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01-29-2015, 03:15 PM #24
Reputation points: 2893
- Join Date
- Jan 2014
- Posts
- 283
Of course, no doubt! It is a two-way street and I do not expect any special treatment. I am talking about existing relationships where we have established credibility. I wouldn't expect a brand new partner to make special exceptions(like us pulling the FICO score).
As far as competing on a file, I have to disagree; I wouldn't do something underhanded like send something out once an offer has been made and accepted verbally. Ever. I would, however, send it out to 2-4 Lenders simultaneously after I initially receive it and see who puts their best foot forward. It is a competitive business. I am competing with other ISOs/Direct Lenders on files and I accept that. It comes with the territory. The way i see it is our interests are aligned, the Lender,the Merchant, and myself. Lender wants Merchants to add to their portfolio, the Merchants want/need the best offer/term for the money they are receiving and we need the two to come together. Until the day i get psychic powers, all I can do is narrow that part down to a few Lenders. I hope at some point in the very near future I only have to use 4-5 total Lenders and know their Underwriting methodology as if it was my own. Communication on both sides makes that a lot more possible.
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