1. Lender offers funds

Each lender submits and keeps current their loan criteria for the lending categories they are offering. Lenders must verify their loan criteria monthly or their offering will be suspended. This is because for the brokers to gain utility from the platform it is critical that the data on lenders be up-to-date.

The platform sends an email to active lenders each month which shows their current loan criteria and invites them to verify or edit by clicking a button on the email. If they fail to do so they will become invisible to brokers.

When a broker finds a promising lending opportunity, they first perform preliminary due diligence, then issue an indicative letter of offer to the borrower setting out the parameters of the loan (i.e. principal, interest rate, term etc.). Once this is signed by the borrower it acts as a mandate for the broker to procure a lender willing to lend on those terms. It also contains the borrower’s agreement to pay brokerage should the loan proceed.

2. Broker finds deal

Next the borrower signs the letter of offer and pays a valuation fee to the broker. If the valuation is acceptable the broker uses Omicron to search against the loan’s parameters.

The search yields a list of lenders for the broker to choose from. The lenders with the lowest cost of funds appear at the top of the search results. The broker can see each lender’s track record, including statistics and a chart of individual loans showing settlement date, expiry, principal, loan size, suburb, security, rating, outcome etc.

The broker next chooses a lender and calls them to run the scenario past them. If the lender is interested then the broker sends the valuation and signed letter of offer to the lender.

3. Lender due diligence

Thereafter the lender and the broker communicate by email and telephone. The lender seeks more information and the broker provides it. If the parameters of the loan are changed the broker must issue an amended indicative letter of offer and get it signed by the borrower.

The lender performs due diligence. Usually this consists of Google research on the borrower and the security followed by an inspection of the security and comparable properties. Legal due diligence is carried out at a later stage by the lender’s Omicron-accredited solicitor.

Once the lender is ready to proceed they instruct their Omicron-accredited solicitor by email. All information needed by the solicitors is contained in the most recent version of the indicative letter of offer which is forwarded to the solicitors.

4. Solicitor due diligence

The Omicron-accredited-solicitor performs company and title searches before issuing security documents. They then perform extensive legal due diligence and finally prepare a certification as to title. This document certifies that the lender will receive good title to the mortgage if they proceed. The certification as to title also serves as the retainer agreement between the lender and their Omicron-accredited solicitor.

When the loan is ready to proceed the lender transfers the loan principal to their Omicron-accredited solicitor’s trust account. Only at this point is the lender obligated to proceed. Upon receipt of the funds the Omicron-accredited-solicitor settles the loan using the electronic conveyancing system known as PEXA.

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Omicron uses a star-based rating system and displays metrics for every loan written by every lender and broker through the platform. This ensures that our brokers and lenders can be sure their counterparty has the track record of professionalism necessary for success.

Our Lenders

Our lenders advertise their funds availability through the platform, this results in deals coming to them instead of needing to call around brokers. Additionally, our code of conduct and metrics on broker performance allow lenders to confidently deal with a wider range of brokers, and therefore a bigger potential pool of deals.

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Our Brokers

Our brokers use Omicron to find the best lender available for their particulare deal. The metrics on each lender which we display allow our brokers to have confidence in dealing with a wider range of boutique lenders.

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Our Solicitors

Omicron-accredited solicitors ensure that flawless title is obtained for all loans originated through the platform.

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Ratings & Reviews

Omicron utilises a star-based rating system and display metrics from every loan written through the platform. This ensures that brokers and lenders can be sure the counterparty they are dealing with has the track record of professionalism necessary for success.