Prosper Update Enhances the Legal Enforceability of Promissory Notes | P2P Lending, Peer to Peer Lending, People to People Lending

There was a Prosper update last night. Nothing that was completely unexpected… The one thing that struck me as interesting was that borrower’s are now required to sign the promissory notes themselves… Before the process had been that Prosper was authorized to sign on their behalf… The part that struck me as interesting was the final paragraph…

The bold part caught my attention (I added the bold for emphasis) as I am on the loans that are part of the legal test. Related or just coincidental use of the root legal? More info please. Update: Ed Giedgowd Chief Compliance Officer and General Consul of Prosper provided an update on borrower sign loans.

Here the highlights from blog post:

  • Portfolio Plan Bids can now be adjust as an average of all the bids in the plan
  • Self employed and non verifiable income borrowers will now have DTI displayed as Not Calculated
  • Income Range changed to Stated Income and now show regardless of whether it is verifiable or not
  • More bankruptcy data is now being shown including chapter and filing date
  • There is a messaging change for those lenders that wish to bid on negative ROI listings.

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