In a site update today, Prosper eliminated all defaults - well, they renamed them. Defaults will now be known as “charge-offs”. As reported on their blog:”We are changing the way we display seriously delinquent loans on the marketplace performance page…
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Prosper eliminates defaults
August 14th, 2008 — , PayPal, Prosper, charge-off, credit card, default, prosper news from tom @ Prosper Lending Review
Prosper Listing Word Analysis
April 9th, 2008 — , Statistics, default from Mike @ Prosperous Land
Word analysis has gone in and out of vogue among Prosper lenders. Right now, it’s in vogue here at Prosperous Land. The premise is that you can get hints about the quality of a listing based on words that appear in the listing description. I’ve been me…
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February 28th, 2008 — Financial Education, Lending Club, decline, default, discontinue, drop, instances, issuers, practice, universal from Mike Smith @ Better Rates. Together.
I’ve written about universal default in multiple posts over the past few months. Here’s an overview post. Even as some credit card issuers are discontinuing use of the technique, they continue to employ another practice that has the same effect.
For those who haven’t read the prior posts, universal default is the practice of credit card [...]
Continue reading → Universal Default by Any Other Name Still Stinks
Now Georgia’s On The Danger List
February 18th, 2008 — default, risk factor from Mike @ Prosperous Land
From Calculated Risk, another good reason why Georgia should be on your danger list (with California, Florida, New Mexico, and Arizona)
For the most part, Atlanta didn’t participate in the price boom. This graph compares the Case-Shiller house price i…
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January 18th, 2008 — default, risk factor from Mike @ Prosperous Land
The articles on US’s bipolar relationship with debt will continue to appear at regular intervals. This is just the latest.
JPMorgan Chase & Co. and Wells Fargo & Co., two of the nation’s largest banks, on Wednesday joined a growing chorus warning that…
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January 3rd, 2008 — default, risk factor from Mike @ Prosperous Land
It looks like the American borrower is getting further behind. Ain’t that a kick in the shins.
Americans are falling further behind on consumer loans, with late payments rising to the highest level since the nation’s last recession in 2001, data relea…
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January 2nd, 2008 — Statistics, debt sale, default from Mike @ Prosperous Land
With the tax season upon us, Prosper is finishing their last debt sale of the year just in time for 2007 tax year write-offs (because nothing makes a tax filer more cranky than deferring write-offs while having to pay taxes on the associated income).
…
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December 7th, 2007 — Prosper, default, portfolios, risk factor from Mike @ Prosperous Land
This was a guest post on Prosper’s new blog.
When Prosper created their portfolio plans, they added a tool to help new lenders enter the marketplace. It assembles a portfolio of loans whose only objective is to track the average loan return in the spe…
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Continue reading → Digging For Gold Around Prosper’s Portfolios
Prosper’s Poor Collections
October 23rd, 2007 — Prosper, Statistics, default from Mike @ Prosperous Land
It has been an axiom that Prosper’s collections need some, shall we say, improvement. I think it’s important to back up this axiom with some hard data. Fortunately, Prosper provides some useful statistics for analyzing their default rate.
The easy ans…
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October 23rd, 2007 — Lenders, Statistics, default, risk factor from Mike @ Prosperous Land
While doing a regular update on my personal lending tables (interest rates to charge versus various credit criteria), I noticed that the distress rate penalty for high dollar loans (>= $10k) has increased dramatically in the last two months. Distres…
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Continue reading → Distress Rate Widens For High Dollar Loans
How’s That Income Doing
October 17th, 2007 — Prosper, Statistics, default, risk factor from Mike @ Prosperous Land
Back in August I observed that the borrower’s income seems to weigh heavily on distress rates (late or worse). With two more months of statistics under Prosper’s belt, I felt it was time to revisit this topic and see how the loans were fairing.
