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[ResearchPro]

Today, while journaling the payments I got to my spreadsheet, I have noticed that I have a different number for principal left on one of the accounts. I have investigated more and found that few latest payments don't match exactly with what account shows. I double-checked that my records are correct with the Payments History section of the site - all my recorded payments match to that history log perfectly.
One more change - an amount that a month before was "late fee" and accounted to me now is called "prosper fee" that is supposed to be accounted to Prosper. I wasn't hurt, they didn't seem to take back any $ - I guess they distributed that fee they wanted for themselves among borrower's payments, probably the future ones too. So looks like the borrower will pay this fee twice - one time to lenders and another time to Prosper.
Creative accounting, huh?

[Beerbud1]

Nominate For lobby

[Xenon481]

Nominate For lobby

+1

RP, do you have some examples that you can post so we might better understand?

[yankeefan]

Prosper's blog has the entry below- your payment may be part of this clean up

This weekend we implemented a new loan servicing platform. This was a major project that involved the integration of more than 2 million loan based transactions. We are still in the midst of reconciling some anomalies that have impacted a finite number of loans and transactions.

We undertook this project to provide a strategic platform for loan servicing that will benefit both lenders and borrowers as it will enable us to far more easily introduce new product types and ultimately provide additional payment methods for borrowers.
As part of this system integration, we have undertaken a comprehensive audit of all loan transactions. Over the course of the audit, we identified and reconciled some discrepancies that impacted the timing, charging and crediting of non-sufficient funds (NSF) and late fees.

Over the next few days we will be completing the post conversion reconciliation of impacted loans and transactions. We will also be sending an email to lenders and borrowers impacted by any fee issues. To the extent that an error resulted in underpayment of fees to Prosper, we will be forgiving these fees. And in cases where there was an overpayment of fees, Prosper will be crediting lender and borrower accounts. These refunds and adjustments will be posted to accounts sometime in May, and reflected in lenders’ May statements.

Adjustments and/or refunds will be issued in a manner such that neither borrower nor lender is hurt by the corrections.

[ResearchPro]

RP, do you have some examples that you can post so we might better understand?

Sure.
My accounting that reflects actual historical payments accounted to me:

PrincipalPmt | ProspFees | LateFees | InterestPmt | PrincipalRemaining

 $1.142000     $-       $-               $1.063286     $36.808714
 $1.207143     $-       $-               $0.998143     $35.601571
 $1.207857     $-       $-               $0.997429     $34.393714
 $0.967571     $-       $0.214286     $1.023428     $33.426143
 $1.631286     $-       $-               $0.574000     $31.794857
 $1.308143     $-       $-               $0.897143     $30.486714

And what I found yesterday displayed for that account:

PrincipalPmt | ProspFees | LateFees | InterestPmt | PrincipalRemaining

 $1.142000     $-               $-       $1.063286     $36.808714
 $1.207286     $-               $-       $0.998000     $35.601429
 $1.207714     $-               $-       $0.997571     $34.393714
 $0.747571     $0.214286     $-       $1.243429     $33.646143
 $1.627429     $-               $-       $0.577857     $32.018714
 $1.308143     $-               $-       $0.897143     $30.710571


As you can see, the fee is transfered from late fee to prosper fee and the borrower has more principal outstanding to pay. For me as the lender the numbers of interest and the fee amount are different that what actually was accounted to me historically.

[ResearchPro]

Prosper's blog has the entry below- your payment may be part of this clean up

This weekend we implemented a new loan servicing platform. This was a major project that involved the integration of more than 2 million loan based transactions. We are still in the midst of reconciling some anomalies that have impacted a finite number of loans and transactions.

We undertook this project to provide a strategic platform for loan servicing that will benefit both lenders and borrowers as it will enable us to far more easily introduce new product types and ultimately provide additional payment methods for borrowers.
As part of this system integration, we have undertaken a comprehensive audit of all loan transactions. Over the course of the audit, we identified and reconciled some discrepancies that impacted the timing, charging and crediting of non-sufficient funds (NSF) and late fees.

