T&Cs for Lendersomicronadm2022-05-31T09:05:59+10:00
These terms and conditions constitute a contract between lenders who use the Omicron platfrom (“Lender”) and Omicron Mortgages P/L (“Omicron”).
The Lender shall keep their lending criteria up-to-date. Although criteria unverified criteria are automatically suspended after 30 days it remains important to remove funds that are no longer available as soon as they are committed to a deal. It is also important not to blindly verify criteria without making any changes that may have occurred.
The Lender shall not specify inaccurate or unrealistic criteria, as this wastes Omicron broker’s (“Broker”) 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. This is particularly important in relation to geography and LVR.
The Lender shall not string brokers along. As soon as there is no longer any interest in a deal the Broker should be told immediately.
The Lender must respond to emails from a Broker in a timely manner.
The Lender must keep all requisitions relevant to risk assessment.
The Lender must act with professionalism during the settlement process. Lenders 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, the Broker and third parties awaiting funds from the settlement.
The Lender 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.
The Lender 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 Lender must make an account of profits to Omicron.
The Lender must not loan on mortgages introduced by a Broker the Lender was introduced to through the platform except through the platform for a period of 5 years from the date the Lender ceases to be a registered Lender on the platform. It is agreed that for breach of this clause the Lender must make an account of profits to Omicron.
The Lender 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 Lender’s. While Omicron provides tools to assess the integrity and competence of Brokers no warranty is given. Omicron disclaims all liability for the actions of 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 Lender acknowledges all this and and agrees to hold Omicron safe from losses incurred as a result of loaning through the platform.
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The Omicron Platform is operated by Omicron Mortgages Pty Ltd.
Omicron Platform is owned by the Omicron Mortgages Pty Ltd as trustee for the Omicron Platform Trust.