Income…
Related StoresMore Slowing State Economies
October 16th, 2007 — Lenders, Prosper, Statistics, default, risk factor from Mike @ Prosperous Land
I’m starting to feel like Chicken Little. It looks like reports of slowing sales tax receipts from California and Georgia were the tip of the ice berg. The San Diego Union Tribune is reporting that half of the states (unlisted) are showing slowing coll…
Related StoresGeorgia Sales Slowing Down Too - Tighten Those Lending Standards
October 15th, 2007 — Lenders, Prosper, Statistics, default, risk factor from Mike @ Prosperous Land
First California sales tax receipts were dropping, and now Georgia has reported a similar problem. From the Atlanta Journal-Constitution (hat tip to Calculated Risk):
Collections in Georgia were down $2.3 million in September, compared to the same per…
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Continue reading → Georgia Sales Slowing Down Too - Tighten Those Lending Standards
California Sliding Into Recession?
October 12th, 2007 — Lenders, Prosper, Statistics, default, risk factor from Mike @ Prosperous Land
I had previous considered California as high-risker risk lending terrain due to housing conditions there. Calculated Risk has highlighted another reason to be careful:
Based on sales tax revenue, it now appears that the California economy is in recess…
Related StoresCollections Follow-On Q&A With Doug Fuller
October 9th, 2007 — Lenders, Prosper, borrowers, collections, default, interview from Mike @ Prosperous Land
I’m almost starting to like the guy. Doug Fuller has responded via the forums to another 20 questions (ok, a few were softballs) asked in response to his original Q&A session. It’s a good read and I’ve picked up a few of the best questions. I encourage…
Related StoresContinue reading → Collections Follow-On Q&A With Doug Fuller
Prosper Confirms New VP’s Collections Experience
October 4th, 2007 — Prosper, default, interview from Mike @ Prosperous Land
Prosper has published a Q&A with the new VP of Operations Doug Fuller (Prosper Forum, Rate Ladder, Prosper Lending Review). The introduction to the Q&A confirms him as the Doug Fuller with a hefty collections and efficiency oriented background. This is…
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Universal Default
September 28th, 2007 — Financial Education, Lending Club, clauses, default, exploiting, jumped, lawmakers, mouse, recounting, universal from Mike Smith @ Better Rates. Together.
As I was browsing through loan requests on the Lending Club site, I saw one user recounting how his credit card rate jumped from 13% to 25% without warning. Such jumps are quite common. While the cause of the jump in this situation was likely the end of a teaser rate (a low rate when [...]
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September 22nd, 2007 — default, press release from Mike @ Prosperous Land
I completely missed this. Fortunately, Lending Stats didn’t. From their September e-mail only newsletter:
Prosper Tackles Collections
Prosper is pleased to introduce our new VP of Operations, Doug Fuller. Doug brings 25 years of experience to the Pr…
Related StoresContinue reading → Prosper VP To Toughen Up On Late Payments?
Studying The Lending Market Summary
September 19th, 2007 — Prosper, default, press release from Mike @ Prosperous Land
I’ve had a few days to ruminate over the Prosper’s August lending market summary, and I’ve found a few items that are noteworthy. Specifically, their “Prosper Select” criteria and the top Prosper borrower states.
The Prosper Select criteria were liste…
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September 4th, 2007 — Lenders, default, forums from Mike @ Prosperous Land
In the Prosper Forums, Risk_Reward wrote on incomes versus default rates and that post contained some interesting nuggets.
It has been widely known in credit circles that higher income decreases credit risk. One reference: Sexton D. E. (1977).
On th…
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August 31st, 2007 — Prosper, default, linkfest from Mike @ Prosperous Land
Some more interesting reading stumbled upon by yours truely…
Lies, damn lies, and statistics in PhD candidate publishes empirical analysis of Prosper:
The results are certainly interesting. One thing that catches my eye is the homeowner determinati…
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August 29th, 2007 — Prosper, debt sale, default, homeowner from Matt @ Prosper Lending Review
Over the past week Prosper conducted their third debt sale. Prosper’s policy is to default loans and sell them once they are more than 3 months late. However, in order to conduct a debt sale they need to pool a significant number of loans together to…
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