Posts Tagged ‘ Borrowers ’

Finally… the moment we and so many supportive and loyal Prosper community members have been waiting for…

Prosper welcomes quality borrowers to the first auction based peer-to-peer lending platform to be approved by the SEC. This is a significant regulatory breakthrough for the peer-to-peer lending industry and borrowers looking to get a personal loan. Continue reading Prosper Welcomes Quality Borrowers

Today Prosper filed a Form S-1 Registration Statement with the Securities and Exchange Commission. While this Registration Statement is processed, we are still in a quiet period.

We posted an announcement regarding our quiet period on October 16th, 2008. An extract of that announcement is below:

Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we’re required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective.

As we continue to work closely with the securities authorities, we will be unable to respond to your questions and posts until our registration becomes effective.

We have completed the programming and testing on the routine to apply collection account refunds to lenders impacted by the change of accounts from PennCro to AmSher. We are planning to do the initial run of the program on September 22, 2008.  The refunds will include interest on the overage. The logic was developed in such a way that subsequent runs can be run periodically.

As we were going through this process, we identified some issues regarding how Prosper updates collection statuses and calculates the commission due and owing to the collection agency. A manual audit of the data was performed to clean up known errors to ensure the refund routine runs correctly. 

Unfortunately,  the collection status issues have resulted in incorrect data being displayed in the “Collections Statistics” data displayed on the Prosper site. We are working on correcting the problem, but until we are certain that the display of collections statistics is accurate, we have chosen to temporarily stop displaying this data.

In conjunction with this, we have also identified a small population of accounts on which a collection agency commission was inappropriately charged. We are working through this issue and will refund any incorrectly billed agency fees (with interest) at the completion of the process. 

We appreciate your patience as we correct these issues.