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04-18-2016, 03:24 PM #1
- Join Date
- Jul 2015
- Posts
- 1,202
Do You Really Have a Valid ISO Agreement?
Most of us have been there at one time or another. We want an agreement with a funder to have them in your arsenal or to get a particular deal moving quickly. But, was the agreement executed properly or at all?
Many probably don't have a good answer to this question - and it is troubling.
So who benefits if an ISO or co-broker agreement doesn't really exist? You signed, but have you ever had an agreement come back unsigned or initialed with no printed officials name or a literal rubber stamp or signed by someone other than the person named on the signer page or a deal funded before the agreement is signed?
Are you having unprotected stacks? It is clear who has the upper hand in these agreements flying all over the street. Might be time to take a look at where you really stand. If you don't like what you see, review everything and call your funders with questions and contract amendments.
Those conversations might not go so well. (but it is called doing business correctly)
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04-18-2016, 03:31 PM #2
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
Are you having unprotected stacks? lol
Read your agreements. Request executed agreements for your records. CYA.Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
I am Here too. https://www.facebook.com/groups/TheClosersGroup
Always Live and Lead with Integrity.
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04-19-2016, 09:19 AM #3
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
I've seen this problem for the entire time I've been in the commercial loan business. I learned the hard way many years ago. I submitted a deal for one of the largest tire manufacturers to one of the 5 largest banks at that time. We made a sales call together, then went around me and it was my fault. He was fired but that did not get me a 6 my figure commission back.
If you don't have an executed agreement you should not be submitting to that lender. From what I read here that's especially true for this industry.
You should learn from our mistakes.
Thanks HDF and Amanda for highlighting this.
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04-19-2016, 10:05 AM #4
- Join Date
- Jul 2015
- Posts
- 1,202
Keep in mind your lifeblood - the renewal portfolio - as well. If you want to squeeze a career out of this business, you gotta have that on lockdown and in writing and reviewed by a professional.
I'd also get in writing what will happen to your clients in the event of consolidations and joint ventures. The time is now! Call your lenders and banks and get it straight.
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