[FUNd]

No, but if you love losing deals to funders you submit to then give swift a call

Yep, they have been known to make deals disappear. I hardly ever name names, but I've personally witnessed it.

[kpeng]

Well then...there's a lot of drama going on in here. All I can say is we respect our ISOs and exclusivity periods are only fair.

[AndyYSCISOdept]

Well then...there's a lot of drama going on in here. All I can say is we respect our ISOs and exclusivity periods are only fair.

What makes an exclusivity fair?
Im actually interested to hear an argument for exclusivity periods as I was one of the few people to oppose the removal.

[FUNd]

What makes an exclusivity fair?
Im actually interested to hear an argument for exclusivity periods as I was one of the few people to oppose the removal.

It's not fair. Why should an ISO putting 15 points into a deal and trying to collect some BS 3rd party origination fee hold your client hostage when you are willing to do the deal for 8 points and no junk fees for example? Survival of the fittest and the first one to the finish line should win the deal.

[AndyYSCISOdept]

It's not fair. Why should an ISO putting 15 points into a deal and trying to collect some BS 3rd party origination fee hold your client hostage when you are willing to do the deal for 8 points and no junk fees for example? Survival of the fittest and the first one to the finish line should win the deal.

I agree with you. However, as I am a simple servant of the people I have to do what they asked and I received a resounding cry of opposition to the removal. However, I do suspect, like a lot of others, that this was simply a way to lock up a deal for 2 weeks at YSC while they shop it elsewhere knowing that they have a fall back plan. This is actually really unfair to the admins, underwriters, and staff who do their work with the full belief that the deal will come back.

[brokerCompany]

exclusivity periods are fair. YOU are not holding a merchant hostage, they have the option to go to a different funder or different broker to get money.
Makes things real shady when the funder opens your deal to anyone.
To many stories and experiences of funders taking your deal away or somehow it got "mixed up" in the process..
I will only work with funders who have exclusivity period.

[J.Celifarco]

exclusivity periods are fair. YOU are not holding a merchant hostage, they have the option to go to a different funder or different broker to get money.
Makes things real shady when the funder opens your deal to anyone.
To many stories and experiences of funders taking your deal away or somehow it got "mixed up" in the process..
I will only work with funders who have exclusivity period.

I have to disagree here, I hate when I submit a deal to a bank and they say already received y someone else and cant work it. I will take my chances competing with another iso on a fair playing field where we are both working with the same buy rates.. The better closer wins.

I don't understand why everyone thinks the banks are the ones doing shady stuff in these open competition situations. They have so much business coming in that I have a hard time believing they would ruin their reputation to take a deal from one iso to give to another. If you believe a bank you a re working with would do this then the problem is not their competition policy the problem is the fact that you don't trust the bank.. If you don't trust a bank don't work with them because of that not because of the competition on a deal

[Michael I]

What makes an exclusivity fair?
Im actually interested to hear an argument for exclusivity periods as I was one of the few people to oppose the removal.

once submitted by iso, in house can not submit for 7 days and vice versa ( iso gets previously received if already in house ) . iso to iso no exclusivity and may the best man win . (it will be nice to updated that multiple people submitted it

[FUNd]

they have the option to go to a different funder or different broker to get money.

When they end up at YSC, this statement does not always hold true.

[AndyYSCISOdept]

When they end up at YSC, this statement does not always hold true.

Strongly disagree, they always have the option, doesn't mean they'll get apprvoved LOL

[brokerCompany]

It has happened where YS has said they already have the file in house. Fine I take the deal elsewhere beat their rates and get it funded.
You are on the same playing field. If another ISO has your deal take it to a funder that beats their rates don't take it to the same funder! Guy with better sources and closing skill wins.
And yes a funder will screw a little broker out of a deal. So yeah I don't work with them, there is enough new isos to take their business
Standard practice for many funders in this space.

I have to disagree here, I hate when I submit a deal to a bank and they say already received y someone else and cant work it. I will take my chances competing with another iso on a fair playing field where we are both working with the same buy rates.. The better closer wins.

