These terms and conditions constitute a contract between Brokers who register to use the Omicron platform (“Broker”) and Omicron Mortgages P/L (“Omicron”). Brokers who breach the code are liable to suspension, expulsion and damages.
- The Broker must at all times act in an ethical and professional fashion.
- The Broker must not pitch deals to an lender on the platform (“Lender”) without having first obtained the borrower’s written mandate.
- The Broker must not pitch deals to an Lender outside that Lender’s Omicron-published lending criteria (including geographic limitations).
- The Broker must make full disclosure to the Lender of any facts known to the Broker, or reasonably suspected by the Broker, which might reasonably be expected to influence the Lender’s decision to invest.
- The Broker must not be complicit in the use a solicitor who is not an Omicron-accredited solicitor acting for the investor on an advance or discharge introduced through the Omicron platform. If a Lender attempts to do so the Broker has a positive obligation to report this to Omicron.
- The Broker must not look to Omicron for any losses they incur as a result of using the platform. While Omicron provides tools to assess the integrity and competence of Lenders the responsibility for dealing with such Lenders is the Broker’s. Omicron disclaims all liability for the actions of Lenders and for the appropriateness of having them registered to the platform. The software is designed to weed out bad eggs, not to prevent them from becoming registered in the first place. Therefore it is to be expected deficient Lenders will make it onto the platform. Moreover the software may be flawed in design, concept or code, and it is anticipated that it will take many years to hone and perfect it. The Broker acknowledges all this and and agrees to hold Omicron safe from losses incurred as a result of brokering loans through the platform.
- The Broker must not broker mortgage loans to Lenders introduced to the Broker through the platform except through the platform for a period of 5 years from the date the broker ceases to be a registered Broker on the platform. It is agreed that for breach of this clause the Broker must make an account of profits to Omicron.
