Investor Code of Conduct

This code of conduct applies to private mortgage investors who register on the Omicron platform. This code constitutes a contract between such investors and Omicron Mortgages P/L. Investors who breach the code are liable to suspension or expulsion.

  1. This code of conduct applies to Investors who register on the Omicron platform. Investors who breach the code are liable to suspension or expulsion.
  1. The Investor shall keep their lending criteria up-to-date. Although criteria that have not been verified in 7 days are automatically suspended it remains important to remove funds that are no longer available as soon as they are committed in principal to a deal. It is also important not to blindly verify criteria without making any changes that may have occurred.
  1. The Investor shall not specify inaccurate or unrealistic criteria, as this wastes brokers time. For example it is unethical to claim to lend in a particular area when you don’t. The fact you “might do a deal, you never know if it is good enough” is unacceptable. It is expected that your loan criteria will closely resemble your lending history.
  1. The investor shall not string brokers along. As soon as there is no longer any interest in a deal the broker should be told immediately.
  1. The investor must respond to emails in a timely manner.
  1. The investor must keep all requisitions relevant to risk assessment.
  1. The investor must act with professionalism during the settlement process. Investors who become unreachable when settlement is booked will inconvenience multiple parties including; the borrower, the borrower’s solicitor, the outgoing lender, the outgoing lender’s solicitor, their own solicitor, the borrowers broker’s, your broker and third parties awaiting funds from the settlement.
  1. The investor must provide confirmation of payout figures within 48 hours of being requested to do so by the broker, their solicitor, the borrower or the borrower’s solicitor.
  1. The investor must only use Omicron-accredited solicitors to act for them on the advance or discharge of a loan introduced through the platform. It is agreed that for breach of this clause the investor must make an account of profits to Omicron.
  1. The investor must not loan on mortgages introduced by a broker the investor was introduced to through the platform except through the platform for a period of 5 years from the date the investor ceases to be a registered investor on the platform. It is agreed that for breach of this clause the investor must make an account of profits to Omicron.
  1. The investor must not look to Omicron Mortgages Pty Ltd for any losses they incur as a result of using the platform. The responsibility for due diligence on loans is the investor’s. While Omicron provides tools to assess the integrity and competence of brokers the responsibility for dealing with such brokers is the investors. Omicron disclaims all liability for the actions of such brokers 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 brokers 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 investor acknowledges all this and and agrees to hold Omicron safe from losses incurred as a result of loaning through the platform.
  1. The investor must not loan on mortgages introduced by a broker the investor was introduced to through the platform except through the platform for a period of 5 years from the date the investor ceases to be a registered investor on the platform. It is agreed that for breach of this clause the investor must make an account of profits to Omicron.