[Quickfunder]

Had a deal close recently and got the impression the account manager was expecting a minor kickback, maybe a point, for their help on closing the deal that took some time and hard work. Just wanted to see if this is something that is expected or done...

[J.Celifarco]

Had a deal close recently and got the impression the account manager was expecting a minor kickback, maybe a point, for their help on closing the deal that took some time and hard work. Just wanted to see if this is something that is expected or done...

no no and no, and if one is they should be fired

[Funder Mark]

If it was stated upfront that there is less commission if the ISO needs help in closing, I don't see that as the biggest problem. If we are talking about an actual kickback after the fact from the ISO to the account manager, then that is possibly illegal in one way or another, and should be enough to get that account rep fired. However, sending a nice bottle is always appreciated...

[J.Celifarco]

nothing wrong with a nice bottle to say thank you once in a while to someone or team that helps you out or goes above and beyond in a particular case, but that the most.. Actual money kickback no no no

[fisheMS]

nooo

[Opportune]

nothing wrong with a nice bottle to say thank you, actual money kickback no good

In the mortgage industry, anything of value would be considered illegal. Doesn't matter if a bottle, cash, tickets, etc. I don't think those rules apply to us though.

Account manager was probably mad he/she is getting a 24k/yr salary and saw you make 20k in commission on one deal lol. If he helped close the deal throw the guy a bone!

[J.Celifarco]

In the mortgage industry, anything of value would be considered illegal. Doesn't matter if a bottle, cash, tickets, etc. I don't think those rules apply to us though.

Account manager was probably mad he/she is getting a 24k/yr salary and saw you make 20k in commission on one deal lol. If he helped close the deal throw the guy a bone!

Are you serious?? Do that and the guy loses his job and the ISO probably gets cut off if any manager at the bank finds out.. This statement right here is what is wrong with this industry.. You cant pay people off under any circumstances ever. Why this conversation even has to happen is crazy this should be common sense

[WhoisKingsley]

nothing wrong with a nice bottle to say thank you once in a while to someone or team that helps you out or goes above and beyond in a particular case, but that the most.. Actual money kickback no no no

100% CORRECT!

Since their is an array of "Titles" at Funding Companies- anyone who works with an outside sales office is considered "Relations" and duties include outside biz dev and the QA of the deal (aka reviewing the file and making sure all required information and documents are included) and relating the highlight information of the deal to the Underwriter.

Depending on the Funding Company, their roles can exceed to anything and everything to assist the Broker in closing the file. Now, with that being said- it is NOT the Brokers responsibility to compensate the relations manager in any way. If the Funding Company is allowing the relations manager ("RM') to assist outside of the "standard" duties (including reaching out to a Merchant and assisting with closing), the Funder should compensate the RM for doing so. If you want to dig deeper, if the company is allowing this, it should be outlined, understood, and signed off by the outside sales office so there is no issues brought up like this.

BTW- I know many companies that are only paying a "salary" and no overrides/kickbacks on the multiple fundings they complete. In a sense, this is unfair knowing some RM do everything and work until super late and do not get compensated or appreciated for doing so. I would agree with John- send a GC or a bottle if it was a large deal. If it was smaller one, lunch/dinner... Amazon GC are awesome... You have the RM's email- you can easily send a thank you if they went above and beyond.

[ridextreme]

Had a deal close recently and got the impression the account manager was expecting a minor kickback, maybe a point

A point is nothing close to "minor". Give the money to the homeless instead.

[J.Celifarco]

100% CORRECT!

Since their is an array of "Titles" at Funding Companies- anyone who works with an outside sales office is considered "Relations" and duties include outside biz dev and the QA of the deal (aka reviewing the file and making sure all required information and documents are included) and relating the highlight information of the deal to the Underwriter.

Depending on the Funding Company, their roles can exceed to anything and everything to assist the Broker in closing the file. Now, with that being said- it is NOT the Brokers responsibility to compensate the relations manager in any way. If the Funding Company is allowing the relations manager ("RM') to assist outside of the "standard" duties (including reaching out to a Merchant and assisting with closing), the Funder should compensate the RM for doing so. If you want to dig deeper, if the company is allowing this, it should be outlined, understood, and signed off by the outside sales office so there is no issues brought up like this.

BTW- I know many companies that are only paying a "salary" and no overrides/kickbacks on the multiple fundings they complete. In a sense, this is unfair knowing some RM do everything and work until super late and do not get compensated or appreciated for doing so. I would agree with John- send a GC or a bottle if it was a large deal. If it was smaller one, lunch/dinner... Amazon GC are awesome... You have the RM's email- you can easily send a thank you if they went above and beyond.

I would stop short of the amazon gift card looks too much like a bribe but completely agree with the rest. Anything that can look like or be misinterpreted as a bribe rather then a thank you is a line you dont want to cross

[Opportune]

Are you serious?? Do that and the guy loses his job and the ISO probably gets cut off if any manager at the bank finds out.. This statement right here is what is wrong with this industry.. You cant pay people off under any circumstances ever. Why this conversation even has to happen is crazy this should be common sense

Let me get this straight. So you're saying it's ok to buy someone a bottle of ANY value? It's ok to charge a merchant "up to 10% of funded amount" on top of what the funder is charging them as a PSF? It's ok to show up to a funders office with a full lunch spread to lube up their underwriters a little before you F them with some **** deals? But it's not ok to throw them a few bucks for a job well done? ARE YOU KIDDING ME??? All of that happens all day every day. Where exactly are you drawing the line?

