[2014FUNDING]

National Funding Source
ISO Godfrey Armand

Anyone hear of this company?

Submitted a deal to a few lenders with MY contact info on it. I was solicited a few days later from Godfrey. Tells me how he wants to save me some money and that he would just need a bank application to complete my file. He sends me a pre filled app for me to sign with my Personal email and cell on the application. He clearly stole my submission!

Lenders i outsourced this file to:

> Swift
> Rapid
> Kalamata
> Funding Circle
> Dealstruck
> BFS

Whos the culprit????

Thanks in advance.

[FUNd]

Great sting operation, except next time, send it to one lender at a time, wait a week, and see what comes through in the interim.

[Funder Mark]

You messed up. Get a few separate people to work on a sting together. Each one should put their own name and contact numbers out, and send to ONE company. That way you will know exactly where the deal is being stolen.

[bizloanbroker]

sounds like old school typical BFS...they love stealing your files and then sending it to their iso who submits to National...why pay for marketing when you can just steal your isos files

[mcg168]

sounds like old school typical BFS...they love stealing your files and then sending it to their iso who submits to National...why pay for marketing when you can just steal your isos files

this is laughable. BFS is the exact opposite of everything you claim here. I dont always agree with the way they process deals, but they are anything but shady.

[fisheMS]

it could be none of them. if they ran your credit than someone could've picked it out of a credit bureau and resold it as a trigger lead, no?

[FUNd]

sounds like old school typical BFS...they love stealing your files and then sending it to their iso who submits to National...why pay for marketing when you can just steal your isos files

BFS paid me on a renewal from an ISO operation I had closed almost a year prior but the business bank account just happened to still be open. I can say they are a stand up bunch. Fora Financial is also in my trust tree. The thievery typically comes from the bottom up, which is why I ride these Johnny-come-lately "direct lenders" so hard.

[sigmundpannu]

What really confuses me is the fact you had to shotgun your file to 6 different lenders. Knowing what lenders will approve your submission and their uw guidelines is extremely important wouldn't you agree?

[FUNd]

What really confuses me is the fact you had to shotgun your file to 6 different lenders. Knowing what lenders will approve your submission and their uw guidelines is extremely important wouldn't you agree?

What's an underwriting guideline? Just tell merchant what they want to hear to get the application in, shotgun to everyone, pick the biggest offer that pays the most points, and blindly shoot those numbers at the client.

Isn't that how this works?

[golf2014]

Last post spot on. Where ever there is a lot of money can lead to thieves

[Duff]

Why would you dare send an app to a lender that you don't know?

You need to learn your lenders underwriting criteria and approval process. Go through your deal to match it better for crying out loud. You deserved to lose that deal.

You'll end up spending more time on apps, closing calls, and more deals. Because you'll actually have competitive offers in a timely fashion and the ONLY rep that's managed to keep his word and prove his worth. No matter what the client says assume there's competition and make sure you have the mental ability to determine the clients best offer the second you have a full understanding of their qualifications.

If you have to send the app to a lender and play go back and forth b.s. on application documents then you have already lost the deal. You actually never had a chance. All you've really done is waste of bunch of the prospects time and bring down their credit score.



P.S.
What do you think your lenders will think of you if they find out you are just shot gunning your apps to all of them at the same time or did that not even cross your mind? Look I've closed thousands of MCA's as a broker. You can get an exception on almost every deal you fund if you know which lenders will grant which exceptions and based on what criteria. With an exception you will absolutely the best offer and you will close the deal. Because if you take advantage of the lenders like this then you are screwed. You have to earn exceptions. If I were you. I would call each lender on that list and tell them you've been doing this. Apologize over and over. Tell them you didn't know you were so bad because they'll find out eventually. Even if only because all of your applications have the same freaking credit pulls every time.