We remain committed to helping both sides of our marketplace navigate the current environment and have been providing frequent updates to our investors since the pandemic began in order to provide insights on platform performance. Please see below for an update on the platform as of September 30, 2020.
Since March we have taken swift and sustained action across the platform in order to protect returns for investors. We added capacity to help borrowers over the phone, launched self-service options online for borrowers looking for help, developed multiple hardship plans to support payments, tightened underwriting on new loans and increased interest rates on new loans.
Because of these actions and more, we continue to observe resilience of returns on the platform. As of September 30, 2020:
While we are pleased with the performance of the loan portfolio to date, the environment remains dynamic and we remain vigilant. Given the pace of change, we encourage all of our investors to reach out to us with any questions; we’re here to help.
Safe Harbor Statement
Some of the statements above, including statements regarding the impact of credit and underwriting initiatives, loan performance, platform returns, borrower attributes (including the number and behavior of those enrolled in hardship plans), our ability to add and the timing of servicing and payment plan capabilities, our ability to successfully navigate the current economic climate the performance of the company and the impact of the coronavirus are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include the impact of global economic, political, market, health and social events or conditions, including the impact of the coronavirus, and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as our subsequent reports on Form 10-Q each as filed with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information in this blog post is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.