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10-05-2016, 07:04 PM #1
- Join Date
- May 2015
- Location
- NYC
- Posts
- 197
All it takes is one shady underwriter. I was actually approached by an underwriter in an job interview who pitched me on A paper declines for $55 each. Its that easy. Buy the data, call, cut points, and fund before the other company even catches wind. I still get calls from the guy trying to sell me the data.
Joe, we're smart in that we work with funders we know. When I have to send a file out from my sales floor, I know my files aren't being put in jeopardy. For example, I have a personal high risk funder comparable to YSC so I don't have to deal with that mess(Nothing negative about YSC). He introduced me to his underwriting staff and showed me their process from A TO Z. I am 100% confident that my files aren't being put at risk which is why I work with them. If you want to know who and are in NYC, PM me and he'll do the same.
I've done the number switch with a Sideline number before and the reality is your deals are getting called whether its same day or a few weeks later by someone unless a funding company knows you.Tommy Stein
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10-05-2016, 09:47 PM #2
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10-05-2016, 05:55 PM #3
- Join Date
- Dec 2015
- Location
- Texas
- Posts
- 552
vette ur lenders better
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
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10-05-2016, 06:25 PM #4
- Join Date
- Jun 2015
- Posts
- 3,326
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10-05-2016, 06:30 PM #5
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10-05-2016, 07:03 PM #6
- Join Date
- Jun 2015
- Posts
- 3,326
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10-05-2016, 07:02 PM #7
This is nothing new. There are shady employees working for every funder and ISO both big and small.
There are also shady brokers who coach landlords and put fake information on apps such as incorrect contact phone numbers.
So a broker is calling out a funder for calling a merchant direct but he admits to falsifying a signed document... This industry is shady on all sides.
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10-05-2016, 07:32 PM #8Karen37aGuest
I know companies that backdoor deals all the time. And its written in their agreement that the lead/file is theirs after so many days. Some stall the funding.And some state your renewals are their if you are inactive which might mean not submitting 200k in business per month? per qtr?
Only way to hold onto your file is for your client/merchant to be loyal to you.
And I am never going to blast them on here because most people in the industry know whats going on...no point in stating the obvious.
Alls fair in love and war?
Watch who you deal with and have a working relationship with them so they value your business future ....if not you are toast.
I use to feel bad for people but now I think. Thats what you get for thinking you can be an Iso because you read a blog or 3.Last edited by Karen37a; 10-05-2016 at 07:46 PM.
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