[McoupeBobby]

Robert from Fincom Capital just called a merchant I have a contract out with, offering him better terms...
If anyone can shed light, it would be greatly appreciated.
We need to put the snakes on blast and get them out of the industry...

[omegafund]

this is sad to hear. This is why I am extremely leery of signing up with any new funders. I only those who we have trusted in the past.

[TStein]

Who was the file submitted to?

[McoupeBobby]

Who was the file submitted to?

I sent it to 3 lenders. It would be wrong to put the 2 innocent parties on blast so I wont disclose until I have more evidence.

Anyone know anything about Fincom capital?

[J.Celifarco]

Just to play devil's advocate how do you know the merchant isn't shopping around on their own.. I understand backdooring deals happens but it is not always the case sometime merchants talk to multiple companies.. I see it every day most deals now you will be competing on so to hear another ISO told them they can get them a better deal doesn't necessarily mean you are being backdoored. It is possible it is the case and you are but I just usually think normal competition and the merchant is shopping, before i think a bank I submit deals to regularly would screw me over

[McoupeBobby]

Just to play devil's advocate how do you know the merchant isn't shopping around on their own.. I understand backdooring deals happens but it is not always the case sometime merchants talk to multiple companies.. I see it every day most deals now you will be competing on so to hear another ISO told them they can get them a better deal doesn't necessarily mean you are being backdoored. It is possible it is the case and you are but I just usually think normal competition and the merchant is shopping, before i think a bank I submit deals to regularly would screw me over

I can rule that possibility out because on my A/B papers I usually change the number on the app to one of my lines. (as many brokers do now a days) Robert happen to call that number asking for the owner by name. Only way he would have that number is if he had my application I submitted.

[J.Celifarco]

OK possible that the merchant sent 1 application to multiple companies but I would have to say that makes it much much more likely that something screwy is going on..

Do that many people realy change #'s on applications? Are people really that worried that this happens? Why do you work with banks you dont trust completely?? I dont get it

MCOUPE- I hope you get to the bottom of it and get it worked out, the best advice I can give you though is work with banks you trust this job gives us enough to worry about that you should not have to deal with this nonsense. There are plenty of good trustworthy banks especially if you are talking about your A paper deals that you should not have to deal with this

[mikem]

We need to put the snakes on blast and get them out of the industry...

Couldn't agree with you more, unfortunately DF isn't the place. Most here don't really give a **** and just side with the righteous funders. They"ll tell you to move to the next file. Also many brokers on this forum I know have been burned by douche funders but they say nothing-dont know why.

Regarding Fincom- my guess would be an inside sales op of one of the douche funders you sent to. I would suggest starting a separate website where all brokers could throw any dirt they have on the funders-Sean doesnt like the trash talking (on his site) and we should respect that.

Lastly, never think a funder is innocent.

[J.Celifarco]

Couldn't agree with you more, unfortunately DF isn't the place. Most here don't really give a **** and just side with the righteous funders. They"ll tell you to move to the next file. Also many brokers on this forum I know have been burned by douche funders but they say nothing-dont know why.

Regarding Fincom- my guess would be an inside sales op of one of the douche funders you sent to. I would suggest starting a separate website where all brokers could throw any dirt they have on the funders-Sean doesnt like the trash talking (on his site) and we should respect that.

Lastly, never think a funder is innocent.

how many times have you been burned that you think like this.. I am in this industry since 07 and he amount of times I am been screwed over by a bank purposefully out to hurt me is too few to count. Leads sources. I have been screwed by other ISO's, ex-coworkers have all screwed me, banks I work with are the one part of the industry that I find are not out to screw me

McoupeBobby I would say the opposite, find a couple of good banks build a good working relationship and focus on funding your deals with them. If and when an issue comes up you will have someone you can talk to and work out the situation. To think all funders are wrong and out to screw you all the time is short sighted and will get you no where. Watch your back make sure people dont taken advantage of, but find the right partners and trust that they respect you and your business enough not to screw you over.. Maybe this is naive thinking but Ive been around a while and it has not done me wrong working the way I do so far

[McoupeBobby]

Regarding Fincom- my guess would be an inside sales op of one of the douche funders you sent to.

that's my guess too. Every time I caught a rat that was tha exact situation.

[cardinalequity]

how many times have you been burned that you think like this.. I am in this industry since 07 and he amount of times I am been screwed over is too few to count.

McoupeBobby I would say the opposite, find a couple of good banks build a good working relationship and focus on funding your deals with them. If and when an issue comes up you will have someone you can talk to and work out the situation. To think all funders are wrong and out to screw you all the time is short sighted and will get you no where. Watch your back make sure people dont taken advantage of, but find the right partners and trust that they respect you and your business enough not to screw you over.. Maybe this is naive thinking but Ive been around a while and it has not done me wrong working the way I do so far

I agree with John, we keep our circles small and close. I have no interest in experimenting with new funders. To much risk to me and my Iso's, so they can promise me 20 points but I'd rather make 2 and know my iso deals are safe.

