[Achfund]

http://mobile.businessweek.com/artic...interest-loans

[FUNd]

Zeke Faux has a track record for attacking sub-prime lending with his one-sided editorials. Who really cares about this irrelevant ass clown and his articles?

http://www.businessweek.com/authors/2584-zeke-faux

[jbrown]

Nasty article

http://www.businessweek.com/articles...erest-loans#p1

[jbrown]

Headline: Is OnDeck Capital the Next Generation of Lender or Boiler Room?

[MCAVeteran]

What a mess...

[skideeppow]

pretty ugly story.

[MCASean]

Brutal

[evercap]

not good

[Scott Williams]

These are the same type of articles that use to be written about mortgage brokers before and after the housing crash. Its easy to find the small % of characters with a shady past. It makes for a interesting article. The author's story would be boring if he wrote about the majority of the brokers in this industry that have never been arrested and have a wife/kids that give back to their communities.

I do agree that funders did a bad job doing background checks on broker years ago but hopefully they have changed their guidelines on this now. It will still benefit our industry to one day have all brokers licensed but not the same way the mortgage industry did it.

[Drizzle]

If you've been in the MCA industry over the past 24 months you can feel the industry self regulating. Background checks on new ISO shops is the norm, stacking is being shunned by the A paper funders, and other then a few renegades, 4th and 5th positions are becoming obsolete.

This is the type of self regulation the industry needs. If you are someone calling for Government regulation, be very afraid. Every time the Uncle Sam gets involved his "Good intentions" never benefit the working man!

[channin19]

Jay Cutler actually does PR for both OnDeck and AFS I believe.
I'm surprised OnDeck hasn't reached out to clients who worked with brokers who've had a positive experience (with 39% of their origination coming through this channel it shouldn't be too difficult).

The other point these articles rarely make is that we are helping business owners make more money not helping them put a roof over their head. Funding solely ****ty deals is a short term crutch and your ISO will not last.

As for the funder-broker relationship I'd hardly confuse "self regulation" with "self interest". But that's capitalism!

[Guy In The Know]

Jay Cutler actually does PR for both OnDeck and AFS I believe.
I'm surprised OnDeck hasn't reached out to clients who worked with brokers who've had a positive experience (with 39% of their origination coming through this channel it shouldn't be too difficult).

The other point these articles rarely make is that we are helping business owners make more money not helping them put a roof over their head. Funding solely ****ty deals is a short term crutch and your ISO will not last.

As for the funder-broker relationship I'd hardly confuse "self regulation" with "self interest". But that's capitalism!

http://www.sec.gov/answers/quiet.htm

they cant say much right now

[MCAVeteran]

I think brokers have gotten a bad rap as solely the bad apples. There have been funders who also created the opportunity for these brokers to be in this industry with a relaxed take any broker attitude. Background checks should be the norm in any financial industry prior to doing business with someone. The broker is representing your company to the public and it will come back to you one day if you work with shady people as in the case this article pointed out. It wasn't until they wanted to go IPO that they began their direct sales PR and terminating brokers. Before that it was fair game for any broker to send them bz. Accountability comes from both the funder and the broker-

[FUNd]

Jay Cutler actually does PR for both OnDeck and AFS I believe.
I'm surprised OnDeck hasn't reached out to clients who worked with brokers who've had a positive experience (with 39% of their origination coming through this channel it shouldn't be too difficult).

The other point these articles rarely make is that we are helping business owners make more money not helping them put a roof over their head. Funding solely ****ty deals is a short term crutch and your ISO will not last.

As for the funder-broker relationship I'd hardly confuse "self regulation" with "self interest". But that's capitalism!

Cutler needs to worry a little more about throwing TD passes for the Bears, and a little less about PR for On Deck. They might win a few more games.

[Achfund]

probably gonna happen with strategic in the not too far future too. more than half their business allegedly comes from some of the shady brokers mentioned in that article; and now that the pine brook funds pretty much owns strategic funding, things are gonna be shaken up there too. too much money needs to be put out out of pressure from them which will result in the same thing going on at on deck. (i.e. cutting off iso's that have the bad names with the high default rates (even with syndication - won't make a difference b/c who knows where that money originates from)

[Achfund]

Isaac Stern- you guys were a big submitter to On Deck. Haven't heard a peep from you on this thread but see your name everywhere else...Do they still take submissions from you?
What's your opinion on this article as an industry leader?