[AndyYSCISOdept]

I do find it a little concerning though that brokers would attempt to pose as a direct lender(s). Especially when it is so easy for the other party to find out. At that point you've guaranteed that your credibility is shot and no business will be done regardless of how skilled you might be.

[lrodda]

Some brokers have agreements with lenders. Allowing them to white label contracts, putting the brokerage as the lender. I've even seen brokers on bank statements lol! I won't say who but recently I had a brokerage trick me into being a direct lender. They had been chasing us for a year to sign up with them claiming to be the real deal. Really have to know who you are sending your files to. Back-dooring is also far too common in this industry!

[AndyYSCISOdept]

Some brokers have agreements with lenders. Allowing them to white label contracts, putting the brokerage as the lender. I've even seen brokers on bank statements lol! I won't say who but recently I had a brokerage trick me into being a direct lender. They had been chasing us for a year to sign up with them claiming to be the real deal. Really have to know who you are sending your files to. Back-dooring is also far too common in this industry!

I'm interested to know how you were tricked into being a direct lender? I guess I am asking what this trick entailed and what the fallout was?

[lrodda]

I'm interested to know how you were tricked into being a direct lender? I guess I am asking what this trick entailed and what the fallout was?

Tell-tail signs can be very expensive origination fees/offers. Long responses that sort of thing. I've seen broker shops pulling daily payments before. Some might fund their own paper or claim to. But if someone wants to lie then its very hard to know if they are real other than having a reference. Someone that will guide you without a hidden agenda.

In this specific instance, I did not want to work with a bank that is known for back-dooring and shady practices. The broker shop decided to lie and say it was their money. That they fund their own paper. But it couldn't be farther from the truth.