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  1. #1
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    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.

  2. #2
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    Quote Originally Posted by happyman View Post
    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.
    They'll be back next week praising your company once you fund their 7th position deal that you were the ONLY funder to approve the merchant.

  3. #3
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  4. #4
    Veteran Reputation points: 120462 Chambo's Avatar
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    Quote Originally Posted by happyman View Post
    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.
    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.

  5. #5
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    any iso who rushes underwriting is bad news

  6. #6
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    This industry is saturated with noobs who have no clue what they’re doing. Some of the daily bullshit 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”

  7. #7
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    Quote Originally Posted by happyman View Post
    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.
    suck it up

    without iso reps you wouldnt be funding

    unless youre going to be cold calling yourself

  8. #8
    Quote Originally Posted by happyman View Post
    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.
    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.

  9. #9
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    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.
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828

  10. #10
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    Quote Originally Posted by OC Funder View Post
    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.
    Great point!

  11. #11
    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.
    Anthony
    Senior Funding Coordinator
    Anthony@fundersconnect.com
    Direct: (516)-282-0933
    Fax: (646)-403-3092

  12. #12
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    Quote Originally Posted by Anthony@yellowstone View Post
    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.
    This.
    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

  13. #13
    Senior Member Reputation points: 6950 ESE5020's Avatar
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    Quote Originally Posted by happyman View Post
    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.
    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
    East Shore Equities, LLC
    Submissions@EastShoreEquities.com
    Tel: 516-231-5595 | Fax: 516-231-5590
    www.EastShoreEquities.com

  14. #14
    Senior Member Reputation points: 51665
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    Quote Originally Posted by happyman View Post
    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.
    Just tell them to syndicate 100% of the deal on your platform...usually shuts them up right away

  15. #15
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    Quote Originally Posted by NoBigDeal View Post
    Just tell them to syndicate 100% of the deal on your platform...usually shuts them up right away
    Asking them to syndicate 10% will even get the job done. Like the earlier comment said it sounds like you need a BD rep to keep ISOs in check while UW does their job without dumb distractions.

  16. #16
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    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 .

  17. #17
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    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.

  18. #18
    Senior Member Reputation points: 4932 HFS's Avatar
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    Most underwriters would backdoor the deal to their old coworker.

  19. #19
    Senior Member Reputation points: 170618 ryan $'s Avatar
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    Quote Originally Posted by Michael I View Post
    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 .
    I have ran into this alot as well. Underwriters fresh out of college with no experience whatsoever and it makes you want to rip your hair out.

  20. #20
    Quote Originally Posted by Esteban2000 View Post
    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.
    Well said Esteban!

  21. #21
    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.

  22. #22
    Show me proof

  23. #23
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    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

  24. #24
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    Quote Originally Posted by OC Funder View Post
    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.
    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.
    Funded

  25. #25

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