I don't understand why everyone thinks the banks are the ones doing shady stuff in these open competition situations. They have so much business coming in that I have a hard time believing they would ruin their reputation to take a deal from one iso to give to another. If you believe a bank you a re working with would do this then the problem is not their competition policy the problem is the fact that you don't trust the bank.. If you don't trust a bank don't work with them because of that not because of the competition on a deal

[Michael I]

I agree with you. However, as I am a simple servant of the people I have to do what they asked and I received a resounding cry of opposition to the removal. However, I do suspect, like a lot of others, that this was simply a way to lock up a deal for 2 weeks at YSC while they shop it elsewhere knowing that they have a fall back plan. This is actually really unfair to the admins, underwriters, and staff who do their work with the full belief that the deal will come back.

why do you keep iso like that ?

[brokerCompany]

YSC is not the end all for low grade paper. Just had you guys approve a merchant for 10k another of my funders got him funded for 50k.
Don't hold your merchant hostage thinking ys is the only option LOL

Strongly disagree, they always have the option, doesn't mean they'll get apprvoved LOL

[J.Celifarco]

It has happened where YS has said they already have the file in house. Fine I take the deal elsewhere beat their rates and get it funded.
You are on the same playing field. If another ISO has your deal take it to a funder that beats their rates don't take it to the same funder! Guy with better sources and closing skill wins.
And yes a funder will screw a little broker out of a deal. So yeah I don't work with them, there is enough new isos to take their business
Standard practice for many funders in this space.

I dont think there is a standard practice I think all banks differ. Personally, I like 1st contract in, I will put my closing skills up against anyone and be confident that I can get it done. If I dont then I dont deserve the deal.
I will also disagree that banks will take deals from smaller ISO's. If a bank will do that then they have no business in this space and nobody should submit to them. I am not saying it doesn't happen, what I am saying is if it does happen then let everyone know it happened and stop working with them. Having spent enough time on this forum and listening to different people say that "ABC" bank stole my deal, what usually happens is once all the facts come out more often then not they did not steal the deal. If banks are stealing deals and you have proof let everyone know and you will see these bad banks go away because nobody will submit to them. I think what happens more often then not is a bank has a 1st contract in policy, an ISO loses the deal to another ISO, and they scream foul because they cant imagine that they lost a deal. Every time you lose a deal its not the banks fault sometimes you just lose. Sometimes you lose I know it has happened to me, when it happens dont complain about the banks policy, get angry and make sure you dont lose the next one

[AndyYSCISOdept]

why do you keep iso like that ?

Why not. At the end of the day we are a funder and funders fund the deals they get. I cant prove unequivocally that that's whats going on but Ive done a little litmus test and found that it has happened in the past.

And no, YS is not the end all for deals that are tough to get done but a lot of people would not fund nearly as much business without us, and there is no disputing that.

[bizloanbroker]

I cant wait for this new rule to come into effect at Yellowstone. Since literally every iso under the sun sends every high risk deal there its very hard to get it through and work the file. I cant wait to compete on those deals that were previously kicked back to me, may the best man win!!!

[brokerCompany]

great 10 brokers working on the same deal with YSC. I wonder if they will all get the same pricing??

[VFG]

This should help ISOs focus on selling the approvals they have and not shop the deal with 3 other lenders or charge excessive upfront fees. Now is when the game starts!!!!

[J.Celifarco]

great 10 brokers working on the same deal with YSC. I wonder if they will all get the same pricing??

that is a good question.. Andy, do you know how this will work, if a deal is in competition will any iso's working on it be working with the same offers???

[Chambo]

the answer would/will be NO. Depending on what in house funder you are using,t he pricing and commission changes

[AndyYSCISOdept]

Absolutely, the only thing I would say, is this really favors the ISO reps at YSC that have a little juice with underwriting to help their guys get the best offer possible. Now that's not in anyway saying that Im the only one with Juice but you can call me "Kool Aid"

[AndyYSCISOdept]

the answer would/will be NO. Depending on what in house funder you are using,t he pricing and commission changes

Right, but one funder isn't giving one guy one offer and another a different one which is the way you just made it sound. Knowing which underwriter to go to is our job as ISO reps.