Results 1 to 25 of 27
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06-03-2019, 12:27 PM #1
- Join Date
- Apr 2018
- Posts
- 178
To my fellow Underwriters
How do you guys deal with your annoying ISO reps?
Ive got reps email blasting, bomb texting, and blowing up my phone constantly for stupidity.
Ex. Merchants is 63% levered, rep claims merchant has 100k offer (which would lever him 72%) needs 120k to compete. I tell him its a nice file ill get 25k max which is a stretch. The rep begins to rip into my underwriting and how incompetent our company is. Obviously my feeling are not hurt my faceless ISO's who are trying to make a buck, but come on if ur file is garbage then ur file is garbage. End of story.
Just curious on others approach in this area.
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06-03-2019, 12:31 PM #2
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- Mar 2016
- Posts
- 657
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06-03-2019, 12:38 PM #3
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- Jun 2015
- Posts
- 3,325
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06-03-2019, 12:43 PM #4
Typical response from a sales rep, who's only concern is getting the deal funded. Not worried about whether merchant can afford it, or whether the merchant can or will pay it back.
Then again, there are these small new funders out there, desperate to gain market share and put out money to get the returns they promised their investors.
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06-03-2019, 12:48 PM #5
- Join Date
- Apr 2015
- Posts
- 300
any iso who rushes underwriting is bad news
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06-03-2019, 12:48 PM #6
- Join Date
- Oct 2016
- Posts
- 4,318
This industry is saturated with noobs who have no clue what they’re doing. Some of the daily bull**** you’ll hear from new ISOs:
“I have this great cannabis deal. They’re looking for $250,000 startup money for their delivery!”
“I have a great oil and gas play where they need $25M”
“I have a great file. Merchant has 13 positions and needs a consolidation. Why wouldn’t a lender want to fund this? If they can pay 13 positions surely they can pay 1”
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06-03-2019, 12:51 PM #7
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- Jun 2018
- Posts
- 462
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06-03-2019, 12:52 PM #8
- Join Date
- Jul 2014
- Posts
- 92
Sounds like you need a BD rep, preferably with a sales background. Sales people speak their own language and typically get frustrated with underwriters, who by necessity take a more analytical approach. A good BD person can do a better job delivering the message and can take that part of the job off your plate.
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06-03-2019, 12:53 PM #9
- Join Date
- Feb 2017
- Posts
- 3,433
Took me a long time to be content with focusing on what funds, not on whatever what shows up.... It's a part of growing in the industry. Mix that with a new broker who hears about a colleague who funded a $250,000 deal last week and they'll need your (the underwriter's / ISO rep's) patience so that they eventually fund something with you.
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06-03-2019, 12:56 PM #10
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- Mar 2016
- Posts
- 657
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06-03-2019, 01:12 PM #11
- Join Date
- Aug 2014
- Posts
- 620
I have 0 tolerance for stupidity and people talking crazy to me. Put them in their place, any iso shop owner who works with me will tell you how I deal with their reps who have no idea what they're doing. Prioritize the guys who conduct business properly and get things done and let the scrubs go, if they aren't making you money then don't waste your time.
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06-03-2019, 01:13 PM #12
- Join Date
- Mar 2016
- Posts
- 907
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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06-03-2019, 01:42 PM #13
Deal with this BS very often, its frustrating, and some ISOs are not worth dealing with if they cant be reasonable. Some can't understand why we don't want to give $100k to a merchant that has 3+ unsatisfied judgements against them.
Also get alot of unexperienced ISOs saying that the merchant is doing 5k a month but once he gets this advance he will be doing $100k a month...... RIGHT
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06-03-2019, 01:45 PM #14
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- Mar 2016
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- 657
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06-03-2019, 01:57 PM #15
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- Aug 2016
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- 275
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06-03-2019, 02:23 PM #16
- Join Date
- Jun 2015
- Posts
- 3,325
just have to go there but sometimes the underwriter is an idiot.Lat month i had a deal that was approved for 60k after explaining to the underwriter that he was an idiot and getting no where with him i had the owner reprice it with a different underwriter at the same company who gave me 180k.
merchant does 100k in 2 different banks and than transfers it to a third account doing another 80k (so 280k in real deposits ). underwriter 1 refused to count transfers even though i was showing him that they came from real deposits . underwriter 2 understood it .
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06-03-2019, 03:05 PM #17
- Join Date
- Jul 2017
- Posts
- 130
I listen to them respectfully, explain to them what I can and can't do for them, encourage them and tell them we will get the next one, and NEVER forget that the Brokers are my customers, and without them, nobody NEEDS Underwriters.
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06-03-2019, 04:19 PM #18
Most underwriters would backdoor the deal to their old coworker.
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06-03-2019, 04:43 PM #19
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- Jun 2017
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- 2,049
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06-04-2019, 08:18 AM #20
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- Jun 2014
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- 541
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06-04-2019, 08:52 AM #21
- Join Date
- May 2013
- Posts
- 67
Underwrite the ISO as much as you underwrite the deal. Can't rush the underwriting and you can't always make an exception or there's no point in having guidelines.
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06-07-2019, 02:27 PM #22
- Join Date
- Nov 2018
- Posts
- 15
Show me proof
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06-07-2019, 02:46 PM #23
- Join Date
- Dec 2017
- Posts
- 397
i've literally blocked iso reps from my phone and chat, and told them to limited email only pls and/or contact your direct manager
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06-07-2019, 10:17 PM #24
- Join Date
- Apr 2013
- Posts
- 245
This is the best solution in my opinion. Underwriters speaking with ISO's especially inexperienced ones can ruin a relationship if there is an argument, disagreement, or miscommunication. If you have a bd rep/iso rep handling both parties not only will it save the underwriter a headache but it will save time to uw more files and the bd rep can relay the message. Like OC said, sales people speak their own language.
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06-10-2019, 09:28 AM #25
- Join Date
- Nov 2016
- Posts
- 65
Touche
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