[Karen37a]

Of-Funder ..I agree
John,

Commissions not being paid have nothing to do with the "so called" uneducated new brokers entering the industry and asking questions .

I remember when I wandered onto wall st, took the train with my resume saying I was a top sales manager from another industry, and my computer science degree..scared to death walking into a building and thinking " I am not going home until I get hired". Sat in the lobby some snotty secretary told me to come back another day ..i said I would wait until the sales manager goes home and chase him thru the streets telling him how good I was and to give me a shot even though I didn't know ANYTHING about Wall st or Finance.He made me wait, 2 hours later he called me in and said " you nutjob, I think you might make it as a stockbroker since you wont take no for an answer".

New Brokers are not the demise of the industry. Everyone starts from somewhere.What I think you are trying to say is the non payment of commissions by lenders has to be addressed and the supervision of brokers and compliance by lenders or individual Isos who still submit to Lenders and adhere to their underwriting requirements.

Westcoast
And yes DF has alot of good info on it, networking opportunities etc. Not everyone is going to get along or have the same opinions and will stick to their guns or sink low in an argument when proven wrong.

**PS. I believe 90% of the time the merchants are not loyal to the broker and the newbie broker or non street smart one doesn't realize the merchant just went with someone else.

[jotucker1983]

John,

Commissions not being paid have nothing to do with the "so called" uneducated new brokers entering the industry.

Well, a broker being "uneducated" is a problem all into itself, I was referring more to the fact that we don't do any background checks on who is recruited in. A guy could have been a complete crook in a prior life and nobody would know, because most funders/lenders hire anybody with a pulse without doing any background checks.

And a lot of these new guys (who are really brokers, submitting through some established funder/lender that didn't do a background check) are marketing to other guys to send them deals. Said guys will send the broker a deal, the broker funds it, and never pays a dime in commission to the man that sent the deal to him.

If the industry continues with a Wild Wild West approach, you will continue to get Wild Wild West results from time-to-time.

New Brokers are not the demise of the industry.

I never said they were.

What I think you are trying to say is the non payment of commissions by lenders has to be addressed and the supervision of brokers and compliance by lenders or individual Isos who still submit to Lenders and adhere to their underwriting requirements.

Yes, this is one of the things I'm certainly saying . But the only way to do that Karen is to promote industry regulation, with some sort of centralized authority or regulatory board. But you don't like regulation lol.