[rick_clsfunding]

Anyone else receive Ty's veiled "goodbye" letter this morning? It sounds more like an employer scolding rather than an independent contractor relationship.

Here's a snippet:

I expect to see 8 -10 applications and 1 funded deal per month. If we are not maintaining these numbers, then I am going to terminate the relationship and we can go our own ways.

I've always had the utmost respect their firm and have recommended their products quite a few times on this forum, but this really rubbed me the wrong way. Granted, most of my business falls outside of their wheelhouse and consequently I haven't sent them a file in quite some time, however, its nice to know you have that option when needed...

Rick

[mcg168]

I hope they have a higher conversion rate than what he expects...1 funded deal out of 8 - 10 submissions

[Zach]

I hope they have a higher conversion rate than what he expects...1 funded deal out of 8 - 10 submissions

With shotgunning brokers running rampant, that ratio sounds reasonable

[Chambo]

Anyone else receive Ty's veiled "goodbye" letter this morning? It sounds more like an employer scolding rather than an independent contractor relationship.

Here's a snippet:

I expect to see 8 -10 applications and 1 funded deal per month. If we are not maintaining these numbers, then I am going to terminate the relationship and we can go our own ways.

I've always had the utmost respect their firm and have recommended their products quite a few times on this forum, but this really rubbed me the wrong way. Granted, most of my business falls outside of their wheelhouse and consequently I haven't sent them a file in quite some time, however, its nice to know you have that option when needed...

Rick

They are crying to everyone about the conversion rates. I've loved them for years, but I see them losing their competitive advantage recently.

Yet, they brag to me that submissions are at all time highs....to which I respond "submissions are worthless without conversion"

[TheShitzuofMCA]

I just walked away from a position because of the conversion rates. I had to look hard at what I was doing and be honest with myself, Chambo is right. Submissions with a 95% decline rate almost drove me crazy...

[funding pro]

There obviously needs to be a middle ground that is acceptable for both submission to approval as well as for approval to funded ratios. There are reasons on both ends of the ISO/Funder relationship that can help or hurt the approval rate, but the latter part mostly falls onto the ISO. If someone is getting 100 approvals and only funding 1 deal, there's an issue there for the funding company. If they are funding 15, I think it is something that needs to be worked on, but wouldn't necessarily warrant an email like the one above.

I would really hope for an email like the one above to go out, someone has to really be taking up a lot of this person's time and not producing any results. I would also hope that the rep who sent the email had discussed expectations prior to sending this out.

[rick_clsfunding]

I would really hope for an email like the one above to go out, someone has to really be taking up a lot of this person's time and not producing any results. I would also hope that the rep who sent the email had discussed expectations prior to sending this out.

Just to be clear, the email was not referring to my closing ratio. It was BBC'd to a number of ISO's who hadn't submitted an application in over 6 months - In other words, what they apparently consider dormant accounts. I just found the tone to be off-putting as I'm certainly not taking up any of their time or resources.

[Chambo]

they have portal submissions, so the insta-declines are taken care of up front. It's the stips and getting back to you in a timely manner where they are lacking.

They're also a company where if it's vanilla A paper deal, they give great & competitive offers. They used to be Jedi Masters at out of the box deals though...and that is where they have recently fallen flat on their faces.

Jim's still a good guy though....

[Michael I]

Just to be clear, the email was not referring to my closing ratio. It was BBC'd to a number of ISO's who hadn't submitted an application in over 6 months - In other words, what they apparently consider dormant accounts. I just found the tone to be off-putting as I'm certainly not taking up any of their time or resources.

is this saying you won't get paid on your renewals . i have seen this more then once with different lenders

[KTK]

They have some amazing pricing when they do like a deal though

[Zach]

They have some amazing pricing when they do like a deal though

I've seen 1.18 for 12 buy rate with no fees through them

[Chambo]

yeah, their Premier Titanium (whatever they call it) only take 1.5% a month. buy rate though, but still....

[ADiamond]

relax everyone, have some red velvet - cream cheese ice cream sandwich

[Chambo]

is this saying you won't get paid on your renewals . i have seen this more then once with different lenders

TBB is great about commish. You know what it is up front, and they pay it out the same day as funding

[Funder Mark]

relax everyone, have some red velvet - cream cheese ice cream sandwich

You bastard, I just put on 5 pounds from seeing that!!!

[brokerCompany]

I see diabetes in your future.

relax everyone, have some red velvet - cream cheese ice cream sandwich

[Michael I]

TBB is great about commish. You know what it is up front, and they pay it out the same day as funding

a lot of lenders have in there iso agreement if you don't fund a new deal in xx amount of time then we terminate relationship . by terminating they are not required to pay you for renewals any more

[rick_clsfunding]

UPDATE: I've spoken with Ty and feel compelled to to inform DF member's that all is well. We've reconciled our initial disagreement and my account is still active. In short, the email was an attempt to drum up business (albeit probably not the best way to go about it ) from dormant accounts that are actively submitting and funding deals with other lender's/funders that may otherwise be a fit with TBB.

Rick

[HDF]

UPDATE: I've spoken with Ty and feel compelled to to inform DF member's that all is well. We've reconciled our initial disagreement and my account is still active. In short, the email was an attempt to drum up business (albeit probably not the best way to go about it ) from dormant accounts that are actively submitting and funding deals with other lender's/funders that may otherwise be a fit with TBB.

Rick

Then pick up the phone and call and have an honest conversation. IP addresses can't buy you a beer or give you advice or encourage you to do better. And their personalities and tone are horrendous...

[funding pro]

a lot of lenders have in there iso agreement if you don't fund a new deal in xx amount of time then we terminate relationship . by terminating they are not required to pay you for renewals any more

I would advise anyone out there to strike this from an agreement prior to signing it. You shouldnt get much pushback, if any, on this and can make a huge difference once you have a large book of business with a funding company that you have a falling out with later on.

[aredmond]

We have a 1.13 buy rate 18 month and a 1.21 buy rate 24 month. Payment structure is weekly. Upsell capped at 4 points but still a good product for the "over-qualified" cash advance clients.

[Zach]

We have a 1.13 buy rate 18 month and a 1.21 buy rate 24 month. Payment structure is weekly. Upsell capped at 4 points but still a good product for the "over-qualified" cash advance clients.

Those rates are nuts.

[Cfairbank]

We have a 1.13 buy rate 18 month and a 1.21 buy rate 24 month. Payment structure is weekly. Upsell capped at 4 points but still a good product for the "over-qualified" cash advance clients.

My guess is this is an effort to compete for the Dealstruck/fundation-type clients? Do you all look at profitability? What is the minimum credit score for this program? Agreed, this looks like a great program especially if you are "looser" in underwriting than the Fundation-type lenders, can you provide detail on who would actually qualify for this product?

[funding pro]

My guess is this is an effort to compete for the Dealstruck/fundation-type clients? Do you all look at profitability? What is the minimum credit score for this program? Agreed, this looks like a great program especially if you are "looser" in underwriting than the Fundation-type lenders, can you provide detail on who would actually qualify for this product?

Not gonna lie, read this a few times before I realized you weren't calling him a loser.

[Cfairbank]

Not gonna lie, read this a few times before I realized you weren't calling him a loser.

ha, definitely not calling credibly1 a loser! I love when companies are introducing new, high quality products to our space, genuinely curious as to who would qualify (would also love to know who holds those loans, but I know I won't get that info).