Portfolio Plans for everyone

Now lenders can create their own portfolio plans, with all of the controls available in the existing portfolio plan templates. Existing standing orders have also been converted to portfolio plans, and will include estimated return data (when available) to help lenders make better lending decisions.

Additionally, lenders can now share their portfolio plans on their member page. If you think you have a great lending strategy, share your plan, and other lenders can copy it for their own use (or even tweak it if they think it needs some changes). Building (or just editing) a portfolio plan is easy, and with built-in performance data, you’ll be able to better predict the performance of your plans.

Choose a portfolio plan now>

http://www.prosper.com/lend/portfolio_plans_choose.aspx

Social criteria added to search

Ever wondered if having verified friends really makes a difference in a borrower’s default rate? Now you can find out, with four new search criteria added to advanced search, portfolio plans, and the marketplace performance page:

Bids from friends ($): Sum of highest single bids from the borrower’s friends
Bids from friends (#): Total number of bids from unique friends
Endorsements: Number of endorsements from the borrower’s verified friends
Friends: Number of verified friends the borrower has

Run an advanced search now>

http://www.prosper.com/lend/listing_advanced_search.aspx

Bidding via API

You can now bid via the API with your personal account. Each account must be activated to allow API bidding. Please send an email to APIServices@prosper.com to enable API bidding on your personal account.

We expect that developers will begin to create applications that make use of this capability; however, at this time, the terms of service on API bidding is limited to individual accounts.

Learn more about the API>

http://www.prosper.com/tools/

Bid Source available in loan list

The “Your Account > Lending > Loans” page now includes a new column called “Bid source”, which will indicate what the source of each loan was. For example, if you placed a manual bid, the “Bid source” column will say “Manual”. If a loan came from a portfolio plan, the plan will be named in that column.

This is a great way for lenders to look back at loans made in the past and determine which bidding strategies are working, and which are not.

View your loans now>

https://www.prosper.com/secure/account/lender/lender_search_loans.aspx

2nd Loan Criteria Changed

We have updated the eligibility criteria for borrowers who wish to create a listing for a 2nd loan on Prosper, raising the minimum number of recent consecutive on-time payments from 2 to 6 months. This means that a borrower who wishes to take a 2nd loan on Prosper must have had at least 6 months of consecutive on-time payments (pre-payments don’t count) before he or she is allowed to create a listing for a second loan.

Learn more about second loans>

http://www.prosper.com/help/topics/borrower-second_loan.aspx

“Bank account verified” icon retired

The “Bank account verified” icon () has been retired from the site as of this release. Initially, this icon was added to listings because having a verified bank account was the only hurdle to borrowers wishing to have their 100% funded loans originated, and a borrower’s failure to verify his or her bank account could delay the deployment of a lender’s bid. At present, however, bank account verification is just one of many verification procedures that gate a loan’s origination, and bank account verification is rarely the item that prevents origination. In addition, there are many misunderstandings among new borrowers and lenders over what the icon means, when it is activated vs. hidden, and how it affects the funding of a loan. As a result, we have decided to remove the icon from listings, search, and search results. Rest assured that no loans are originated without a borrower verifying ownership of his or her bank account.

Referral award for new borrowers raised from $35 to $50

If you refer a new borrower to Prosper whose loan is funded, you can earn $50 from Prosper. You can also still refer a lender, and both of you will earn $25 when he or she funds his or her first loan!

Learn more about the referral program>

http://www.prosper.com/referrals/

Washington DC interest rate cap raised to 24%

Prosper has raised the interest rate cap in the District of Columbia from 6% to 24%. Additionally, Arkansas, Delaware, Kentucky, and Tennessee have had interest rate caps lowered commensurate with the Fed’s lowering of interest rate indexes.

See states and licenses>

http://www.prosper.com/legal/states_and_licenses.aspx

Thanks for all of your useful and constructive feedback as we continue to improve the marketplace for borrowers and lenders. We look forward to your feedback on this latest round of changes.

—

Andrew is a Product Manager at Prosper.