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Completion of Refunds to Lenders and Group Leaders

by Prosper on 03/27/08

Back in January we announced Refunds to Lenders and Group Leaders

  • Any lender who has a loan that came from a listing created before Nov 9, 2007 will receive a refund of his or her servicing fees charged in situations where the full monthly payment was not received within thirty (30) days after the due date of the payment.
  • Lenders will also receive a refund of servicing fees on such loans when servicing fees were charged on partial payments received within 30 days of the due date, but where the full payment was not received within thirty (30) days after the due date of the payment.
  • As of Nov 9, 2008, the Lender Registration Agreement has been updated to allow the charging of servicing fees on all payments, regardless of the amount and timing of the payment received. Lenders on loans that result from listings created on or after Nov 9, 2007 will have servicing fees deducted on all borrower full or partial payments, whenever received.

As of last night all of the refunds have been processed. The refunds that were specifically released last night were…

  • Forfeited Group Leader rewards on late payments paid to lenders
  • Group Leader rewards withheld with no mention in Group Leader or Lender agreements

These refunds combined with our Lender servicing fee refunds earlier in the quarter resolve this matter. Prosper takes our obligation to our members very seriously and we appreciate these issues being brought to our attention.

Specifically, We want to thank and acknowledge Traveler505 for bringing these errors to our attention. This is an example of how the Prosper community helps us improve the site and our operations on an ongoing basis.

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Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.