[jason]

LOL. Yes, mob like for sure, but let's keep in mind the people who get the 1.45's and have to go to a Pearl or YSC, typically have a history of borrowing money and not paying it back. Ever seen a Cashcall (now known as Loan Me) amortization schedule? Now that is beyond loan sharking. A 10K loan amount is amortized over 84 months for a payback somewhere in the 70-80K range. Yes, you read that right. Ever have a customer complain about rates? Just send them to Cashcall, they'll call you back in one hour flat to sign your deal. I promise.

If you slapped the APR equivalent of a 1.45 factor on an 84 month amortization, you'd have a payback in that range too.

[FUNd]

If you slapped the APR equivalent of a 1.45 factor on an 84 month amortization, you'd have a payback in that range too.

Yeah and a "low" 4% mortgage rate on $300K costs you over $700K P & I over a 30 year term. What are we talking about here?

[CreditGuy]

What are we talking about here?

The issue here isn't what we are talking about, but rather who we are discussing things with. The industry, and by the transitive property this board, is plagued by people chasing cash selling a product they barely understand, based on underwriting they barely grasp, to borrowers that understand it even less. Think back to some of the threads you're seen. My favorite was the one asking how to calculate yield on investment.

On topic: I am not surprised in the slightest that Pearl and YSC are charging additional/undisclosed/junk fees.

[JSL23]

The issue here isn't what we are talking about, but rather who we are discussing things with. The industry, and by the transitive property this board, is plagued by people chasing cash selling a product they barely understand, based on underwriting they barely grasp, to borrowers that understand it even less. Think back to some of the threads you're seen. My favorite was the one asking how to calculate yield on investment.

On topic: I am not surprised in the slightest that Pearl and YSC are charging additional/undisclosed/junk fees.

I was saying the exact thing last week. I haven't seen such a high % of people selling a product they flat out don't understand. What is scarier is many of them do not ask the questions that will help them articulate it to then client. They will just say what the Merchant wants to hear to get their commission.

I have 12 years of total work experience, all in Sales and prior to 14 months ago never did anything in Finance. I started out in Telecom and remember vividly having to go out to Bumble****, MA for 4 days of intense training(product and sales technique). It was exhausting and I remember feeling like I was being indoctrinated into a cult(information overload, drinking the corporate kool aide, etc.)......However I was completely ready once I started going business to business banging on doors. I knew the product and exactly how to pitch it. I obviously don't know what goes on inside every shop but I have not seen any sort of dedication to training new reps or continued training for existing ones. In fact there are times where I am pretty sure the Underwriters at certain places don't even know WTF they are doing.... That falls on the people who are running the Lending houses/broker shops as much as the Reps. I learned most of what I know on my own and from my co worker who sits next to me....and while I feel like I have a solid grasp on MCA, I know I still have more to learn.

I apologize for the long post, but for something like UW fees always ask UP FRONT what they charge when you start funding with a new Lender. If it varies find out the variables..... If they are charging a junk fee insist they take it off.