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09-25-2015, 01:18 PM #1
Deals going through two brokers to get to a funder
I have seen many times deals go through two brokers to get funded and it really makes me wonder why?
There are so many lenders that are accessible to new ISO's that the originator of the deal could easily sign up to submit. I know there are a handful of lenders that do not sign new ISO's therefore relying on their relationship with certain brokers and thus keeping them in business. I think that model essentially created the broker side of this business.
I think the answer is that certain brokers pose as funders and if the deal doesn't fit their model for them to cherry pick/fund, they are left to find a home for it. But if most lenders are available to new ISO's, why should a file go through multiple brokers?Anthony Diamond
Underwriter
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