[jotucker1983]

I agree with the notion that it's a very competitive market, I just don't think that justifies sending a file to more than 3 funders. It would seem to me that if the broker truly understood the file in front of him from a pre-qualification standpoint, as well as understood the current underwriting and pricing model of the funders in their network, then there's no reason to hot shot it.

There should be certain funders in your network that the file should go to and certain funders that it should not go to, all based on the pre-qualification you did with the client as well as your comprehension of the underwriting policies of your funders.

Plus while on your side of the equation, you are trying to hold your place in line with a funder in question, what about the credit score of your client which is being dinged significantly? It's not necessarily your client's fault that the industry is very competitive, your cost of operations might be too high, and you are doing everything in the book (including significant shot-gun submissions) in order to produce a profit.

[Chambo]

"It would seem to me that if the broker truly understood the file in front of him from a pre-qualification standpoint, as well as understood the current underwriting and pricing model of the funders in their network, then there's no reason to hot shot it."

There's your problem/issue right there. You are assuming that the vast lot of new ISO's out there aren't a group of monkeys flinging their feces everywhere, hoping and praying for it to stick....and collect a fee

Understand UW and MCA requirements and your funds' sweet spots? HA HA HA HA HA HA!

[pfalconemca]

"It would seem to me that if the broker truly understood the file in front of him from a pre-qualification standpoint, as well as understood the current underwriting and pricing model of the funders in their network, then there's no reason to hot shot it."

There's your problem/issue right there. You are assuming that the vast lot of new ISO's out there aren't a group of monkeys flinging their feces everywhere, hoping and praying for it to stick....and collect a fee

Understand UW and MCA requirements and your funds' sweet spots? HA HA HA HA HA HA!

I really feel that this isn't a hard concept to grasp....maybe it's just me...but are there really SUCCESSFUL iso's/brokers/reps that don't understand this concept? im not sure how far you would get by just throwing your deals around. The reason that I became an ISO for certain lenders is because they offer a solution to my merchants needs. There a certain requirements that need to be met in order for my merchant to qualify. If those requirements arent met, why would i waste my time sending the docs to that lender? I can't expect to receive an offer if these requirements arent met.

[Chambo]

I really feel that this isn't a hard concept to grasp....maybe it's just me...but are there really SUCCESSFUL iso's/brokers/reps that don't understand this concept? im not sure how far you would get by just throwing your deals around. The reason that I became an ISO for certain lenders is because they offer a solution to my merchants needs. There a certain requirements that need to be met in order for my merchant to qualify. If those requirements arent met, why would i waste my time sending the docs to that lender? I can't expect to receive an offer if these requirements arent met.

One's Fund's trash is another fund's 4 month 1.499!