[WhoisKingsley]

Here's some food for thought- Especially for the "direct" lenders.

When you receive a submission from one of your ISO's and it is NOT on their Application- What do you do? Do you process it? Do you question it? How many of those submissions actually close? How many dollars are wasted on UW because of this?

No one likes to do bad business and no one likes to waste time. Time=Money... you waste my time, I lose money- and I am sure a lot of you agree.
I hope others look at the complications and adopt better practices.

NEW RULE - If it isn't on your application, I will not touch it. Automatic decline.
If you are a Sub-Broker, meaning you work with certain brokers, there should be a way to manage this to make it okay.

You must confirm that you are in direct contact with the business owner and know what type of financing they want. If you don't, you are not doing your job. (It is up to you to keep your merchant, shopping them and trying to save them with a 1.45 rate offer will not make them yours either).


I am sure some of the "good" guys have relationships and never have these issues, but as time goes by, some situations should be given an extra 10 seconds to think to yourself "Am I wasting my time?"

[Chambo]

That ios actually a great concept, but disastrous in actual execution. Been there, tried that

[TheChoice]

I concur.

[Eagle Funding]

I always question the ISO if the application is not from their company as do most lenders.

[Andy]

If ISO "A" sends us a file on company "B"'s application, we require that "A" show us that they have ISO agreement with "B" or we will not accept it. And of course, the app must be dated within 30 days.

[J.Celifarco]

If ISO "A" sends us a file on company "B"'s application, we require that "A" show us that they have ISO agreement with "B" or we will not accept it. And of course, the app must be dated within 30 days.

this seems like the easiest and fairest system

[mcaguru]

Cresthill capital will scrub every file. We don't care! as long as they have an ISO agreement.
Cresthill looks at every submission the way tiffany's jewelry looks at every walk-in. we have a salaried underwriting department that scrubs hundreds of submissions a day, NO one leaves the office before every files is scrubbed!!. everyone is welcome to sign-up for our double digit commission structures.
bizdev@cresthillcapital.com

[Chambo]

How can Cresthill put themselves int he same sentence as Tiffany's is beyond me.

[mcaguru]

Maybe we're spending too much time in that establishment.

[isaacdstern]

I was under the assumption that Cresthill owned Tiffany's

How can Cresthill put themselves int he same sentence as Tiffany's is beyond me.

[Paperchaser]

cresthill has a 10% approval rate!!!

[SupremeCapitalGroupinc]

You should not submit apps with other companies name on it. Simply because if they are signed up with lender and you do not have a good track record or relationship with lender they can pay the iso named on app and you'll be doing their work for them for free. I get apps everyday from isos and I only send to lenders we do good business with and that's that.

[freddy]

Breakfast at Cresthill? I can't see Holly going there in her evening gown.

Truth is - if the legalese matches ours and the information (rare) written is correct and jives with reality - I am cool with it being on other applications. It depends on the ISO - 99% of our ISO's are smart enough to know the difference between what is good to submit to us and what is not.

[mcaguru]