[KTK]

Wait so another ISO sent in your LEAD (not a client yet....remember - you didn't fund) to another funder to get funded, one you aren't even signed up with....then you say that lender back-door'd your deal? Am I reading this right?

Am I missing something here???

I'll give you credit for one thing. You didn't whistleblow on a lender that did no wrong. Dude, either the client is shopping with another broker - or someone at your house (or a house you sent it to) shared the info with the lender in question. They then did their job.

The lender that called clearly wasn't involved. Perhaps there was some wrong doing.....maybe. Certainly not, however, from the lender that called your lead.

At least you came here for feedback first prior to wrongly throwing them under the bus.

[mikem]

Wait so another ISO sent in your LEAD (not a client yet....remember - you didn't fund) to another funder to get funded, one you aren't even signed up with....then you say that lender back-door'd your deal? Am I reading this right?

Am I missing something here???

I'll give you credit for one thing. You didn't whistleblow on a lender that did no wrong. Dude, either the client is shopping with another broker - or someone at your house (or a house you sent it to) shared the info with the lender in question. They then did their job.

The lender that called clearly wasn't involved. Perhaps there was some wrong doing.....maybe. Certainly not, however, from the lender that called your lead.

At least you came here for feedback first prior to wrongly throwing them under the bus.

I never said I was personally backdoored, I said I caught a funder backdooring (the ISO who could have been co-co-brokeing my deal) Yes it was my application in the file. My LEAD and I confirmed that.

The funder told my LEAD that they never heard back from the ISO that sent in the case and were therefore following up with the LEAD and seeing if he's interested.

I guess it could be the truth, the ISO that was the co-co-broker went AWOL for a week and the funder figured why loose a deal...

[CreditGuy]

co-co-brokering

Waaaaaaay too complicated.

[FUNd]

The funder told my LEAD that they never heard back from the ISO that sent in the case and were therefore following up with the LEAD and seeing if he's interested.

A lead is not a submission. It's a lead, and a deal doesn't belong to you until both of these things happen:

1. You submit a full package to a lender with a signed and dated credit application and the proper bank statements.

2. Your submission is either broker protected, or you are first to the table with signed documents and the required stips as set forth by the lender.

[mikem]

A lead is not a submission. It's a lead, and a deal doesn't belong to you until both of these things happen:

1. You submit a full package to a lender with a signed and dated credit application and the proper bank statements.

2. Your submission is either broker protected, or you are first to the table with signed documents and the required stips as set forth by the lender.

1. ISO B submitted a full package to the funder with signed and dated credit app (my app) and bank statements (gathered by me)

Again, I'm not blaming the funder for screwing me I'm blaming the funder for screwing ISO B, which from my understanding from the funder, sends them a lot of work.

FUNd, serious question-is it legit for a funder to call merchant and say "ISO is unreachable-let's move forward", and even if it is legit, does it
make any sense that a known name ISO goes AWOL for a week?

Should I not care and move on because I was not directly and intentionally screwed? Knowing that a respectable funder is backdooring and screwing over my peer brokers?

ISO B is the focus. Funder attempted to backdoor them-thats all there is to it.

As to how ISO B got my file? Either one of my submitting ISO's justifiably sent it to them or or they received it in some other unethical way. Don't know yet but definately not blaming them just yet with out any proof.

[FUNd]

FUNd, serious question-is it legit for a funder to call merchant and say "ISO is unreachable-let's move forward", and even if it is legit, does it
make any sense that a known name ISO goes AWOL for a week?

It's been said already here but why not just sign up with a direct lender, or go work for someone? I understand the allure of owning your own ISO comes with all benefits of being your own boss and being able to tell your LinkedIn network you've made it, but honestly, owning an ISO is a royal pain the ass. I owned one, and now am in management for a bigger, well-capitalized one. Our deals never (or seldom) get backdoored because of our volume and reputation with our funders. As a small fry (co-brokering deals no less), I'm sorry, you're going to get crushed in this market, and there's no shame in that.

Hitch your wagon to a bigger train, and although you may lose the fancy title, you'll gain dollars, which is why we are all here.

[aredmond]

It's been said already here but why not just sign up with a direct lender, or go work for someone? I understand the allure of owning your own ISO comes with all benefits of being your own boss and being able to tell your LinkedIn network you've made it, but honestly, owning an ISO is a royal pain the ass. I owned one, and now am in management for a bigger, well-capitalized one. Our deals never (or seldom) get backdoored because of our volume and reputation with our funders. As a small fry (co-brokering deals no less), I'm sorry, you're going to get crushed in this market, and there's no shame in that.

Hitch your wagon to a bigger train, and although you may lose the fancy title, you'll gain dollars, which is why we are all here.

What he said^^^

[rmckellar]

1. ISO B submitted a full package to the funder with signed and dated credit app (my app) and bank statements (gathered by me)

Again, I'm not blaming the funder for screwing me I'm blaming the funder for screwing ISO B, which from my understanding from the funder, sends them a lot of work.

FUNd, serious question-is it legit for a funder to call merchant and say "ISO is unreachable-let's move forward", and even if it is legit, does it
make any sense that a known name ISO goes AWOL for a week?

Should I not care and move on because I was not directly and intentionally screwed? Knowing that a respectable funder is backdooring and screwing over my peer brokers?

ISO B is the focus. Funder attempted to backdoor them-thats all there is to it.

As to how ISO B got my file? Either one of my submitting ISO's justifiably sent it to them or or they received it in some other unethical way. Don't know yet but definately not blaming them just yet with out any proof.

How is this backdooring? Did the merchant get funded and you received commission? I can't understand what the problem is if they just called the merchant. If you send someone a file and they want to close it, and you aren't reachable, or they think it's easiest to close it by calling the merchant directly (maybe they've funded him before and can shoot the **** and close the deal in one shot for all you know, maybe the ISO isnt answering calls and they want to close the deal before they get shopped, maybe they just have a lack of confidence in said ISO to close ANY deals), but how can you say that they were 'attempting to backdoor' WHEN THEY DON'T EVNE KNOW YOU EXIST? You didn't send them the file, someone else sent them the file. If you want to work with them directly, sign up as an ISO. I never understand why someone would sign up as a broker to a broker when you can just sign up with the funding company, unless they don't know how this industry works.

Do you think that when you send someone a file requesting say 100k, that no one has a right to speak to the person requesting the money?

Also, how can you be 'not directly and intentionally screwed'? It's pretty straightforward, either they called the merchant, funded him, and didn't pay a commission, which is backdooring, or they called the merchant TO HELP YOU OUT, there's no grey area here.