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  1. #1

    Underwriting Process

    Anyone have good insight on underwriting process?
    We've been reading and hearing about underwriting software, and outsourcing each submission (which doesn't sound too assuring)

    We understand the general rule of thumb with purchasing up to a specified percentage.
    Just wondering if there's more to this than just the standard formula such as average daily balances.

    -Bonus-
    for final underwriting, what are some background check procedures? We've heard of datamerch.

  2. #2
    Quote Originally Posted by dailyfunderppt View Post
    Anyone have good insight on underwriting process?
    We've been reading and hearing about underwriting software, and outsourcing each submission (which doesn't sound too assuring)

    We understand the general rule of thumb with purchasing up to a specified percentage.
    Just wondering if there's more to this than just the standard formula such as average daily balances.

    -Bonus-
    for final underwriting, what are some background check procedures? We've heard of datamerch.
    I'd partner up with someone that has relevant, successful experience, or go work for a company that can provide it for you. if you attempt to write your own advances. you would probably lose a lot of money and open yourself up to potential legal issues based on your questions. If not and you're wondering out of curiosity, just cozy up to an UW at a funder you currently work with or even a good BD rep and they'll give you the broad strokes.

  3. #3
    If the goal is to start funding your own deals, you may want to hire a part time contract underwriter.

    The training on the job approach is likely to be too costly in the way of losses to be sustainable-

  4. #4
    Quote Originally Posted by BB_Cooper View Post
    If the goal is to start funding your own deals, you may want to hire a part time contract underwriter.

    The training on the job approach is likely to be too costly in the way of losses to be sustainable-
    Yes we understand job training is pretty costly, where do you suggest hiring part time contract underwriter from?

  5. #5
    Senior Member Reputation points: 286361
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    steve hunter(can capital/knight) used to advertise on here that he did consulting to set up underwriting. Not sure what he is up to these days

  6. #6
    Senior Member Reputation points: 162604
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    Quote Originally Posted by Michael I View Post
    steve hunter(can capital/knight) used to advertise on here that he did consulting to set up underwriting. Not sure what he is up to these days
    He also worked for Rapid BTW. Steve started working exclusively for Radium2 in NY for the next year or so, he's out of training. However, he put me in touch with one of his old colleagues from CAN who is interested in doing the contractual UW and the training on the side if need be. And I know someone who used to be at Everest who basically ran a lot of the operations over there several years ago. Apparently UW hasn't changed all that much the last 10 years, which is a good thing - it just shows the strength of the industry. Let me know, I sent you a PM, I'll put you in touch.

  7. #7
    Quote Originally Posted by OC Funder View Post
    I'd partner up with someone that has relevant, successful experience, or go work for a company that can provide it for you. if you attempt to write your own advances. you would probably lose a lot of money and open yourself up to potential legal issues based on your questions. If not and you're wondering out of curiosity, just cozy up to an UW at a funder you currently work with or even a good BD rep and they'll give you the broad strokes.
    Thanks for this!
    BD rep meaning?

  8. #8
    Quote Originally Posted by dailyfunderppt View Post
    Thanks for this!
    BD rep meaning?
    Business Development Rep aka ISO Rep.
    Last edited by TheCaptain; 12-09-2019 at 06:47 PM.
    Captain Funds
    646-851-0400
    submissions@captainfunds.com

  9. #9
    Quote Originally Posted by TheCaptain View Post
    Business Development Rep aka ISO Rep.
    We're getting cozy! Thank you!

  10. #10
    Member Reputation points: 33
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    Nov 2021
    Location
    Brickell Miami FL
    Posts
    60

    I offer underwriting, and i can also explain the procedures and guidelines that goes into it, Techniques on how to protect yourself and contract language that’ll allow you to win in court if merchant default

    Dm me if interested

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