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Loan Servicing Platform Update II

by Prosper on 05/27/10

In Monday’s servicing platform blog post update, we noted that in a limited number of cases, the issues we were experiencing with the interface between the website and the servicing platform triggered some incorrect payment disbursements to our lenders. These disbursement errors, which impacted 231 loans, have been corrected.

The issues related to the accurate display of data between the new servicing system and the website have been corrected, and the new servicing system is accurately processing transactions. There remain 207 loans with very idiosyncratic historical payment histories that we are currently in the process of correcting. Of the 207 loans, 98 are inactive loans. The disbursement of funds to lenders associated with these loans has not been impacted by the conversion to the new servicing system and once the loan calculations are fully reconciled, Prosper will make borrowers and lenders whole for any adjustments as part of the refunds associated with the audit of historical transactions. We expect these refunds to be completed by the end of next week.

We are making every effort to bring the detailed loan performance data on our marketplace performance page back online next week. As previously discussed, we have temporarily suspended the display of this data while we reconcile the data with our new loan servicing platform. Prosper’s data export is still available to lenders, and although the historical delinquency status of loans is temporarily unavailable, the current delinquency status of all loans is available on a daily basis. In addition, Prosper users can visit Eric’s Credit Community, which uses our data export to provide data and analysis on Prosper’s marketplace activity. Although we do not verify the accuracy of the data displayed on third party websites, this site is a convenient way to access the data provided by our data export. Prosper’s real-time API data feed remains fully accessible.

Thanks again for your patience and support… and for your invaluable feedback and suggestions.


  • kelor99

    While the data feed remains fully accessible, it doesn’t appear that Erics has been updated for a couple weeks. Might the technical difficulties at Prosper be affecting that site?

  • http://blog.prosper.com Prosper Blog

    Hi Kelor99,

    I’ll reach out to Eric’s to see if he’s having any technical difficulties and invite him to comment here; but we’re not aware of any on our end.

    Best,
    Prosper Tiffany

  • leopoldine

    Do you know if there are any plans to enable Eric to be able to track the loans traded on folio?

  • http://blog.prosper.com Prosper Blog

    Hi Leopoldine,

    Thanks for the question… we’re looking into the feasibility of tracking loans traded on Folio.

    Best,
    Prosper Tiffany

  • http://Lendingstats.com Dave

    Don’t know where else to post this:
    Lendingstats.com seems to be shut down. Has it been replaced?
    What’s the site?
    Thanks

  • Leopoldine

    @Dave

    I noticed that the site was down for some time. Try Eric’s credit community, I think it is much better. Although it has not been updated for over a week, nor does it track loans traded on folio.. But over all it is very good.

  • Eric

posted in Borrowers,Featured,Lenders 7 comments »

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