As far as I can tell, the buzz going around is that Prosper calls to verify borrowers AFTER their loan has closed. That can sometimes tie up a borrower's funds a few days or even weeks. But maybe a shift is occuring.
A woman from Prosper called me today to verify my telephone number and to verify that I posted a listing on Prosper. She basically told me that they will not be asking for my paystubs and my loan will be funded to my bank account on Tuesday.
I took the opportunity to ask her about the income at Prosper since one of the things I was battling with was the fact that I listed household income. I was concerned that lenders that already bid on my loan may be upset once they found out what I calculate my total household debt to income ratio to be. This month it's 45% but Prosper doesn't include mortgage debt so that reduces our ratio to 34%. Even though I give out a lot of information about myself on my blog, I don't want to feel like I tricked people into bidding on my loan by doing something wrong (hense the reason why I thought of relisting).
What she said is that Prosper is set up to do individual income but they accept household income. A borrower must then provide paystubs for themselves as well as their spouse if their information is chosen to be verified. I mentioned that the debt to income ratio would then be incorrect and she agreed with me. I think this is an area that Prosper needs to fine-tune.
After that call and receiving a few emails, I have smile on my face again. It disappeared for a little bit, but it's back. :)
Index of My Borrowing Experience with Prosper