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02-28-2017, 02:31 PM #1
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- Aug 2016
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- 831
legal recourse against lender
If a rep sent me an email that I will get paid 10 points on a deal and it turns out that due the funding amount it was capped at 5% and that is in the iso agreement(That i signed 5 years ago). Is there any recourse?I only sold it with that lender based on the rep email that i will get paid 10%.Lender "upper management" basically told me all i will accomplish will be to get the rep fired.
Has anyone had this happened to them?is there anything legally i can do? Thanks for your help
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02-28-2017, 02:33 PM #2
Sounds like you are SOL.
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02-28-2017, 04:00 PM #3
- Join Date
- Apr 2015
- Location
- Louisiana
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- 299
legal recourse against lender
The contract rules. Doesn't matter what the rep said. Unfortunately sounds like you don't do much business with this company to know how they operate
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02-28-2017, 04:05 PM #4
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- Aug 2016
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02-28-2017, 04:37 PM #5
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- Oct 2016
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- 4,318
Last edited by WestCoastFunding; 02-28-2017 at 04:42 PM.
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02-28-2017, 04:23 PM #6
- Join Date
- Jun 2015
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- 3,326
Happened to me a couple of times years ago. Best move is to push for some bonus points and move on.
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02-28-2017, 06:35 PM #7Karen37aGuest
I would have to have more information to give an answer. What was the rate etc. Algorithms. ( Then I could guess if that was a mistake, or again make a guess if someone took the points away after the fact)
Written contracts do rule. But what I could guess happened was a tier 1 , tier 2 pricing, glitch. And if that was the case it might have been the rep making a mistake on the commission pricing in the email.
It happened to me once. When I checked I am the one that ok'd the pricing for the downward commission , didnt catch it. That was thatLast edited by Karen37a; 02-28-2017 at 06:38 PM.
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03-01-2017, 10:17 AM #8
- Join Date
- Aug 2016
- Posts
- 831
It was 100% a mistake of a new processor that sent the offer as a 12 month 1.35 with ten points built in.
Thank you Michael I pushed for a bonus like you said. They gave me a 2 point bonus on the entire February which equaled another 3.5% on this deal so i found that very fair.
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08-31-2017, 06:09 AM #9
- Join Date
- Apr 2014
- Posts
- 781
The issue I'm finding is that the dept that pays the deals is not often available to iso direct. I recently was to be paid on a deal and the rep had to sign off for me to be paid...why??
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