A Proposed XML Platform Export for Lending Club and Prosper

I know Christmas is around the corner so I started to think of what I want from Santa. I thought about the usual things I would like for Christmas such as peace on earth and good will toward all men. But then I figured out want I really want.  An industry-standard loan export format!

P2PXML – DRAFT

<?xml version="1.0" encoding="UTF-8"?>
<DataExport platform="Platform Name" timestamp="2011-12-01 12:00:00 CST">
  <Loans>
    <Loan>
      <LoanId>1000</LoanId>
      <!-- Platform Loan ID -->
      <AmountRequested>25000</AmountRequested>
      <AmountFundedByInvestors>25000</AmountFundedByInvestors>
      <TotalAmountFunded>25000</TotalAmountFunded>
      <Status>Current</Status>
      <Term>60</Term>
      <!-- In months -->
      <Title>Title of Loan</Title>
      <Purpose>Debt Consolidation</Purpose>
      <Description>Loan Description</Description>
      <LoanGrade>B</LoanGrade>
      <InterestRate>10.0</InterestRate>
      <MonthlyPayment>531.18</MonthlyPayment>
      <Fees>26.55</Fees>
      <InterestPaid>1,014.54</InterestPaid>
      <!-- Total to date -->
      <PrincipalPaid>1641.34</PrincipalPaid>
      <!-- Total to date -->
      <PrincipalRemaining>23,358.66</PrincipalRemaining>
      <CreationDate>2011-11-025</CreationDate>
      <OriginationDate>2011-12-01</OriginationDate>
      <ModifiedDate>2012-04-01</ModifiedDate>
      <LatePayments>2</LatePayments>
      <PaymentCycle>5</PaymentCycle>
      <AgeInMonths>5</AgeInMonths>
      <PaymentHistory>
        <Entry date="2011-12-01">
          <Status>Current</Status>
          <PaymentCycle>1</PaymentCycle>
          <InterestPaid>208.33</InterestPaid>
          <!-- Total to date -->
          <PrincipalPaid>322.84</PrincipalPaid>
          <!-- Total to date -->
          <Fees>5.31</Fees>
        </Entry>
      </PaymentHistory>
    </Loan>
  </Loans>
</DataExport>

I’ve spent a lot of time with both platforms, Lending Club and Prosper.  I’ve combined the best of both worlds into the P2PXML format. If both platforms could agree on a standard format, developers would write libraries that were platform agnostic. I’ve created my first attempt at a standard XML format. I would love to hear your feed back. The payment history was not filled in completely to save space.  Come one Prosper and Lending Club, make my Christmas wishes come true!

Michael

7 thoughts on “A Proposed XML Platform Export for Lending Club and Prosper

  1. Michael, I think this would be a fantastic idea. But I wouldn’t hold your breath for this Christmas (or next Christmas). It is a little crazy because both platforms operate in EXACTLY the same way – they should allow a way to compare apples and apples. But I think Lending Club would argue there can be no apples to apples comparison because Prosper’s borrower base has lower creditworthy borrowers on average.

    @d3331892828 – what you need to do is download the CSV file from the Browse Notes screen. For some reason this is much more up to date and you rarely find a loan there that has been fully funded.

    1. I think default and interest rates are pretty apples to apples. Basically we are trying to measure the effectiveness of the platform’s underwriting policy.

      I know we both agree. Hopefully the concept of a P2PXML export format starts to gain traction. Unfortunately your comment about holding my breath is true.

      I’m going to make this into a small, formal proposal and send it to both platforms. I will be sure to publish it on my blog.

    2. “what you need to do is download the CSV file from the Browse Notes screen. ”

      Oh, too bad! I was trying to automate something and don’t have an easy way to automatically log-in.

  2. I have a feeling they are just giving XML data dumps from a few tables / views in their databases.  It’s pretty lazy actually.  LendingClub’s data is particularly messy.  Prosper gives you so much that you can replicate most of their database structure from their .XSD alone.

    All things considered, Prosper’s XML schema is fantastic.  LendingClub hardly publishes useful historical data.

    If you just want the loan data from above in that format, you just need someone with a database / architecture to reprocess the exports of both P2P systems to automate exports in your format to a shared location.  No investor who has such as system would have an interest in passing up the comparative advantage, so it really does fall to the community to pressure the sites themselves.

    Also, at some point the XML just represents standardized naming conventions for entities, attributes, and facts relevant for tracking and lending decisions.  A good start on this would be getting LendingClub to at least give separate tables describing borrowers, loans, and loan performance/payment histories.

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