Results 1 to 4 of 4
-
09-24-2014, 02:48 PM #1
- Join Date
- Sep 2014
- Posts
- 720
Lenders Stealing Clients / Renewal Commissions
So I've come across a few threads about this concerning some of the better lenders (OD, BFS, and others) and can't help but wonder whether or not they are cutting out the ISOs with good reason. I keep up on my clients/renewals, have great rapport with the reps and haven't had any problem with this. Is it ultimately due to ISOs not disclosing their fees, sending docs that clearly don't meet underwriting guidelines, or just being a pain in the ass? I would guess that as a lender, having an ISO constantly pushing for unqualified clients and charging 10% fees on renewals (losing deals) would result in me cutting them out of the business. I'm not trying to back the lenders here, because if they are stealing clients/renewals without good reason I'd certainly like to know. Does anyone have a legitimate/specific case with a lender they no longer work with? If so, let it be heard and let's see what the lender has to say...
The thread about New Era is what made me ask because it sounded fairly valid until Saul got on there and put the issue to bed.
-
09-24-2014, 10:02 PM #2
- Join Date
- Apr 2014
- Posts
- 781
when money and lots of it are on the table, there will always be risks involved. Even the best lenders with no past history can have a bad apple..heck an iso i was working with was a bad apple..he will be outted shortly
-
09-24-2014, 10:12 PM #3
- Join Date
- Sep 2014
- Posts
- 720
I agree, as a lender I would do the same - but only if it is justified, no? A real ISO is worth much more than a commission, regardless of the size of the rip... At least that's how I would see it...
-
09-30-2014, 05:48 PM #4
While this forum allows for open discussions and even complaints about experiences, postings by publicly anonymous users that attempt to embarrass an individual or company will be removed.
If your original complaint voiced on the forum is not resolved, then we suggest you continue whatever actions you feel necessary offline.
Similar Threads
-
Merchant wants renewal after they got a 2nd position.
By jec1521 in forum Deal BinReplies: 10Last Post: 01-26-2022, 11:17 AM -
Renewal vs Add ons, what is the Difference?
By HannahBernstein in forum Merchant Cash AdvanceReplies: 17Last Post: 07-14-2014, 05:53 PM -
Renewal vs. Add on
By adroc in forum Merchant Cash AdvanceReplies: 15Last Post: 05-29-2014, 11:46 AM -
On Deck Renewal Commission Policy
By Ditty in forum Merchant Cash AdvanceReplies: 9Last Post: 03-05-2014, 10:28 AM -
Can you guys work with these clients? 1-5k Warm Real-time leads LMK
By dave.lendio in forum Merchant Cash AdvanceReplies: 4Last Post: 11-09-2012, 04:44 PM