Prosper Performance Update – January 2021

Today we are sharing performance data from the Prosper Portfolio for January 2021.

Highlights from the report include:

  • In January, approximately 83% of originations were rated AA-B consistent with the prior month.
  • The average loan size in January was ~13k, representing an approximately 6.0% increase month-over-month. The median monthly payment on Prosper loan to Income (PTI) ratio was 5.0%, remaining relatively unchanged compared to the prior month.
  • The weighted average borrower rate for January originations remained flat month-over-month.

Portfolio insights and key charts can be found here.

The Prosper Performance Updates are designed to help our investor community better understand performance trends and to provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

If you wish to add your name to the monthly performance update list, please email institutions@prosper.com.

2020 Tax Guide for Prosper Investors

It’s tax season, and to help Prosper retail investors navigate the process, we’ve created the 2020 Prosper Tax Guide. This guide has general information about the 1099 tax form(s) you may receive from Prosper.

To access the Prosper Investor Guide for 2020, click here.

If you’re a retail investor who holds Notes from Prosper, here’s what you need to know:

  • In connection with your investment through Prosper, you may receive the following forms for the 2020 calendar year:
    • 1099-OID: Net interest of $10 or more received in 2020
    • 1099-MISC: Other income (such as late fees) of $600 or more received in 2020
    • 1099-B: Gross proceeds from sales or recoveries received in 2020 from Notes corresponding to loans charged-off in 2020 or prior years.
    • These 1099 tax statement(s) will be available in your Prosper account on February 1, 2020. Please note, it is your responsibility to check your account and review all information provided before filing your tax return.

These 1099 tax statement(s) will be available in your Prosper account on February 1, 2020. Please note, it is your responsibility to check your account and review all information provided before filing your tax return.

Prosper does not provide tax, financial or legal advice and neither this post nor Prosper’s tax guide is intended to be tax, financial or legal advice. We recommend that you consult with your financial or tax advisor if you have any questions. The IRS also provides guidance on the back of the 1099 tax form(s) designed to describe what is reported in each box on the form.

Prosper Performance Update – December 2020

Today we are sharing performance data from the Prosper Portfolio for December 2020.

Highlights from the report include:

  • In December, approximately 83% of originations were rated AA-B compared to 84% in the prior month.
  • The average loan size in December was $12,228, representing a decrease of approximately 1.0% month over month. The median monthly payment on Prosper loan to Income (PTI) ratio was 5.0%, representing a decrease of approximately 3.0% month-over-month.
  • The weighted average borrower rate for December originations increased by 31 bps month-over-month, due to an increase in B-HR rated originations.

Portfolio insights and key charts can be found here.

The Prosper Performance Updates are designed to help our investor community better understand performance trends and to provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

If you wish to add your name to the monthly performance update list, please email institutions@prosper.com.

Prosper Performance Update – November 2020

Today we are sharing performance data from the Prosper Portfolio for November 2020.

Highlights from the report include:

  • In November, approximately 84% of originations were rated AA-B compared to 86% in the prior month.
  • The weighted average annual income of borrowers on the platform in November was $105K, remaining relatively flat year-over-year.
  • The weighted average borrower rate for November originations increased by 30 bps month-over-month, due to a higher mix of B-HR rated loan originations over the period.

Portfolio insights and key charts can be found here.

The Prosper Performance Updates are designed to help our investor community better understand performance trends and to provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

If you wish to add your name to the monthly performance update list, please email institutions@prosper.com.

Prosper Performance Update – October 2020

Today we are sharing performance data from the Prosper Portfolio for October 2020.

Highlights from the report include:

  • In October, approximately 86% of originations were rated AA-B compared to 81% in the prior month.
  • The weighted average annual income of borrowers on the platform in October was $105K, remaining relatively flat year-over-year.
  • The weighted average borrower rate for October originations decreased by 121 bps month-over-month, due to a higher mix of AA-B rated loan originations over the period.

Portfolio insights and key charts can be found here.

The Prosper Performance Updates are designed to help our investor community better understand performance trends and to provide important insights into the trends we are seeing and the information needed to invest through the Prosper platform.

If you wish to add your name to the monthly performance update list, please email institutions@prosper.com.

BBVA USA offers bank-branded version of Prosper’s digital HELOC platform

Announcement comes a year after the two first announced collaboration to build HELOC digital solution

BBVA USA first bank to power its digital HELOC application using Prosper’s technology

BBVA USA, the U.S. subsidiary of Madrid-based BBVA, today announced it is offering a digital Home Equity Line of Credit (HELOC) through its website, powered by Prosper, a leading online marketplace for consumer loans. Prosper’s digital HELOC platform, which was developed to simplify the process of applying for and obtaining a HELOC, is now available to BBVA USA customers in select states via the BBVA-branded version of the platform.

