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Poll

During Prosper days 2008, the following new features will be announced (choose up to 3):

The secondary market for loans
- 36 (19.4%)
Increase in the minimum credit grade that may create a listing
- 8 (4.3%)
Publication of legal actions against defaulting borrowers
- 15 (8.1%)
Increase in loans servicing fees
- 14 (7.5%)
Increase in state rate caps
- 4 (2.2%)
A national Prosper license
- 8 (4.3%)
Increased options on the search loans feature
- 8 (4.3%)
more granular credit data
- 3 (1.6%)
Credit report from more than one credit reporting agency
- 15 (8.1%)
Reduced minimum bid size
- 7 (3.8%)
Lenders can create their own portfolios
- 14 (7.5%)
Lenders can publicize their portfolios for other lenders to follow
- 11 (5.9%)
Stock options for long-time lenders
- 2 (1.1%)
3rd loans for borrowers
- 7 (3.8%)
Borrower refinancing their loans directy
- 4 (2.2%)
Revolving credit loans
- 3 (1.6%)
The entry of corporate lenders
- 8 (4.3%)
Changes (unspecified) to loan verification
- 5 (2.7%)
Streamlined borrowing for AA-B credit grades
- 2 (1.1%)
Enhancements to the Friends and Endorsements program
- 2 (1.1%)
Complete elimination of groups
- 10 (5.4%)

Total Members Voted: 62


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Author Topic: Prosper Days 2008 - new features  (Read 17665 times)

HollowOak

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Prosper Days 2008 - new features
« on: January 12, 2008, 07:15:42 pm »

If you have another possible new feature that can be announced, list it here and I'll add it to the poll. Votes can be changed at any time.
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mhs505

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Re: Prosper Days 2008 - new features
« Reply #1 on: January 12, 2008, 07:59:53 pm »

Acutally, there already is credit reporting to two agencies, TransUnion and Experian.
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Mark12547

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Re: Prosper Days 2008 - new features
« Reply #2 on: January 12, 2008, 08:14:43 pm »

Acutally, there already is credit reporting to two agencies, TransUnion and Experian.
But it isn't being pulled from two agencies, just Experian. Or if it is being pulled, the lenders aren't seeing the numbers from TransUnion.

The purpose of pulling from multiple CRAs is because many creditors report to just one or two CRAs, so pulling a credit report from one or even two CRAs don't show all the lines of credit or all the negative data for a given borrower. That is why mortgage companies almost always pull credit reports from all three CRAs.

But since lenders don't see any numbers other than Experian's numbers, we seldom see the whole picture.  :(
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Chamatrain

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Re: Prosper Days 2008 - new features
« Reply #3 on: January 12, 2008, 08:21:30 pm »

Transparency and information (true information) about what they are(not) doing about collections, and "fraud control."  All Fuller has done   that I can see is tell xraider to go away and not bother them.
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mhs505

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Re: Prosper Days 2008 - new features
« Reply #4 on: January 12, 2008, 08:31:34 pm »

Acutally, there already is credit reporting to two agencies, TransUnion and Experian.
But it isn't being pulled from two agencies, just Experian. Or if it is being pulled, the lenders aren't seeing the numbers from TransUnion.

The purpose of pulling from multiple CRAs is because many creditors report to just one or two CRAs, so pulling a credit report from one or even two CRAs don't show all the lines of credit or all the negative data for a given borrower. That is why mortgage companies almost always pull credit reports from all three CRAs.

But since lenders don't see any numbers other than Experian's numbers, we seldom see the whole picture.  :(

yes, I understand the difference.  I have been the person saying we need a complete tri-merge that is sanitized of PII to base our lending on.   But I thought when I read it, it said credit reporting to more than one agency.
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traveler505

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Re: Prosper Days 2008 - new features
« Reply #5 on: January 12, 2008, 08:56:45 pm »

 The secondary market for loans  --  I assume they have been planning to announce this at PD'08; whether they'll pull it off is anyone's guess.

 Increase in the minimum credit grade that may create a listing  -- Maybe, but, if this is the plan, why did they just increase the maximum interest rate to 35%?

 Publication of legal actions against defaulting borrowers -- They've already pre-announced that lawsuits will be filed in January; they may wait until PD'08 to tell us how many and whether any defendants immediately coughed up some cash.  Don't expect more details than that.  I'm not sure what the OP is referring to as "publication," but Prosper is not going to release any data about individual borrowers or lawsuits.  

 Increase in loans servicing fees  -- Probably something best announced when lenders are on the opposite end of a modem, not in person

 Increase in state rate caps -- They just did an increase to 36% (35% after allowing for the now-defunct bank draft discount), perhaps they'll add that percentage point to the caps.  (Actuallly, the only reason I can think of to not have done it already is that they are waiting for PD'08 to make the announcement.)

 A national Prosper license -- Nope.  Rumor has it that Prosper is making excuses, rather than progress, on this one.

 Increased options on the search loans feature  --  Maybe.  

 more granular credit data  -- Doubtful.  Experian is most likely the bottleneck here, but I don't think it's a Prosper priority.   (At best, they might persuade Experian to allow addition of "months since last delinquency," which TransUnion allows LendingClub to display.)

 Credit report from more than one credit reporting agency -- Nope.

 Reduced minimum bid size  -- Nope.

