[J.Celifarco]

A big problem I see with backdooring is largely due to the ISO's. Yesterday I emailed an ISO, told him what I can do to help him on a particular deal. Before we spoke on the phone, before he sent me a reply email, before he knew what my underwriting requirements are, he sent me the deal.

Is it possible that this guy had seen my company on statements before? Sure. Could he have called some friends, asked if I was legit? Absolutely. But to send in a deal before speaking, without knowing my minimum requirements, without even seeing my ISO agreement just seems to be VERY reckless.

Brokers also need to do their homework on funders before sending out deals, and make sure not to send out deals to too many people. Yesterday an ISO copied me on a submission, along with 6 other funders who compete in my general area. Any one of us could backdoor the file, and say it was one of the others. So before ISO's complain about backdooring, do your homework, make sure you work with trusted partners, and not too many either.

I completely agree with this. I think more then half the stealing of deals that goes on could be avoided if a little common sense was used by iso's before submitting deals to banks.. People are so worried about getting the approval that they don't consider what can go wrong, then when something goes wrong they run around screaming "THEY STOLE MY DEAL".
BLAME FOR THIS I THINK FALLS ON BOTH SIDES