"Funding Companies" that sell your deal to another funding company
I spoke to one of my ISOs yesterday and he told me that over the past few months he had several deals submitted with a few particular funding companies. These deals were in "underwriting review" for a month or so. Finally the "funding companies" declined the deals. This ISO later found out that the deals were funded by another larger funding company.
Has anyone else run into this issue?
Are all funding companies actually a funding company?
Is all of your work done just so that another broker who is posing as a funding company can take YOUR commissions?
isosupport@mfsglobal.com
"Funding Companies" that sell your deal to another funding company
Sean is saying that this is the way the business has been for a while and that is what you are failing to understand mfs01. Sometimes deals go thru multiple brokers before they finally make it to the direct funder who gets the deal funded. This is not new news. Why do you care who is funding your deal if it's getting funded for the commission you are promised. The fact of the matter is Yellowstone and other companies may broker your deal out sometimes but they get the deal FUNDED which you could not do without them in most cases and you get the commission that u were told you were going to get. Your coming off like your a direct funder but that doesn't seem to be the case if you are brokering ISOs deals to more companies..... There's absolutely nothing wrong with going thru an ISO to get your deal done if you can't do it yourself.
"Funding Companies" that sell your deal to another funding company
Bottom line boys and girls is we fund deals no one else does, in some cases we do broker the deals out....last month we funded 438 deals in house and brokered out another 400 or so...we fund some of the most high risk files out there and if we can't fund it ourselves we find a funding company that will!!!