 Lenders can create their own portfolios  -- Didn't they announce that when they created the portfolio system?  Is it not implemented?  (If not, it's a likely PD'08 announcement.)

 Lenders can publicize their portfolios for other lenders to follow -- Ditto.

 Stock options for long-time lenders -- Yeah, right.

 3rd loans for borrowers  -- Probably not until they have statistics on performance of second loans; even then, it's something else that is best announced from the other end of a modem.

 Borrower refinancing their loans directy -- Prosper will stick to their "regulatory issues" story on this.

 Revolving credit loans -- Nope.

 The entry of corporate lenders -- Corporate lenders could already be lending if they wanted to; I don't know what there is to announce.

 Changes (unspecified) to loan verification -- Doubtful.  

 Streamlined borrowing for AA-B credit grades --  Maybe.

So my predictions are, in no particular order:

(1)  Announcement of lawsuit filings and initial results.

(2)  A one percentage point increase across the board in state rate caps, made possible by elimination of the bank draft discount.

(3)  Customization of the portfolios (which includes two of the poll options).

(4)  The secondary market, if it's ready to go.

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traveler505

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Re: Prosper Days 2008 - new features
« Reply #6 on: January 12, 2008, 09:09:19 pm »

A couple possibilitities not mentioned in the poll thus far:

Enhancements in the friends & endorsements program -  I think this is coming, and might be on the PD'08 list. 

Complete elimination of groups -  Rather tacky to announce this at a PD with Islandmele as a featured speaker, but I think it's coming, probably in tandem with the F&E enhancements.   



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"Trav, you can always take up another hobby..." -- BigGulp

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HollowOak

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Re: Prosper Days 2008 - new features
« Reply #7 on: January 12, 2008, 10:30:31 pm »

A couple possibilitities not mentioned in the poll thus far:

Enhancements in the friends & endorsements program -  I think this is coming, and might be on the PD'08 list. 

Complete elimination of groups -  Rather tacky to announce this at a PD with Islandmele as a featured speaker, but I think it's coming, probably in tandem with the F&E enhancements.   

Added. Feel free to change your vote accordingly.
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ks6328

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Re: Prosper Days 2008 - new features
« Reply #8 on: January 12, 2008, 10:45:15 pm »

 
I chose:

The secondary market for loans
Publication of legal actions against defaulting borrowers
Lenders can create their own portfolios

I'm really hoping for the secondary market so that I can unload my loans, and we know from the SEC filing that Prosper is actively working toward it, so if it's approved and ready to go by PD08, that would certainly be the time to roll it out.

Since there is supposed to be legal action starting this month on at least some of the loans in the New Agency Test, it makes sense to announce the results at PD08 (at least if there are some significant positive results).

Since I'm not bidding any more, I don't care about the portfolios, but this seems like a reasonable enhancement for the timeframe.
 
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Urbi_et_Orbi

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Re: Prosper Days 2008 - new features
« Reply #9 on: January 12, 2008, 11:10:38 pm »

The secondary market for loans  --  I assume they have been planning to announce this at PD'08; whether they'll pull it off is anyone's guess.

Probably no point in expecting the secondary market to be operated any more professionally or customer-oriented than Prosper is currently operating its primary market.

ks6328

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Re: Prosper Days 2008 - new features
« Reply #10 on: January 13, 2008, 10:30:18 am »

The secondary market for loans  --  I assume they have been planning to announce this at PD'08; whether they'll pull it off is anyone's guess.

Probably no point in expecting the secondary market to be operated any more professionally or customer-oriented than Prosper is currently operating its primary market.

As long as it works well enough for me to sell my loans, that's all I care about.  :ninja:
 
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patio11

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Re: Prosper Days 2008 - new features
« Reply #11 on: January 14, 2008, 07:52:16 pm »

I'm trying to save up a couple of hundred dollars to participate in the initial reverse-landrush that the secondary market is going to bring.  I just know someone will be selling a clean C or D for under a quarter on the dollar.
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lenderguy

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Re: Prosper Days 2008 - new features
« Reply #12 on: January 15, 2008, 02:26:56 am »

I'm trying to save up a couple of hundred dollars to participate in the initial reverse-landrush that the secondary market is going to bring.  I just know someone will be selling a clean C or D for under a quarter on the dollar.

So... does this mean people are going to be unloading performing loans on the secondary market for less than what they would get from a JDB?  Desperate times call for desperate measures.
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HollowOak

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Re: Prosper Days 2008 - new features
« Reply #13 on: January 20, 2008, 10:56:06 am »

*Bump* Time's running out!   :)
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Tokyo Joe

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Re: Prosper Days 2008 - new features
« Reply #14 on: January 20, 2008, 11:17:29 am »

I'm trying to save up a couple of hundred dollars to participate in the initial reverse-landrush that the secondary market is going to bring.  I just know someone will be selling a clean C or D for under a quarter on the dollar.

If this happens, I'll take a nice gamble too, I think.  I'd be willing maybe even to put a few thousand in, and would even be willing to take a gamble on 3rd party servicing working if Prosper folded before the loans were paid off...  That's the only thing that could tempt me back into Prosper's lair: panicked pennies-for-the-dollar loans.  Guess I am a sucker, after all.  But if I do that, then I expect my concerns (and praise if due) to be posted on the Prosper.com forums without moderator meddling. :ninja:
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