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Author Topic: Phone Call from Prosper re: Cash Back  (Read 13517 times)

TJGbank

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Re: Phone Call from Prosper re: Cash Back
« Reply #15 on: September 23, 2011, 08:33:53 pm »

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« Last Edit: March 09, 2012, 08:37:27 pm by TJGbank »
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ira01

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Re: Phone Call from Prosper re: Cash Back
« Reply #16 on: September 23, 2011, 09:43:10 pm »

I don't think that was ever a requirement (nor should it be), except where the OP included personal information that one might reasonably not want in the Lobby.  Given the way that threads often veer off the topic of the OP, there is no good reason for giving the OP veto power over a thread.  And it would be totally unworkable to require consent from every person who posted in a thread, since that could be a dozen people or more in some cases. 
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Mark12547

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Re: Phone Call from Prosper re: Cash Back
« Reply #17 on: September 24, 2011, 01:16:46 am »

In the past I believe it was a requirement for Lobby nominations to be approved by the OP and perhaps even all the folks who had commented on the post to provide approval of the thread going to the lobby.

There has never been a formal requirement that the OP granted permission to move a thread t the Lobby.

In the past often I had specifically asked the OP it it is ok, but since Prosper employees can join the forums and see the threads (so having a thread in a General... forum doesn't hide information from Prosper), and since I had never had anyone say "No", and since a move to the Lobby can be moved back, it seems that it is easier to just move the thread to the Lobby and, if it is against the OP's wishes, we can correct that later. My recollection is that the OP had never objected after the move, either.
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kerryo

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Re: Phone Call from Prosper re: Cash Back
« Reply #18 on: September 28, 2011, 05:15:59 pm »

I have read somewhere (can't remember where) that Prosper's end-of-month spikes (and I think LC's, too) are the result of "institutional lenders" chipping in. They apparently prefer to do that at the end of each month.
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ira01

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Re: Phone Call from Prosper re: Cash Back
« Reply #19 on: September 28, 2011, 05:29:22 pm »

I have read somewhere (can't remember where) that Prosper's end-of-month spikes (and I think LC's, too) are the result of "institutional lenders" chipping in. They apparently prefer to do that at the end of each month.

Bullshit.  The spike is in ORIGINATIONS, which (at least sometimes) occur days after the loan is funded due to "verification" (such as it is).  For many years (including back in the auction days) Prosper has had this spike in originations in the last few days of each month.  Back then I don't think Prosper even had many "institutional lenders."  The only plausible explanation IMHO is that Prosper jams every loan possible through at the end of the month to goose its numbers, even if that means verification is cut short or eliminated. 
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Urbi_et_Orbi

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Re: Phone Call from Prosper re: Cash Back
« Reply #20 on: September 28, 2011, 05:56:35 pm »

I have read somewhere (can't remember where) that Prosper's end-of-month spikes (and I think LC's, too) are the result of "institutional lenders" chipping in. They apparently prefer to do that at the end of each month.

It would be great if you could find a source for this claim.  I don't find this theory credible in any way.  This phenomenon pre-dates the institutional lenders and you will be able to find several threads here where I track daily originations - and the last-day bumps are quite significant.  By the way, it's important to understand the difference between "loans funding" and "loans originating."

Otherwise, I think Ira pretty much summed up my feelings.
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Fred93

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Re: Phone Call from Prosper re: Cash Back
« Reply #21 on: September 28, 2011, 09:24:28 pm »

For many years (including back in the auction days) Prosper has had this spike in originations in the last few days of each month.  Back then I don't think Prosper even had many "institutional lenders."  The only plausible explanation IMHO is that Prosper jams every loan possible through at the end of the month to goose its numbers, even if that means verification is cut short or eliminated. 

Yep.  Sadly true.  Its not just that the last few days are huge, it is also that the first few days are very small (showing that the ongoing flow was "borrowed" by the future, by rushing some loans ahead.

For details see: http://fred93blog.blogspot.com/2010/03/prospercom-backloaded-months.html

kenL

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Re: Phone Call from Prosper re: Cash Back
« Reply #22 on: September 28, 2011, 09:42:47 pm »

I have read somewhere (can't remember where) that Prosper's end-of-month spikes (and I think LC's, too) are the result of "institutional lenders" chipping in. They apparently prefer to do that at the end of each month.

It would be great if you could find a source for this claim.  I don't find this theory credible in any way.  This phenomenon pre-dates the institutional lenders and you will be able to find several threads here where I track daily originations - and the last-day bumps are quite significant.  By the way, it's important to understand the difference between "loans funding" and "loans originating."

Otherwise, I think Ira pretty much summed up my feelings.
The institutional lender end of the month spike comments are usually (maybe always) just made about LendingClub. Peter Renton mentions it often on his blog ( sociallending.net ).
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