What On Deck Capital is doing right now for every Broker Shop that's working with them, is what every single Direct Lender ought to be doing right now, and that's conducting background checks on their Brokers, as well as making sure there's no additional fees being tacked onto the financing outside of the Direct Lender's Agreement.

The Broker's "fee" should be added onto the cost of the loan up to a particular limit, so if the buy rate is 1.15 you shouldn't have no more than a mark up of 10 points on there to 1.25. Any Broker caught adding fees outside of the Direct Lender's Agreement should be immediately terminated from their relationship with said Direct Lender including outstanding renewals/residuals from clients already submitted.

If we don't clean up the industry, then all we are going to do is invite The Government to come in here to do so, and nobody wants that.

It's also annoying to me to see ads up everywhere across the internet recruiting people to come into the industry and they always pinpoint that you don't need any prior merchant sales experience, any prior sales experience, any prior B2B experience and no college education completed. Basically, all you need is a pulse and you can jump on the telephones "selling" a product that most of these individuals can't even spell.

Every Direct Lender should begin to regulate their Broker Shops to assure integrity, credibility and professionalism. There's way too low of a barrier to entry into our industry and it's just unprofessional in my opinion.