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[God-Father]

And it starts very early too.

Maintenance notice: The Prosper site will be taken offline for maintenance at 6:00 PM Pacific, Sunday, December 19, 2010 and should be back online by 1:00 AM.

edited to fix the fact that 6:00 to 1:00 is actually 7 hours, not 5

[Beerbud1]

Eliminating the auction procedure code?

[cowdog]

I know! I know!

They are going to fix everything!

Collections, customer service, lenders agreements, interest on idle funds, and they are even going to get a couch!

 

[ZPBSFG]

Personally, it's very exciting!

How do you know so much about what's getting changed?

[Urbi_et_Orbi]

Do you ever feel irresponsible the way you pimp something you know so little about?

[God-Father]

Urbi

You are obviously confused.  Mr. Richheimer is an expert.  See his web page for proof.

http://www.lcnetwork.biz/

[TotoMMB]

So, ladeeda will be posting about 1:02...?

They're probably burying the real important info into the darkest nooks and crannies of the website. Leaving them more room to produce giant links, logos and questionable "testimonials" on the home page...

[ladeeda]

So, ladeeda will be posting about 1:02...?

I hope that I'm asleep long before then...!

[TotoMMB]

currently 1:30 am...outage upped to 2:00 am. Lots of auction code scrubbing...

[cowdog]

On front page:

Exciting changes at Prosper

Our site has a new look, and we've eliminated the auction and simplified our loan process so that we can connect lenders and borrowers more efficiently. Borrowers will receive pre-set rates and lenders cannot be outbid. We hope you’ll appreciate this streamlined and even more prosperous experience.


On account page:


Prosper has a new look and some exciting new features that will improve your experience as a lender. The biggest change is that we have eliminated the auction for all new loan listings - from now on listings will have pre-set interest rates. While many lenders enjoyed the auction system conceptually, we heard consistent feedback that in practice auctions made the deployment of funds more time consuming with little gain in lender returns. The change to pre-set pricing means that listings will close faster and that you can’t be outbid – so more of your bids will convert to investments and start earning you great returns more quickly!

What’s changing:
Auction eliminated; pre-set borrower rates
Listings fund automatically at 100%
Listing period extended to 14 days
Listings that expire and are at least 70% funded may still originate
HR listings not currently available
Note that auctions will still exist in our secondary market – you can still sell your loans to the highest bidder.

Automated Plans:
If you have active plans, most of them are still investing. However, the following plans have been made INACTIVE:
Plans with an HR slice
Plans with any slice where the bid yield is higher than the new pre-set rates
To continue investing in plans with similar characteristics you will need to choose one of our automated plans or create a custom plan.

Go to Automated Plans now to check your plans and see which ones have become inactive.

Improved Prosper Score
A new Prosper Score has been developed that incorporates more recent performance history. The improved score will replace the Prosper Base and Prosper Enhanced Scores.

Criteria Changes
The student loan category, retired/part-time employment status and automatic funding option are no longer available for borrowers and will no longer appear on listings. Borrowers can still choose to fund their listing "manually" once it reaches 100% funding.

eta: formatting

[jkeller4000]

I am confused,

"The change to pre-set pricing means that listings will close faster and that you can’t be outbid"

"Listing period extended to 14 days"

so to make listings close faster their going to extend the listing time? this makes no sense to me  but i guess we can wait tell the last day to buy the loan. i wonder if any bids will happen the first week of loans, it will probably upset the borrowers.

[onthefence]

Improved Prosper Score
A new Prosper Score has been developed that incorporates more recent performance history. The improved score will replace the Prosper Base and Prosper Enhanced Scores.

And this is where lenders will get screwed.

[ladeeda]

On front page:
Improved Prosper Score
A new Prosper Score has been developed that incorporates more recent performance history. The improved score will replace the Prosper Base and Prosper Enhanced Scores.

Criteria Changes
The student loan category, retired/part-time employment status and automatic funding option are no longer available for borrowers and will no longer appear on listings. Borrowers can still choose to fund their listing "manually" once it reaches 100% funding.

eta: formatting

Note, the two items mentioned are above are from the July 2010 release. Either cowdog hasn't logged in since then or s/he hasn't closed the message. There were no underwriting changes today AFAIK.

[Senator]

Still no blender right of offset promised by Andrew?

[TotoMMB]

I am confused,

"The change to pre-set pricing means that listings will close faster and that you can’t be outbid"

"Listing period extended to 14 days"

so to make listings close faster their going to extend the listing time? this makes no sense to me  but i guess we can wait tell the last day to buy the loan. i wonder if any bids will happen the first week of loans, it will probably upset the borrowers.

I think the point is that once it hits 100%, it's a done deal. Lenders don't have to wait for the clock to run out or the borrower to end the listing early. Although, for those that don't fund fully and/or quickly, it does seem to add some time to the process.