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  1. #1
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    Lender hoppers

    Do you all find yourself when certain people in this industry call you and say "i am now by xxxx" that you think i give it a month to 6 months max.
    I dont know if these people just think the grass is greener or they keep getting fired but it is crazy how they still get hired.

  2. #2
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    Yep i hear you.
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
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    Tel: 917-521-6528 | Fax: 212.671.1473
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    http://www.cresthillcapital.com

  3. #3
    Karen37a
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    Quote Originally Posted by Michael I View Post
    Do you all find yourself when certain people in this industry call you and say "i am now by xxxx" that you think i give it a month to 6 months max.
    I dont know if these people just think the grass is greener or they keep getting fired but it is crazy how they still get hired.
    Some are not hitting their "quotas" no matter how big and bad they talk..or they bought in too many defaults
    Last edited by Karen37a; 11-15-2018 at 04:43 PM.

  4. #4
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    Quote Originally Posted by Karen37a View Post
    Some are not hitting their "quotas" no matter how big and bad they talk..or they bought in too many defaults
    Karen do you have it set up that when someone writes a new thread a siren (deigned by the group that makes fire truck horns) goes off and you slide down the pole to get to your computer to respound ?
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    覧覧覧覧覧覧覧覧覧覧覧覧覧
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  5. #5
    Karen37a
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    Quote Originally Posted by mcaguru View Post
    Karen do you have it set up that when someone writes a new thread a siren (deigned by the group that makes fire truck horns) goes off and you slide down the pole to get to your computer to respound ?
    and smoke signals from wpb when you fund a deal

  6. #6
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    we cant send smoke signals up ...we got to many flight paths and it'll be non-stop!
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    覧覧覧覧覧覧覧覧覧覧覧覧覧
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  7. #7
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    Quote Originally Posted by Michael I View Post
    Do you all find yourself when certain people in this industry call you and say "i am now by xxxx" that you think i give it a month to 6 months max.
    I dont know if these people just think the grass is greener or they keep getting fired but it is crazy how they still get hired.
    in general, iso managers that seek out your business have about an average lifespan of 2 years at a co if they are lucky. the main goal of hiring them to begin with is to get their book of business. once the business is developed, they are no longer of value and the co does not want to keep paying them overrides when they can put a warm body making hourly to manage the iso business. this is a practice done at most co's. that is why you see so many folks jump co to co. the other part of this quotas that are not obtainable , thus, grounds to can the rep at will. everyone comes in with rose color glasses only to leave with sour grapes. Than, they take their iso contacts to the newco, and, email you "I am at x co and have this wonderful program send me some deals" rinse, repeat

  8. #8
    Karen37a
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    Quote Originally Posted by fundingsmbs View Post
    in general, iso managers that seek out your business have about an average lifespan of 2 years at a co if they are lucky. the main goal of hiring them to begin with is to get their book of business. once the business is developed, they are no longer of value and the co does not want to keep paying them overrides when they can put a warm body making hourly to manage the iso business. this is a practice done at most co's. that is why you see so many folks jump co to co. the other part of this quotas that are not obtainable , thus, grounds to can the rep at will. everyone comes in with rose color glasses only to leave with sour grapes. Than, they take their iso contacts to the newco, and, email you "I am at x co and have this wonderful program send me some deals" rinse, repeat
    I think I figured out who you were yesterday. This post confirms my suspicions ( and I am 70% certain)

  9. #9
    Karen37a
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    Because sometimes when you get a real closer in the business a "real business builder" they fight back to the death and thats how the wars between companies, brokers super isos and base shop happen and sometimes the merchants go with the Broker they like the most no matter how low you drop the rate

  10. #10
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    LMAO ..... Marcus.


    QUOTE=mcaguru;107379]Karen do you have it set up that when someone writes a new thread a siren (deigned by the group that makes fire truck horns) goes off and you slide down the pole to get to your computer to respound ?[/QUOTE]
    Last edited by Jstarr; 11-16-2018 at 11:48 AM.
    Jerry Starr
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    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  11. #11
    Karen37a
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    Marcus old man and the sea. over there..everything he says I attribute to you and that $300 backdooring incident, plus you taking bad bull**** blowup deals after i decliined them and said no

    People funding deals that you kill in underwriting behind your back and them defaulting instantly is funny for a while but enough is enough
    Last edited by Karen37a; 11-16-2018 at 11:51 AM.

  12. #12
    Senior Member Reputation points: 6639 gaxisa's Avatar
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    Quote Originally Posted by fundingsmbs View Post
    in general, iso managers that seek out your business have about an average lifespan of 2 years at a co if they are lucky. the main goal of hiring them to begin with is to get their book of business. once the business is developed, they are no longer of value and the co does not want to keep paying them overrides when they can put a warm body making hourly to manage the iso business. this is a practice done at most co's. that is why you see so many folks jump co to co. the other part of this quotas that are not obtainable , thus, grounds to can the rep at will. everyone comes in with rose color glasses only to leave with sour grapes. Than, they take their iso contacts to the newco, and, email you "I am at x co and have this wonderful program send me some deals" rinse, repeat
    This is pretty spot on. But of course there's some deviation from the norm. When I was an ISO rep at a direct lender, once I had been there for about a year and built a book of about 25 ISO's and started getting a heavy submission flow, the company I was at actually bumped up my override. Wasn't enough to keep me there and I went into the broker world though.
    Gary Axisa
    Blue Streak Capital, Inc.
    PM me for my email

