Prosper has removed the Penncro collection stats from their web site. Unfortunately, it appears that there are still a lot of loans with Penncro, and we cannot see their status.
On 2/22/08 Prosper showed 3348 loans total at Penncro.
On 2/23/08 Prosper shows 1181 loans total at Amsher.
That means 2167 loans just disappeared from our radar screen!
Now it is possible that they're not done transferring loans and therefore maybe these numbers are premature. Or maybe, we've just lost visibility permanently for 2/3 of the loans.
Next problem is that the Amsher % cured number is going to be difficult to interpret for quite some time. One reason is that this pile of old crappy loans (mostly that Penncro had worked on for awhile with no success) have just been dumped on Amsher. In other words, those 1181 loans now in Amsher's in-basket have a character different than the "freshly late" loans that were deliveed to Penncro in the past. That means that we can reasonably expect the results from Amsher to be low initially, until the initial batch of old loans is overwhelmed by new freshly late loans delivered to Amsher over the next few months. Another reason is that Amsher hasn't had any time with the loans it has just been delivered. The cure rate is 0% now simply because the loans have just arrived. We'll have to wait to know the score. Meanwhile, we should expect the Amsher %cured to begin to grow, and we can at least track its rate of growth.
