This is part of my ongoing series monitoring collections efficiency (January's report for comparison). For a reminder on the methodology, I took a snapshot of all of Prosper's loans on February 1 and compared their current status against those same loans on March 3 (yes, I'm a doofus and missed March 1). Presumably, loans that don't get further behind have some kind of money extracted in the collections process. The statistics are below.
| | Total | Got Better | Stayed The Same | Got Worse |
| Payoff in progress | 28 | 28
100.0% | 0
0.0% | 0
0.0% |
| Current | 13271 | 241
1.8% | 12719
95.8% | 311
2.3% |
| Late | 228 | 58
25.4% | 36
15.7% | 134
58.7% |
| 1 month late | 297 | 22
7.4% | 19
6.3% | 256
86.1% |
| 2 months late | 265 | 11
4.1% | 14
5.2% | 240
90.5% |
| 3 months late | 229 | 5
2.1% | 6
2.6% | 218
95.1% |
| 4+ months late | 585 | 7
1.1% | 511
87.3% | 67
11.4% |
This does not look good. The Signs Of Collections (SOC) statistics are below.
Months Late
| February SOC
| January SOC
| December SOC
|
1 Month
| 13.7%
| 20.6% | 23.0%
|
2 Month
| 9.3%
| 12.8% | 2.8%
|
3 Months
| 4.7%
| 8.0% | 3.8%
|
This is, by all accounts, a rather large statistical kick in the shins for lenders. There are two things that may distort February's collections numbers, however. First, Prosper
transitioned their primary collections company from Penncro to AmSher. I find it unreasonable to expect a perfectly clean transition with no drop off when making a change of this magnitude. Second, I screwed up and didn't get the data until March 3rd. This may overstate the unsuccessful collections efforts.
The "4+ months late" category is very hard to quantify percentage wise. The default sales make month over month comparison very difficult. There were 62 loans that transitioned to "Default (Delinquency)" which are presumably part of
Prosper's collections-by-lawsuit effort. We'll see them rattle around further in next month's dataset.
I happened to be playing with Prosperous Land visitor statistics and I happened to notice that about 10% of my web traffic in March came from San Francisco. What are the odds?
