[Chambo]

Read their ISO Agreement carefully and renewal policy and how long a new submission stays your deal before it opens up for any sales channel. I think you get like 5 days from submission before its classified as "open season for anyone" deal. In fairness to ODC, they arent the only ones with language in agreements that have clauses to take your deal inhouse. You cant complain if it happens to you if you didnt take time initially to read agreements and have your attorneys red line/change the language. Or simply, why do business with a funder who has policies like this-

Most companies out there these days have the policy of "first one back with contract gets the deal." In terms of renewals, you usually have a 6 month window after deal pays off to claim...otherwise, if it comes in through another ISO channel, it is free game.

Now, whether or not they happen to "mistakenly pass off" the paper to one of their chosen ISO channels, that is another story entirely.

To answer the other question about profitability? They have never been profitable. It's the old Dot-com mantra "don't worry about profits now, look at how we are revolutionizing the business for the future!" I find this surprising too, considering they don't own 90% of their loans. They package and sell them off to a syndication network. They manage the account (for a nice fee) and of course have caveats for defaults, but once the deal funds, the bulk of the liability is off their books...yet they STILL aren't profitable.