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[alexpkeaton]

He then announces that the easiest thing to do will be a complete rewrite of the module, which he can have ready to go in six weeks.  Unfortunately, there are about a hundred things that this new guy doesn't understand, and doesn't realize that he doesn't understand.  The wisdom of the old guy, the technical knowledge of his test team, etc is gone now.  

The is pretty common in software development. It's much easier to understand your own code than somebody else's. But I'm not so sure that's the case here. Rather than bug fixes, I think the new system was built to support new features that simply weren't considered with the old, and adding them wasn't a simple "bolt-on" process.

Some testing might have saved a whole lot of trouble though. I'm really surprised that a company dealing in financial matters wouldn't take the time to look over their logic and do some sanity checks first, but this is Prosper, and they'll apparently do anything to save a buck. Testing doesn't have to be expensive, and it often pays for itself over time, but it is an up-front cost in development. (About 50% of my development time is writing tests, but ideally it saves me a lot of hassle later.)

[DCS]

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.

Bolding mine.  When I read "new product types," I'm thinking they may be about to introduce loans of terms other than three years.

As for additional payment methods for borrowers, I'm lost.  ACH seems the way to go; what other payment option would be reasonable?

[ira01]

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.

Bolding mine.  When I read "new product types," I'm thinking they may be about to introduce loans of terms other than three years.

As for additional payment methods for borrowers, I'm lost.  ACH seems the way to go; what other payment option would be reasonable?

Paypal?  Credit cards?

[Urbi_et_Orbi]

Wouldn't they deploy at least some of the key new functionalities in a test environment and QC before deploying to the production site?

[ira01]

Wouldn't they deploy at least some of the key new functionalities in a test environment and QC before deploying to the production site?

Don't be ridiculous -- that's what a well-run company would do.  This is Prosper we're talking about.

[Urbi_et_Orbi]

Wouldn't they deploy at least some of the key new functionalities in a test environment and QC before deploying to the production site?

Don't be ridiculous -- that's what a well-run company would do.  This is Prosper we're talking about.

Thanks.  I guess I stand corrected. 

[DCS]

As for additional payment methods for borrowers, I'm lost.  ACH seems the way to go; what other payment option would be reasonable?

Paypal?  Credit cards?

That would be a trip, wouldn't it?  Borrow from Prosper to consolidate credit cards.  Borrow from credit cards to pay Prosper.  Rinse and repeat.   

[alexpkeaton]

As for additional payment methods for borrowers, I'm lost.  ACH seems the way to go; what other payment option would be reasonable?

Chickens? Goats?

[alexpkeaton]

Wouldn't they deploy at least some of the key new functionalities in a test environment and QC before deploying to the production site?

They probably do, but testing for specific scenarios can easily fall through the cracks. Usually a QC site means somebody takes a quick look, verifies it didn't blow up, and says they're good to go. Larger, more bureaucratic companies tend to have more formal processes. Even still, testing only works if you test for specific scenarios.

What my company (and any reputable development shop) does is something called unit testing. Basically, you write code that automates the process of testing your real code. This way you can be very thorough in your tests without having to do tedious manual tests, which would be a time suck. This is still not foolproof, but it goes a long way.

Using this new system as an example, suppose they had a bunch of existing tests for the old system testing every spec. They write the new system, test it against the old specs, and see what breaks. Some of the old tests may no longer apply, or the expected results may change, but when there's a failure at least a person has to look at it and make a decision. It not only saves headaches, your company doesn't come off looking like a bunch of incompetent morons.

I would find it hard to believe a software-driven company like Prosper wouldn't do this, except for all the other mismanagement. 

[gassman0102]

They must be triggering payment processing manually.  As of early Tuesday morning loans thru Saturday 5-8 are processing, but loans for Sunday 5-9 and later are not. 

Under the old platform the Saturday - Monday payments all initiated ACH processing on Friday.

The April 27th payoff-in-progress that should have cleared on May 3rd is still processing a week later.

Still waiting for the refund of the charge-back made in error on a failed ACH.

gassman

[mothandrust]

I would be withdrawing $10 from Prosper, instead they are claiming I owe them $44 (due to the failed May eandr123 payment), so I am making them an interest-free loan as are countless other lenders, and I cannot withdraw my money from the site.

If it weren't for the impeccable reputation of Prosper's management, I would say they are tying up funds to provide themselves with a bridge loan while they await promised funding to arrive.

[gassman0102]

Excluding my payoff-in-process that is hang up in processing, it is now taking 6 business days from payment date to clear funds.  I have loans originated from the 9th on that have not yet initiated processing.  This is getting ridiculous.

gassman

[misssalaska2000]

I'd like to ask that they not auto pull from my account anymore and I'd rather send them a check (well, a bill pay check, anyway) each month.  According to my budget, I use the funds from income on the 5th to pay for my note due on the 20th.  15 days is sufficent time to mail them a check and have it processed, correct?

Any implications if I send them a C&D on pulling directly from my account?  It seems silly, but I've been paying in advance and it takes (just a tiny) bit off the interest by not waiting until the due date.  And I like to be in control of my funds and not just have them sitting there until they feel compelled to pull them.  Plus, I'm figuring if I send in a paper check or call and make a manual payment their stupid system will ALSO pull on the due date.  I have a cushion in my account to cover it, but would rather not go through the hassle.

Any thoughts?

[MsTabbyKats]

I'd like to ask that they not auto pull from my account anymore and I'd rather send them a check (well, a bill pay check, anyway) each month.  According to my budget, I use the funds from income on the 5th to pay for my note due on the 20th.  15 days is sufficent time to mail them a check and have it processed, correct?

Any implications if I send them a C&D on pulling directly from my account?  It seems silly, but I've been paying in advance and it takes (just a tiny) bit off the interest by not waiting until the due date.  And I like to be in control of my funds and not just have them sitting there until they feel compelled to pull them.  Plus, I'm figuring if I send in a paper check or call and make a manual payment their stupid system will ALSO pull on the due date.  I have a cushion in my account to cover it, but would rather not go through the hassle.

Any thoughts?

My thought is that you should wait until the dust settles with whatever they are doing.  If you send them a check it may never get posted.  I'd just leave things alone for right now.

[kenL]

I've got over 250 current 1.0 loans, so I expect to receive payments every business day. I haven't received a single cent since Monday. They really have screwed something up.