I completely agree, the lenders love to give their ideal conversion ratio and quite frankly it is a absolute misrepresentation of the reality of our industry. Rapid in particular mentioned the percentage of approvals on submissions for their preferred ISO's and the closing ratio from those submissions. After listening to the numbers they threw out, I had a difficult time keeping a straight face. I think they confuse their definition of an "ISO" with having a relationship with another direct lender, agreeing to process the others turn down files.