Prosper Performance Update: June 2018

Today, in addition to sharing performance data from the Prosper portfolio for June 2018, we are excited to introduce our new Chief Credit Officer, Ashish Gupta.

Ashish joined Prosper in 2017 and was appointed Chief Credit Officer in the beginning of July 2018. In his current role, Ashish oversees all elements of Prosper’s credit strategy, including pricing, underwriting strategy, verification strategy, loss-forecasting, model development, model governance and credit risk aspects of new product development.

Ashish brings more than a decade of credit experience and joined Prosper from Citi, where he held several senior credit risk strategy positions spanning across new customer acquisition, portfolio management and model development. In his most recent role as the Director of Risk Management at Citi, Ashish managed loss forecasting, comprehensive capital analysis and review (CCAR) stress testing, and collections oversight functions. Prior to Citi, Ashish worked at Fair Isaac Corporation (FICO) and led credit card fraud analytics for US and International Banks.

Since Prosper launched in 2006 as the first peer-to-peer lending company in the U.S we have been committed to bringing together people who want access to credit at an affordable rate with people and institutions who want to invest in an asset class that offers solid returns offered by this asset class.

Under Ashish’s leadership, we will continue to maintain a balanced marketplace that builds value for both borrowers and investors.

We will also continue to share regular updates with our investor community on performance trends that we are seeing and provide the information needed to invest through the Prosper platform.

Highlights from the June report include:

  • Prosper is continuing to migrate to a higher rated credit book. 58.2% of originations for the month of June were rated AA-B.
  • Dollar WA FICO for the month of June was 710, a slight decrease of ~2 points since May but ~7 point increase since Q2 2017.
  • Average loan size on the platform continues to track lower at $13,051 (7% lower since Jan. 2018) driven by credit tightening actions focused on limiting loan amounts based on income and ability to pay.
  • WA Borrower Rate on the portfolio decreased by 10 bps in June compared to May originations, driven by the shift in grade mix. Borrower rates have increased across all rating grades would have increased by 53 bps month-over-month without the mix shift.
Portfolio insights and key charts can be found here.

If you wish to add your name to the monthly performance update list, please email [email protected]

 

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