Over the next few days we will be completing the post conversion reconciliation of impacted loans and transactions. We will also be sending an email to lenders and borrowers impacted by any fee issues. To the extent that an error resulted in underpayment of fees to Prosper, we will be forgiving these fees. And in cases where there was an overpayment of fees, Prosper will be crediting lender and borrower accounts. These refunds and adjustments will be posted to accounts sometime in May, and reflected in lenders’ May statements.

Adjustments and/or refunds will be issued in a manner such that neither borrower nor lender is hurt by the corrections.

Thanks for the info. Yes, I think this could be it except that the borrower is "hurt" by having more principal remaining to pay.

[Senator]

Prosper's blog has the entry below- your payment may be part of this clean up

This weekend we implemented a new loan servicing platform. This was a major project that involved the integration of more than 2 million loan based transactions. We are still in the midst of reconciling some anomalies that have impacted a finite number of loans and transactions.

We undertook this project to provide a strategic platform for loan servicing that will benefit both lenders and borrowers as it will enable us to far more easily introduce new product types and ultimately provide additional payment methods for borrowers.
As part of this system integration, we have undertaken a comprehensive audit of all loan transactions. Over the course of the audit, we identified and reconciled some discrepancies that impacted the timing, charging and crediting of non-sufficient funds (NSF) and late fees.

Over the next few days we will be completing the post conversion reconciliation of impacted loans and transactions. We will also be sending an email to lenders and borrowers impacted by any fee issues. To the extent that an error resulted in underpayment of fees to Prosper, we will be forgiving these fees. And in cases where there was an overpayment of fees, Prosper will be crediting lender and borrower accounts. These refunds and adjustments will be posted to accounts sometime in May, and reflected in lenders’ May statements.

Adjustments and/or refunds will be issued in a manner such that neither borrower nor lender is hurt by the corrections.

Hmmmm.  Sorry for being cynical here, but they should have specified which May - as in May 2010.

[ira01]

Hmmmm.  Sorry for being cynical here, but they should have specified which May - as in May 2010.

What makes you think 2010 was the May they had in mind?  After all, in 2007 Prosper told us that they were going to have the Blender problem solved by the end of the year, and since they have never done so (nor have they ever reported back to lenders on the situation, breaking another promise), apparently they didn't mean 2007, 2008, or 2009. 

[Capital_Finance_Group]

Hmmmm.  Sorry for being cynical here, but they should have specified which May - as in May 2010.

What makes you think 2010 was the May they had in mind?  After all, in 2007 Prosper told us that they were going to have the Blender problem solved by the end of the year, and since they have never done so (nor have they ever reported back to lenders on the situation, breaking another promise), apparently they didn't mean 2007, 2008, or 2009. 

It is my understanding that there may be quite a few more Mays left in eternity. 

[Senator]

It is my understanding that there may be quite a few more Mays left in eternity. 

The Mayans say there are only three May's left.

http://en.wikipedia.org/wiki/2012_phenomenon

[Mark12547]

It is my understanding that there may be quite a few more Mays left in eternity. 

The Mayans say there are only three May's left.

http://en.wikipedia.org/wiki/2012_phenomenon

May 2010 (which we are currently in)
May 2011
May 2012 (the last May before the Mayan Long Calendar rolls into the next cycle)

It seems that archaeologists don't think December 21, 2012 is going to be a time of extreme earth changes.

[Capital_Finance_Group]

It is my understanding that there may be quite a few more Mays left in eternity. 

The Mayans say there are only three May's left.

http://en.wikipedia.org/wiki/2012_phenomenon

The Mayans stopped having Mays quite a few years back. 

[Senator]

Hmmmm.  Sorry for being cynical here, but they should have specified which May - as in May 2010.

What makes you think 2010 was the May they had in mind?  After all, in 2007 Prosper told us that they were going to have the Blender problem solved by the end of the year, and since they have never done so (nor have they ever reported back to lenders on the situation, breaking another promise), apparently they didn't mean 2007, 2008, or 2009. 

May 2010 came and went.  Has this been resolved?

[ResearchPro]

May 2010 came and went.  Has this been resolved?

No, it's getting worse.
I started this thread when I found one account like that, now I have 7 of them. And a couple of them is adjusted not in my favor.

[Senator]

Maybe Prosper was thinking May 2011?