[McoupeBobby]

find a couple of good banks build a good working relationship and focus on funding your deals with them. If and when an issue comes up you will have someone you can talk to and work out the situation. To think all funders are wrong and out to screw you all the time is short sighted and will get you no where. Watch your back make sure people dont taken advantage of, but find the right partners and trust that they respect you and your business enough not to screw you over.. Maybe this is naive thinking but Ive been around a while and it has not done me wrong working the way I do so far

agreed, This is what I get for expanding my lender matrix haha.

I know there are good lenders out there. I work closely with a few that I'm very happy with. Unfortunately its difficult to control if an honest lender has 1 bad apple working for them.

[J.Celifarco]

I agree with John, we keep our circles small and close. I have no interest in experimenting with new funders. To much risk to me and my Iso's, so they can promise me 20 points but I'd rather make 2 and know my iso deals are safe.

exactly, to have to worry about that every day on every deal sounds exhausting. That is the best way to explain it keep the circle small..

[McoupeBobby]

exactly, to have to worry about that every day on every deal sounds exhausting. That is the best way to explain it keep the circle small..

Thats the plan moving forward.
Thanks for the advice fellas.

[McoupeBobby]

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[Zach]

I doubt any funders, as policy, backdoor deals. I imagine that in 100% of situations it is a rogue rep. Still inexcusable, but easier to understand how it happens.

[McoupeBobby]

I doubt any funders, as policy, backdoor deals. I imagine that in 100% of situations it is a rogue rep. Still inexcusable, but easier to understand how it happens.

Most definitely a Rogue Rep... If I catch the little bugger what recourse do I have? After all, they're sending sensitive client info (ssn's, bank statements ect..)

[Davincinc]

Too many people claim lender status and are brokers and make this busy hell and no real way of collecting said commissions from people like this.

Call the client and just get them a better deal.

Always make sure their a lender or using their own money and not syndicating....

Good luck

[aredmond]

OK possible that the merchant sent 1 application to multiple companies but I would have to say that makes it much much more likely that something screwy is going on..

Do that many people realy change #'s on applications? Are people really that worried that this happens? Why do you work with banks you dont trust completely?? I dont get it

MCOUPE- I hope you get to the bottom of it and get it worked out, the best advice I can give you though is work with banks you trust this job gives us enough to worry about that you should not have to deal with this nonsense. There are plenty of good trustworthy banks especially if you are talking about your A paper deals that you should not have to deal with this

Agreed. If you have to change the number on the application to your personal number....... you are not working with the right banks.

[mikem]

I doubt any funders, as policy, backdoor deals. I imagine that in 100% of situations it is a rogue rep. Still inexcusable, but easier to understand how it happens.

Zach, I've had "reps" that are high up in their company, personally calling me (thinking I'm the merchant) trying to backdoor me. Pretty sure there was nothing rouge. Do you want the lenders name?

It shouldn't be easier to understand-this is not common business practice in any industry, even with the rouge agent claim, but I guess it comes with the perks of being unregulated.

Also, if we are on topic, is it legit/lawful for a funder/lender that honestly declined a deal, reach out to the merchant a month later to see if there has been any change in his banks? And then of course not pay the broker if the deal closes? Does the funder own the lead once the broker submits it?

[McoupeBobby]

Also, if we are on topic, is it legit/lawful for a funder/lender that honestly declined a deal, reach out to the merchant a month later to see if there has been any change in his banks? And then of course not pay the broker if the deal closes? Does the funder own the lead once the broker submits it?

details of exclusivity for submissions are usually expressed on ISO agreements in detail.

[mikem]

Agreed. If you have to change the number on the application to your personal number....... you are not working with the right banks.

Why dont you and John list all the "right banks" and we"ll put it to the test...resume the thread in 2 weeks time tell you what we came up with.

[mikem]

details of exclusivity for submissions are usually expressed on ISO agreements in detail.

Is there a common practice?

[McoupeBobby]

Is there a common practice?

Not really. Its different from Lender to Lender. For example. One lender I know of has written in there ISO agreements that they can call and fund the merchant 30 days after its submitted if the broker didn't fund them with them. And the broker is cut out.

[Michael I]

Not really. Its different from Lender to Lender. For example. One lender I know of has written in there ISO agreements that they can call and fund the merchant 30 days after its submitted if the broker didn't fund them with them. And the broker is cut out.

Buddy hate to burst your bubble but it is extremely common . Read thru your ISO agreement more carefully