[mikem]

I don't want to ruin anybody's life and I'm pretty sure this will...

[Melisabeth17]

Doesn't sound like they're so reliable now.

[HDF]

It's all in the details. Share some.

[Opportune]

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.

[mikem]

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.

[FUNd]

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.

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.

[mikem]

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.

Okay I'll shut up (sorry guys) Thanks FUNd!!!

[FCG]

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.

[mikem]

If you feel that a lender is back dooring your deals the only thing to do is not use them anymore ! theres's 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.

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.

[FCG]

nick young.jpg

[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.

[KTK]

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

[Sachip24]

nick young.jpg

lol exactly

[ridextreme]

There is no policy involved, my client told me that they called him trying to backdoor...

so your client got a call from another ISO? Why exactly do you think it was backdoor'd? Did the ISO say they got the lead from the funder you sent it to? What exactly was told to your customer?

[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...

[AndyYSCISOdept]

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.

[mikem]

so your client got a call from another ISO? Why exactly do you think it was backdoor'd? Did the ISO say they got the lead from the funder you sent it to? What exactly was told to your customer?

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. ---

[CreditGuy]

co-co-brokering

Waaaaaaay too complicated.

[NoBigDeal]

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. ---

Did the merchant accept the offer...get funded...and you not get paid?
How long after you sent in the file was the merchant called?

[mikem]

Did the merchant accept the offer...get funded...and you not get paid?
How long after you sent in the file was the merchant called?

Merchant did not get funded yet. As of now Funder is willing to place me instead of ISO B because merchant told funder he will only work with me,(somehow they ended up reaching ISO B and got them to "back off the deal"), an offer which I plan on declining-I'm not signed up with this funder and don't want to be for obvious reasons.

about a week from when the file went out until the merchant got a call.

[NoBigDeal]

Merchant did not get funded yet. As of now Funder is willing to place me instead of ISO B because merchant told funder he will only work with me,(somehow they ended up reaching ISO B and got them to "back off the deal"), an offer which I plan on declining-I'm not signed up with this funder and don't want to be for obvious reasons.

about a week from when the file went out until the merchant got a call.

I don't want this to be taken the wrong way, as I believe an ISO should always be involved when contact is made to their merchant, but it's not like the funder took the deal from you, funded, and didn't pay you, thereby cutting you out from the work you put in and stealing your deal. Otherwise, I'd definitely get an ISO agreement and see what it says regarding exclusivity on deals and what happens to your file after the exclusivity period (if there is any)

[TheShitzuofMCA]

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...

[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.

[ridextreme]

I don't want to ruin anybody's life and I'm pretty sure this will...

I don't know how this can ruin anyone's life. You sent a deal to an ISO these things should be expected.

[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.