The announcement comes a year after the two collaborated on and launched a digital HELOC solution that provided customers the ability to complete an online application in minutes and receive instant pre-qualification. Early results already indicate that the digital solution is helping BBVA close HELOCs 14 days faster on average when compared to the Bank’s own turn times on applications submitted in other channels.

This announcement makes BBVA the first bank partner to use Prosper’s technology as part of its own website. Customers have been using the digital application for over a year through Prosper’s website with BBVA as its exclusive bank partner in Alabama, Texas, Florida, New Mexico, Colorado and Arizona.

“We are excited to expand our relationship with Prosper by using their digital platform to power our online HELOC application process, as we both strongly believe that digital can lend convenience, speed and efficiency to customers’ banking experiences,” said BBVA USA Head of Mortgage Banking Murat Kalkan. “Customers’ expectations are continuously being shaped by faster delivery and more convenience like they experience in other industries, so naturally they demand the same from financial services. This partnership is well aligned with the core of our strategy, which aims to meet rapidly evolving customer expectations. Now, more than ever, customers can quickly and efficiently tap into the equity they have in their homes, which can provide much needed peace-of-mind knowing they have access to the money they may need for home improvements, debt consolidation or other major financial needs.”

“Consumer spending on home improvement has risen over the past six months as people spend more time at home during the pandemic. A home equity line of credit is a great option for financing a large project as it offers flexibility and access to low rates,” said David Kimball, CEO of Prosper. “With Prosper’s digital HELOC platform, it’s easier than ever to apply online, get an immediate offer, and secure a HELOC. We’re thrilled to extend our partnership with BBVA to now have our digital experience available to BBVA customers through their website.”

“The future of home equity lending is part of the race to better customer experience, so our partnership with Prosper and aspiring to provide a seamless experience to our customers in their HELOC applications is one of the core drivers of our strong growth in Home Equity business even as we see a lower overall production in the industry.” said BBVA USA Director of Home Equity Originations David Garcia Hernandez. “We are looking forward to unlocking the true potential of Home Equity through this platform.”

Key benefits of the HELOC platform include:

  • An online application that can be completed in minutes with instant offers and information about rate and prequalification status
  • Easy access to a dedicated client services team that can help users get immediate answers to their questions and understand the benefits of getting a HELOC
  • Electronic documentation uploads and disclosure delivery
  • Ability to apply from anywhere without the need to visit a branch

BBVA and Prosper began working together in 2019, knowing that each could leverage its own strength to make the process of applying and obtaining a HELOC quicker and easier. BBVA contributed its understanding and experience in equity lending, while Prosper lent its acumen in digital consumer lending and creating great customer experiences.

“We always say that consumers are the ones who benefit when banks and tech come together, and it’s something we regularly put into practice. Since our Prosper powered HELOC application launched in early September, we’ve seen a significant improvement in the number of customers who complete the online application, underscoring the power of technology to improve the customer experience,” Kalkan said. “And in a time where banks are increasingly pulling back on their HELOC offerings, for us to come together and make it available more broadly, more conveniently and more efficiently says something about our commitment to customers and their needs.”

To learn more about the digital HELOC product available from BBVA, visit https://www.bbvausa.com/loans/home-equity-line.html.

About BBVA USA

In the U.S., BBVA is a Sunbelt-based financial institution that operates 637 branches, including 328 in Texas, 88 in Alabama, 63 in Arizona, 61 in California, 43 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 14th nationally in terms of dollar volume of SBA loans originated in fiscal year 2019.

BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. BBVA USA, Member FDIC and an Equal Housing Lender. NMLS #402936  

About Prosper Marketplace

Prosper’s mission is to advance financial well-being. The company’s online marketplace lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. Through Prosper’s flagship personal loan marketplace, borrowers get access to affordable fixed-rate, fixed-term personal loans. Investors have the opportunity to earn solid returns via a data-driven underwriting model. To date, over $17 billion in personal loans have been originated through the Prosper platform for debt consolidation and large purchases such as home improvement projects, medical expenses and special occasions. Through its new digital HELOC platform, Prosper is using its expertise in consumer lending to improve the process of applying for and securing a home equity line of credit, as well as deepening its commitment to simplifying consumer finance and advancing financial well-being.

Prosper Marketplace, Inc. was founded in 2005 and is headquartered in San Francisco. The platform is owned by Prosper Funding LLC, a subsidiary of Prosper Marketplace, Inc. Personal loans originated through the Prosper marketplace are made by WebBank, member FDIC. Visit www.prosper.com and follow @Prosperloans to learn more. Prosper notes are offered by Prospectus.

Prosper Marketplace, Inc. NMLS#111473 (http://www.nmlsconsumeraccess.org)
All HELOCs are underwritten and issued by our banking partner.

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