[Michael I]

Wanted to get the forum opinion on a recent scenario that happened to me.I had a large deal that had all stips in and was killed on the one yard line for having a virtual office. 31 days after that company funded it. Their answer to me is it was submited by another iso and the underwriter assigned screwed up and funded it when it should have been declined . Either way 30 days has passed .
This is 100% B.S in my opinion

[HFS]

Different underwriter Different results

[Lmonus]

Maybe they got a real office

[Michael I]

Maybe they got a real office

nope . they are admitting it is an oops , but all i get is a toooooo baaaad

[freeprocessing]

Wanted to get the forum opinion on a recent scenario that happened to me.I had a large deal that had all stips in and was killed on the one yard line for having a virtual office. 31 days after that company funded it. Their answer to me is it was submited by another iso and the underwriter assigned screwed up and funded it when it should have been declined . Either way 30 days has passed .
This is 100% B.S in my opinion

Same thing happened to me. In my opinion it is the biggest BS in the world if the decline was for something that can never be approved. For instance, if it was declined for balances and then approved a month later that is totally normal. However if it was declined for something like this, than it is B.S. In my opinion it is an excuse used so you can't really claim foul play against the lender. I could be wrong, but this is my opinion.

[moneygreen]

Wanted to get the forum opinion on a recent scenario that happened to me.I had a large deal that had all stips in and was killed on the one yard line for having a virtual office. 31 days after that company funded it. Their answer to me is it was submited by another iso and the underwriter assigned screwed up and funded it when it should have been declined . Either way 30 days has passed .
This is 100% B.S in my opinion

I would try to call the merchant and ask who reached out to them and try to get info out of them, most give it right up. Was this a first position offer?

[NoBigDeal]

Wanted to get the forum opinion on a recent scenario that happened to me.I had a large deal that had all stips in and was killed on the one yard line for having a virtual office. 31 days after that company funded it. Their answer to me is it was submited by another iso and the underwriter assigned screwed up and funded it when it should have been declined . Either way 30 days has passed .
This is 100% B.S in my opinion

They should give you some sort of bonus on at least then next few deals you fund (if that's even on your mind) with them. Definitely sounds like BS

[Michael I]

I would try to call the merchant and ask who reached out to them and try to get info out of them, most give it right up. Was this a first position offer?

no second got a second and they funded it as a third.It is one of those merchants that is working with so many people they dont know who they are talking to lol

[Christian]

I would be using powerful language. How big are we talking?

[Esteban2000]

Unfortunately there aren't very many truly talented Underwriters in this industry. Makes it tougher than it has to be on the Biz Dev guys.

[ADiamond]

Unfortunately there aren't very many truly talented Underwriters in this industry. Makes it tougher than it has to be on the Biz Dev guys.

Poor Biz Dev guys... riiiiight, stuck right in the middle of the UW & ISO.... LOL difference is you have ISO's to answer to, UW's have investors to answer to.


@Michael I - I agree that is bull****, a virtual office doesn't mean anything it's a mailing address - what type of business is it? The guy has a home right? Probably a home based business for office purposes, and the business is on the road or per diem? Very common - UW should have simply asked for another address or two, and got the full picture. To Esteban2000's point, many newer UW's have no thought process, and sadly some aren't even allowed to. They have their "box" and stip list, step outside of them = declined? No... get creative.

[Michael I]

I would be using powerful language. How big are we talking?

150k was the offer for second , merchant got elsewhere 135k and than they gave him 60k as a third

[Michael I]

many newer UW's have no thought process, and sadly some aren't even allowed to. They have their "box" and stip list, step outside of them = declined? No... get creative.

exactly what happened .

[Sachip24]

its funny to me no one ever knows that their deal was submitted by another ISO until **** hits the fan...thats like the go to excuse for lenders always. It's never yea we saw this deal recently by another ISO and xyz happened when you initially submit the deal.

[paulypubco]

who was the funder???

[Kristenmferrara]

From interviewing underwriters in the past from other funding companies most don't know the why's behind offers anymore. A lot of funding companies have taken the human touch out of underwriting and are relying only on scoring models - Enter information into a calculator and it spits back a number or no number - that's your offer. They can't tell you why that's the number, why it's not more, why that's the term or why they can't increase it. Most newer underwriters I've met with either aren't allowed to or don't care to think outside the box to get deals done. It's unfortunate that these skill set's aren't taught much in our industry anymore.

[GoodCustomerService]

So true! Down with Fintech!