[WhoisKingsley]

I would stop short of the amazon gift card looks too much like a bribe but completely agree with the rest. Anything that can look like or be misinterpreted as a bribe rather then a thank you is a line you dont want to cross

True. It's like me working with John and telling him every deal he helps me with I will give him a kickback- what do you think will happen? I am sure there are deals made like this out there... but that's none of my business.

In regards to Amazon, I had a relations manager who didn't just act like a character and sell me the company and say "send me deals" after every sentence. He reviewed possibilities with me and made sure I understood every possible scenario in order to get the right docs and expectation. When the file was complete and submitted- it went through underwriting beautifully... like it was passed off by a million butterflies that touched it and made sure every request (appvl./payback/rate) was on point to close. Ya'll know what it feels like to have a perfect file!!!

Point of the story- we talked and he mentioned upgrades he was doing to his car. Me, being the person who wants to "save the manatees", sent an amazon card to help. It wasn't about the money, it was more knowing the RM's drive and passion and why he went far beyond to assist. He had a goal and those who go above and beyond (whole heartedly) should be appreciated. He didn't ask, I still don't know if it was "accepted" to do so. *shrugs shoulders*

[J.Celifarco]

Let me get this straight. So you're saying it's ok to buy someone a bottle of ANY value? It's ok to charge a merchant "up to 10% of funded amount" on top of what the funder is charging them as a PSF? It's ok to show up to a funders office with a full lunch spread to lube up their underwriters a little before you F them with some **** deals? But it's not ok to throw them a few bucks for a job well done? ARE YOU KIDDING ME??? All of that happens all day every day. Where exactly are you drawing the line?

Not sure what ISO's you work with but I am not ok with about half the things you just said top of the list being a 10% psf or sending bad deals.. Ask anyone on here who knows me and I dont do either of those things.. Ill kill a deal myself before trying to fund a deal I know is bad.. Doesnt get you anywhere pushing bad paper. As an ISO you will fund more in the long run doing right by the bank instead of trying to screw them. Also yes there is a difference between sending a bottle saying thank you and giving cash

[Michael I]

there is a big difference between cash and a gift . when you give cash who says it belongs to the iso manager or will go to him , maybe house is entitled to their cut and will take it . now send him a bottle of wine , i doubt house will make make him open it and pour them a cup

[Opportune]

True. It's like me working with John and telling him every deal he helps me with I will give him a kickback- what do you think will happen? I am sure there are deals made like this out there... but that's none of my business.

In regards to Amazon, I had a relations manager who didn't just act like a character and sell me the company and say "send me deals" after every sentence. He reviewed possibilities with me and made sure I understood every possible scenario in order to get the right docs and expectation. When the file was complete and submitted- it went through underwriting beautifully... like it was passed off by a million butterflies that touched it and made sure every request (appvl./payback/rate) was on point to close. Ya'll know what it feels like to have a perfect file!!!

Point of the story- we talked and he mentioned upgrades he was doing to his car. Me, being the person who wants to "save the manatees", sent an amazon card to help. It wasn't about the money, it was more knowing the RM's drive and passion and why he went far beyond to assist. He had a goal and those who go above and beyond (whole heartedly) should be appreciated. He didn't ask, I still don't know if it was "accepted" to do so. *shrugs shoulders*

Agree 100%. If my uber driver asks for a tip I probably wouldn't do it because they aren't supposed to. If he offers me a water, gum, takes me to get fast food on the way home from the bar, etc. I'll probably leave a 5er in his cup holder.

[Michael I]

Agree 100%. If my uber driver asks for a tip I probably wouldn't do it because they aren't supposed to. If he offers me a water, gum, takes me to get fast food on the way home from the bar, etc. I'll probably leave a 5er in his cup holder.

wait off topic a little . but i always tip the uber driver , why should it be any difference then regular car service or the delivery man

[J.Celifarco]

wait off topic a little . but i always tip the uber driver , why should it be any difference then regular car service or the delivery man

because when you signed up part of it is saying how much tip you want to leave on the rides.. When you get charged the amount includes tip

[Opportune]

wait off topic a little . but i always tip the uber driver , why should it be any difference then regular car service or the delivery man

Point being, if someone goes above and beyond without expecting anything in return, throwing them a little something shouldn't be frowned upon. Just because they did a good job doesn't mean they are doing anything shady where it should be considered a "payoff".

[J.Celifarco]

Point being, if someone goes above and beyond without expecting anything in return, throwing them a little something shouldn't be frowned upon. Just because they did a good job doesn't mean they are doing anything shady where it should be considered a "payoff".

it is a payoff though and if a manager or any C level exec saw a account rep take cash from an ISO I would say 90% of the time or better that rep would be out of a job and the ISO cut off

[Hedley Lamarr]

Just use the following policy: Never ever do anything that can be questioned by a regulator later.

[Michael I]

so a lender and iso go out to eat in the restaurant . who pays ? i say 100% lender does

[J.Celifarco]

so a lender and iso go out to eat in the restaurant . who pays ? i say 100% lender does

100% agree lender

[Funder Mark]

so a lender and iso go out to eat in the restaurant . who pays ? i say 100% lender does

Absolutely funder does. I remember a Yellowstone friend saying different outside funders used to bring in breakfast and lunch.

[HDF]

Absolutely funder does. I remember a Yellowstone friend saying different outside funders used to bring in breakfast and lunch.

Well you've seen their Holiday parties.....

[channin19]

Never thought of it as a kickback. It's gone both ways. Definitely have bought dinner for a new relationship manager in the business after a great quarter.