[ControlTheSale]

All stips in contracts signed, sent to final.... GREAT!.... LETS FUND..... RIGHT? lol after everything is in- including best number. A LENDER asks me for a new iso agreement (we funded two deals with them already) and they sent the commission so now.... HE ASKS FOR A NEW AGREEMENT & SITE PICTURES of my office AFTER the deal is in FINAL.......


Feels like a backdoor move to me.... we funded a deal with them before & received the commission so why a new iso agreement and site pictures of my office after its in final?

[ThorCapitalGroup]

Backdooring 100%.

[TheUnderwritingProdigy]

Yeah, seems super sketchy.. but what would make this imply backdooring? Just curious

[Funds4u]

When did you last fund a deal with them? Especially if its been a while could be they want to re-verify or ISO policy/agreement may have changed requiring an update. Actually makes perfect sense to wait until a deal is in final as why bother for an ISO which doesnt produce and possibly suspected of just sending files to fish for information. Not saying you are, but established direct lenders have gazillions of ISOs and having funded a couple of deals with them probably puts you on the low end of the totem pole.

[DTFdowntofund]

Did you ask the reason why they were requesting this? Seems like a pretty important detail in the scope of things

[ControlTheSale]

When did you last fund a deal with them? Especially if its been a while could be they want to re-verify or ISO policy/agreement may have changed requiring an update. Actually makes perfect sense to wait until a deal is in final as why bother for an ISO which doesnt produce and possibly suspected of just sending files to fish for information. Not saying you are, but established direct lenders have gazillions of ISOs and having funded a couple of deals with them probably puts you on the low end of the totem pole.

Definitely lol... I believe the word is PHISHING not FISHING. & IM A BROKER not a WHITE HAT HACKER LOL.... btw a "BIG LENDER" with "GAZILLION SUBS" Like ondeck, bluevine, cabbage, has never done this to me so cut the crap

[mca2150]

All stips in contracts signed, sent to final.... GREAT!.... LETS FUND..... RIGHT? lol after everything is in- including best number. A LENDER asks me for a new iso agreement (we funded two deals with them already) and they sent the commission so now.... HE ASKS FOR A NEW AGREEMENT & SITE PICTURES of my office AFTER the deal is in FINAL.......


Feels like a backdoor move to me.... we funded a deal with them before & received the commission so why a new iso agreement and site pictures of my office after its in final?

What's the reason they gave for the new ISO agreement? You left that detail out.

[ControlTheSale]

What's the reason they gave for the new ISO agreement? You left that detail out.

I sent the file for final including ALL of the stips, signed contract. As soon as I sent the best number for log in's all of sudden a new iso agreement hits my email box. No phone call, no warning, nothing. I sent and email asking why.... After a few emails back in forth to figure out the reasoning, all of a sudden its a new policy in place by their syndicates & its going to take 2 days to get it approved and I will have to resubmit my file.

A few other BIG brokers stop submitting to such "lender" for the same reason, However I did not think it was true til it happened to me.





I had a few deals to fund so its fine, I just hope other brokers know that these type of backdooring attacks are possible.


Take care guys.

[mrmrg]

Say goodbye to that commission and prepare to never hear back from the merchant again!

[Michael I]

my guess is they made the clawback longer . read the new one.
Who was this ?

[pcfunder]

maybe im crazy but why not just sign a new ISO agreement and send them the pics? if they wanted to cut you out of commission wouldnt they just cut you out without asking for new agreement?

[Funds4u]

controlthesale, so much to teach and so little time. It all comes down to when did they last fund a deal, and volume and quality of subs. A legit direct lender (not a hack white label broker) receives gazillions of submissions. An ISO with a few prior fundings, especially if its been months since the last funding, as we exit a pandemic year, absolutely could/should be re-vetted and at final uw is the opportune time to insure timely and accurate receipt of information as ISO will be much more receptive with a commission on the line.

[mycmoneyman]

Why don't you comply and see what happens in two days?
But for now control the sale and get the deal funded elsewhere.
subs@funduracap.com

[killerspin]

Mind sharing what funder this is?