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06-06-2016, 06:33 PM #1
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- Mar 2016
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- 186
What is the best course of action If I just caught a "reliable funder" backdooring?
I don't want to ruin anybody's life and I'm pretty sure this will...
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06-06-2016, 06:45 PM #2
- Join Date
- Jun 2016
- Location
- Miami, FL
- Posts
- 5
Doesn't sound like they're so reliable now.
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06-06-2016, 06:57 PM #3
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- Jul 2015
- Posts
- 1,202
It's all in the details. Share some.
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06-06-2016, 08:03 PM #4
- Join Date
- Jan 2015
- Location
- Tampa, FL
- Posts
- 30
Start by not using them until you figure out how/why. If they have a policy that you don't completely understand, bashing them on here might not be the best course of action right away.
Nick Kiely
Funding Manager, Strategic Capital
Phone: 800.440.6448 (ext. 3605)
Personal: 813.518.0196
Mobile: 904.349.7619
Fax: 816.298.0857
Email: nkiely@capitalwithstrategy.com
Website: www.capitalwithstrategy.com
Address: 10551 Barkley St. Suite 403 Overland Park, KS 66212
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06-06-2016, 08:33 PM #5
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- Mar 2016
- Posts
- 186
There is no policy involved, my client told me that they called him trying to backdoor...So unless they do a funders call at the initial stage LOL, before he even got an offer, they really screwed up. I just dont understand how they have such a good name unless this is a new tactic, I guess.
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06-06-2016, 08:41 PM #6
- Join Date
- Jul 2014
- Posts
- 1,746
Um, if you are talking about who I think you are talking about they often do calls. In fact many top tier lenders will pick up the phone occasionally and speak with your client before they make a formal offer. If you've been around the industry for 5 minutes you'd know this.
So unless you can prove with documentation that they violated your ISO agreement, I would keep your mouth closed, unless you can afford a good attorney.
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06-06-2016, 09:01 PM #7
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- Mar 2016
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- 186
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06-07-2016, 08:47 AM #8
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06-07-2016, 09:27 AM #9
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- Mar 2016
- Posts
- 186
I sent case to ISO A-----ISO B (not sure where he comes in just yet, ISO A wouldnt send him deals from my understanding but I'm not crying about that right now anyways)sends my file to Funder.-----My client/Lead/DEAL recieves phone call from funder saying they can't reach ISO B and would like to send him an offer.----My client/Lead/DEAL tells me all that transpired. ---
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06-07-2016, 10:04 AM #10
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- Mar 2016
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- 657
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06-06-2016, 09:20 PM #11
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- Feb 2016
- Posts
- 245
If you feel that a lender is back dooring your deals the only thing to do is not use them anymore ! there is too many lenders out there all offering the same programs. Use a new one and build a relationship with them, charge it to the game and keep going.
Last edited by FCG; 06-06-2016 at 09:23 PM.
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06-06-2016, 09:29 PM #12
- Join Date
- Mar 2016
- Posts
- 186
I believe the real victim is the ISO that somehow got my deal and sent it off to them...I have no idea how that ISO got my case but that ISO from my understanding is a big player and has long standing relationship with this funder, I'm actually not even signed up with the funder.
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06-06-2016, 09:38 PM #13
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- Feb 2016
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- 245
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06-07-2016, 07:10 AM #14
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- Jan 2014
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- 1,380
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06-06-2016, 11:16 PM #15
- Join Date
- May 2015
- Location
- Long Island
- Posts
- 247
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.
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06-07-2016, 09:11 AM #16
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- Mar 2016
- Posts
- 186
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...
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06-07-2016, 09:28 AM #17
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- Sep 2014
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- 430
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06-07-2016, 10:40 AM #18
- Join Date
- Jul 2014
- Posts
- 1,746
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.
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06-07-2016, 11:30 AM #19
- Join Date
- Mar 2016
- Posts
- 186
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.
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06-07-2016, 12:04 PM #20
- Join Date
- Jul 2014
- Posts
- 1,746
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.
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06-07-2016, 12:49 PM #21
- Join Date
- Apr 2015
- Location
- Morristown, NJ
- Posts
- 100
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.---------------------------------------------------------
Rich McKellar
www.linkedin.com/in/richardmckellar
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06-06-2016, 11:20 PM #22
- Join Date
- May 2015
- Location
- Long Island
- Posts
- 247
Also - if in fact that ISO got your lead via some sort of a "back door" method, they are the victim?
You can't make this sh*t up
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06-07-2016, 09:23 AM #23
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Guys, I have no idea whats going on here but I do think that a clarification on said funders rule(s) may be the easiest way to determine if something under handed happened. in my experience most funders are not interested in biting the hand that sends regardless of the sentiment of the ISO.
Learning the rules of any given funder can avoid future points of conflict.
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06-07-2016, 10:27 AM #24
That's the issue you run into when co, co, co-brokering. Too many hands in the cookie jar funding company probably not to blame. When someone doesn't sign up with a funder I assume things like maybe they are hiding something, they have a bad history, lack of industry experience, etc... I suggest you sign up with someone you like their rates and build a relationship it will help your closing ratio in the future and keep you from having to deal with this MCA drama. In my opinion...
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06-07-2016, 11:22 AM #25
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