my 5 scheduled daily transfers had disappeared from my account. In attempting to set them up again, I ran into a few errors, and in once instance, after the error message was displayed, I ended up with a transfer scheduled that I was attempting to cancel and that I have never clicked on the "authorization to credit account" confirmation.

Also, once I've created transfers that covered my current balance, the system would not permit me to create any additional scheduled trasfers. I  guess I"m going to have to keep an eye out for a time when there is enough money to create the one missing transfer.

I'll also be watching to see if the scheduled transfers get canceled when there is insufficient funds to fulfill the transfer. This may explain what's happening, since the only transfers I had left in my account were the Thursday and Friday transfers. If this is the case, it will be quite a hassle and indicate a major deviation from how scheduled transfers used to work.

[burnfromwithin]

Hahaha, I love the new investing page!  It's now much harder to tell whether or not you're losing money!  I bet they did that on purpose!

Oh well, I've been using the XIRR spreadsheet, so now I can just add the cash and the value of the active notes for my total balance and then get an idea of where I stand in regards to things.

Right now, I'm still about break even on the $550 I put in.  Better than the performance of my IRA over the past year and a half, I guess..

I can't put any more in due to the state restriction, but even if I could, I would be waiting (1 or 2 years) for the marketplace to kinda level out with regard to lending/borrowing before I would even consider putting some more 'play' money into it.  Having the market closed so long could spike the number of issues in the short term.

[God-Father]

I've just been checking out the "new" Prosper and noticed that 3 out of my 5 scheduled daily transfers had disappeared from my account. In attempting to set them up again, I ran into a few errors, and in once instance, after the error message was displayed, I ended up with a transfer scheduled that I was attempting to cancel and that I have never clicked on the "authorization to credit account" confirmation.

Also, once I've created transfers that covered my current balance, the system would not permit me to create any additional scheduled trasfers. I  guess I"m going to have to keep an eye out for a time when there is enough money to create the one missing transfer.

I'll also be watching to see if the scheduled transfers get canceled when there is insufficient funds to fulfill the transfer. This may explain what's happening, since the only transfers I had left in my account were the Thursday and Friday transfers. If this is the case, it will be quite a hassle and indicate a major deviation from how scheduled transfers used to work.

My scheduled transfers are disappearing too.   

[ira01]

What remains to be seen is whether there will be any change in attitude between Prosper and its lending community and whether Prosper will revamp some of the practices that affect lenders negatively.

It doesn't look like it so far, given that a number of the changes are to the detriment of lenders as already discussed in detail in a number of other threads here.  Among other things, it appears that the CPS loans are complete crap -- apparently a way for CPS to unload its dogs on unknowing Prosper lenders. 

[ira01]

Hahaha, I love the new investing page!  It's now much harder to tell whether or not you're losing money!  I bet they did that on purpose!

No doubt.

Oh well, I've been using the XIRR spreadsheet, so now I can just add the cash and the value of the active notes for my total balance and then get an idea of where I stand in regards to things.

Actually, you can't -- The active note value is not the full value as it was before, it is only the principal value.  Unless things changed in last night's maintenance window, Prosper is no longer providing the accrued interest amount anywhere, so there is no way to tell your full account balance for XIRR purposes.  Although you can use cash plus note principal as you plan, that will cause your XIRR to jump around a lot depending on the payment dates of your loans.

[Loan_shark_74]

Hahaha, I love the new investing page!  It's now much harder to tell whether or not you're losing money!  I bet they did that on purpose!

No doubt.

Oh well, I've been using the XIRR spreadsheet, so now I can just add the cash and the value of the active notes for my total balance and then get an idea of where I stand in regards to things.

Actually, you can't -- The active note value is not the full value as it was before, it is only the principal value.  Unless things changed in last night's maintenance window, Prosper is no longer providing the accrued interest amount anywhere, so there is no way to tell your full account balance for XIRR purposes.  Although you can use cash plus note principal as you plan, that will cause your XIRR to jump around a lot depending on the payment dates of your loans.

No it did not change last night; it is still principal only. It appears the only change was to fix the bug that caused accounts of 0 balance to be reported as a - balance.

[NewHorizon]

Among other things, it appears that the CPS loans are complete crap -- apparently a way for CPS to unload its dogs on unknowing Prosper lenders. 

It's as if Prosper is knowingly charting a course for its own demise.  Surely they know what the performance data is going to eventually look like.  Then nobody will touch anything here.

[Loan_shark_74]

Among other things, it appears that the CPS loans are complete crap -- apparently a way for CPS to unload its dogs on unknowing Prosper lenders. 

It's as if Prosper is knowingly charting a course for its own demise.  Surely they know what the performance data is going to eventually look like.  Then nobody will touch anything here.

Key word is "eventually". In the mean time, these loans will prop up the performance data.

[mothandrust]

We remain hopeful that the SEC, which until now has effectively hamstrung the growth of the peer-to-peer and micro-lending industries in the U.S. will start applying the same common sense approach

All that time being quiet should have made them wiser, but now they taunt the SEC.

[NewHorizon]

We remain hopeful that the SEC, which until now has effectively hamstrung the growth of the peer-to-peer and micro-lending industries in the U.S. will start applying the same common sense approach

All that time being quiet should have made them wiser, but now they taunt the SEC.

San Fransisco.