  13. #13
    Karen37a
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    Quote Originally Posted by gaxisa View Post
    This is pretty spot on. But of course there's some deviation from the norm. When I was an ISO rep at a direct lender, once I had been there for about a year and built a book of about 25 ISO's and started getting a heavy submission flow, the company I was at actually bumped up my override. Wasn't enough to keep me there and I went into the broker world though.
    All Financial Services work this way. From stocks and bonds to loans to insurance to mca

    __

    I gave an analogy a long time ago...morie the wig guy...Goodfellas

    He had no shot of getting paid

    30 years later i am still going. If you are valuable to your funders...make them money $$ you have a 50% chance of survival( defaults come into play), Some will cut your throat no matter what

    ..find the scorpion and the frog analogies I gave before

    This is also why super isos exist

  14. #14
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    Quote Originally Posted by fundingsmbs View Post
    in general, iso managers that seek out your business have about an average lifespan of 2 years at a co if they are lucky. the main goal of hiring them to begin with is to get their book of business. once the business is developed, they are no longer of value and the co does not want to keep paying them overrides when they can put a warm body making hourly to manage the iso business. this is a practice done at most co's. that is why you see so many folks jump co to co. the other part of this quotas that are not obtainable , thus, grounds to can the rep at will. everyone comes in with rose color glasses only to leave with sour grapes. Than, they take their iso contacts to the newco, and, email you "I am at x co and have this wonderful program send me some deals" rinse, repeat
    Thanks that actually makes a lot of sense

  15. #15
    Karen37a
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    Quote Originally Posted by Michael I View Post
    Thanks that actually makes a lot of sense
    LOL You didnt realize what the hell was happening in Florida??

    TEN are down..I am still standing

    And next year will be big ...i am just going to do it to do it
    Last edited by Karen37a; 11-16-2018 at 12:15 PM.

  16. #16
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    Quote Originally Posted by Karen37a View Post
    LOL You didnt realize what the hell was happening in Florida??

    TEN are down..I am still standing

    And next year will be big ...i am just going to do it to do it
    Ten what are down?

  17. #17
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    Quote Originally Posted by Nunya View Post
    Ten what are down?
    She’s just mad Michael said something positive about someone else’s comment. Infuriated she typed some random stuff.

  18. #18
    Karen37a
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    Quote Originally Posted by WestCoastFunding View Post
    She’s just mad Michael said something positive about someone else’s comment. Infuriated she typed some random stuff.
    I do not type random stuff and people who are really in the Financial world ..know/understand what I type.

    The more you type the more I realize you were not just "playing along" you really do not understand how things work

    You are just a throw the **** against the wall and see what sticks kinda guy

    ADD. Which is fine with me. Everyone has their styles. I am a hold onto the book of business like a pitbull, high renewals and go after the merchants to get the money back if they think they are going to default kinda gal

    to each their own

    we come from different worlds. I am use to having a Fiduciary Responsibility over the money or go to jail if you lose it
    Last edited by Karen37a; 11-16-2018 at 01:31 PM.

  19. #19
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    See WestCoast...that was not random stuff at all. I do kinda wish she followed-up with another YouTube video.....
    Hedley Lamarr......That's Hedley

  20. #20
    Karen37a
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    again you cant understand what it is to"own" a book of business..you are an employee

  21. #21
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    Quote Originally Posted by Karen37a View Post
    again you cant understand what it is to"own" a book of business..you are an employee
    Um...yes I do. My book of business is very large and very sticky and I get rewarded handsomely for it.

    On a side note....I am still collecting investment banking fees from deals I closed prior to joining my current firm. See some know how to structure compensation so you are rewarded on the back end of a deal not just the closing cash......
    Hedley Lamarr......That's Hedley

  22. #22
    Karen37a
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    Quote Originally Posted by kevinhenry0527 View Post
    Um...yes I do. My book of business is very large and very sticky and I get rewarded handsomely for it.

    On a side note....I am still collecting investment banking fees from deals I closed prior to joining my current firm. See some know how to structure compensation so you are rewarded on the back end of a deal not just the closing cash......
    umm you get paid by the bank and they supply you with everything...when you were an investment banker you were not a "salesperson" bringing the clients and money in like I was

    1099 isos are bare balls to the wall cold callers or marketers...using their own money ...no bank backing them

    You are not exposed like we are

  23. #23
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    nobody owns the book of business unless that is specifically in the contract you signed with a funder. most iso agreements state the opposite. as for w2s, nobody will own anything the day they get chopped its at will unless again, you built that into your employment contract which would be very rare a co would accept those terms. there are iso agreements that literally state that if you don't fund within 90 days, all of your book is gone.

  24. #24
    Karen37a
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    Quote Originally Posted by fundingsmbs View Post
    nobody owns the book of business unless that is specifically in the contract you signed with a funder. most iso agreements state the opposite. as for w2s, nobody will own anything the day they get chopped its at will unless again, you built that into your employment contract which would be very rare a co would accept those terms. there are iso agreements that literally state that if you don't fund within 90 days, all of your book is gone.
    The funders own it ...but guess what

    30% of the Top Isos believe they own them and are "placing the deals" with someone

    And when you make a move on them...they are going to go out the door with the book of buskness and sometimes take the staff

  25. #25
    Karen37a
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    I separated from Citigroup its clear as day on my resume

    went out the door with 500 of my brokers too...had it in writing signed off by lawyers

    so play the games you want...and think what you think

    People should just play nice-nice with each other...or dont

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