[OnTheRopes]

Is there any scenario where a vendor can offer complete submission packages (including application and bank statements) that is legal?

The only thing I can think of is if the vendor has the merchant fill out MY application and provide statements to me. If a merchant were to fill out any other application and I were to receive that app and their bank statements they would not be intended for me and therefor I'd have legal problems, is that correct?

Just trying to cover my bases after being burned by a vendor on this forum.

[Yankeeman07]

Is there any scenario where a vendor can offer complete submission packages (including application and bank statements) that is legal?

The only thing I can think of is if the vendor has the merchant fill out MY application and provide statements to me. If a merchant were to fill out any other application and I were to receive that app and their bank statements they would not be intended for me and therefor I'd have legal problems, is that correct?

Just trying to cover my bases after being burned by a vendor on this forum.

This is NOT Legal advice, but, IMO, you answered your own question.

[OnTheRopes]

Yeah, I have my suspicions about this practice but I wanted some more input from some of the old heads around here.

I did some searching about these "full submission packages" and it seems pretty consistent that these are almost always just deals that some broker couldn't get funded, bundled up and re-sold to recoup their losses.

What has me intrigued are the deals submitted on MY application. This would basically mean that the vendor is acting sort of like a caller/opener for me and in that regard should be entirely above board.

[closer129]

The only way that you can receive full package with it being legal if someone was calling under your companies name that worked for you directly and used your companies name on the call and used your app. When you buy full packages with app banks and social numbers that illegal.

[MCAdude]

Is there any scenario where a vendor can offer complete submission packages (including application and bank statements) that is legal?

The only thing I can think of is if the vendor has the merchant fill out MY application and provide statements to me. If a merchant were to fill out any other application and I were to receive that app and their bank statements they would not be intended for me and therefor I'd have legal problems, is that correct?

Just trying to cover my bases after being burned by a vendor on this forum.

I think 90%+ of this scenario would be shady and illegal backdooring. however, it can potentially be legal if disclosures/consent language on the application allows for sharing with 3rd party affiliates and the agreements ISO's have with funding companies which can allow them to own and resell the data at one point or another.