Beware the Joker Brokers (They’re Everywhere Right Now)

[Chris Seveney]

Lately there’s been a surge of joker brokers in the note space—and whether you’re selling or buying, it’s time to tighten up.

These are the people:
– Blasting out assets they don’t control
– Ignoring NDAs like they don’t exist
– Spamming deal lists online with zero discretion
– Adding themselves to chains without adding value

Sellers: Protect your data. If someone sends your loan tape around without permission, cut them off. Fast.

Buyers: If they can’t explain the deal clearly or confirm their connection to the seller—they’re not real.

Spotting a joker broker is easy:


– Posting online noting "huge inventory of loans"
– No direct relationship with the seller or buyer
– Using free Gmail/Yahoo accounts and vague titles like “consultant” or "Note Broker" (real brokers do not call themselves brokers"
– Can't answer simple due diligence questions
– Avoiding calls or being vague about timelines
– Refusing to respect NDAs

This industry runs on trust. And these people are breaking it.

Do your diligence—not just on deals, but on who you’re doing business with.