[Quickfunder]

So the questions remains: what do you communicate to the merchant to deter them from taking those calls made after your submission? Again, I have my personal techniques and usually have to elaborate as to my cautioning them without saying: "Hey, if you get a phone call let me know because someone is going behind my back." It would almost ruin our credibility and trustworthiness with having their file.

[Finance1]

I tell them that there are telemarketers highly skilled at deception and will call and act like they are the company handling your cash advance application. Be wary of phone calls from any company other than _____. I also tell them to contact us right away if they received a suspicious or confusing call so I can determine if it was legitimate or not.

[Sean Cash]

So the questions remains: what do you communicate to the merchant to deter them from taking those calls made after your submission? Again, I have my personal techniques and usually have to elaborate as to my cautioning them without saying: "Hey, if you get a phone call let me know because someone is going behind my back." It would almost ruin our credibility and trustworthiness with having their file.

I imagine this kind of situation arises a lot in the mortgage business.

[Scott Williams]

The mortgage industry use to keep wholesale and retail more separate than our space. Its understandable that brokers are worried about losing deals when so many lenders have in house retail and wholesale combined with our industry.

[Finance1]

I imagine this kind of situation arises a lot in the mortgage business.

It sure did but not because of retail channel going behind broker's backs. It happened extensively because of trigger leads. Credit bureaus sold fresh daily lists of every consumer who had a mortgage credit inquiry. It was easy to explain to clients though because we knew their phones would ring or mailboxes would fill up with the "you better get a second opinion stuff". All I had to say was the credit bureaus are selling the fact that your credit got pulled by a mortgage company to every telemarketer or direct mail company on earth. To the tune of $1-2 a pop. It's big business. Well, at least it was big business back when there were mortgage brokers. lol

Before any lightbulbs go off...I already talked to experian a year ago. Trigger leads for biz credit pulls simply don't work for our industry. Mortgage inquiries are coded and biz credit pulls aren't coded. Sure, you could probably buy them for 1-2 bucks a pop but the roi stinks.

[Quickfunder]

Can lenders blame us when we double/triple+ submit to get the deal. I don't even think lenders try to hide that they are soliciting behind your back. They will decline and give the worst reason why - but in any case it's not like we don't have other lenders to take it to. So in the end, the lender originally submitted to just ends up wasting everyone's time in a turf-war of constant under-cutting. I watch as they battle it out, clueless as to what options the merchant ultimately has because there are so many people interfering at that point. You guys bring up good points on preventing this by communicating to the merchant. But I'll always be working with more than one lender to ensure that if someone does go behind my back ... then they still won't get the deal.

Case in point. A lender this week declined two of my deals. But both merchants have strong approvals with other banks (hence sending to me to compete). When I prompted as to why they got declined, I was told bad credit.

Bad credit. Right.

[Chambo]

So the questions remains: what do you communicate to the merchant to deter them from taking those calls made after your submission? Again, I have my personal techniques and usually have to elaborate as to my cautioning them without saying: "Hey, if you get a phone call let me know because someone is going behind my back." It would almost ruin our credibility and trustworthiness with having their file.

if the other caller is offering the same dela as you at a lower rate and no closing fee? what's he or she going to do?

[Quickfunder]

if the other caller is offering the same dela as you at a lower rate and no closing fee? what's he or she going to do?

That's the nature of any business and I don't begrudge any merchant who gets a better deal. But that's what happens with the pool of prospects is nothing but UCC leads who have done this 5-6 times, etc.