It is a condition of using the Omicron platform that all loans which are introduced through the platform must be documented and discharged, on behalf of the lender, by an Omicron-accredited solicitor. There are three reasons for this.
Acting competently for an lender on a private mortgage transactions requires a great deal of experience. In order gain that experience it is necessary to specialize in these transactions. Accordingly before a solicitor can obtain accreditation as an Omicron solicitor they must have acted on at least 100 private mortgage transactions without mishap and must act on at least 20 mortgage transactions per year through the platform in order to maintain their accreditation.
A major part of the utility lenders and brokers derive from the Omicron platform is being able to see, at a glance, the track record of a counterparty they are proposing to deal with. Accordingly the Omicron platform heavily relies on the accuracy of the data input for the mortgages written through it. If loans are missing, or the details are incorrect, it will reduce the accuracy of the picture being painted. Solicitors have to input all required data in order to prepare the security and discharge documents anyways, accordingly it is most convenient and accurate to use the same data. Only Omicron-accredited solcitors are trained to use this part of the Omicron platform.
A major part of the revenue earned by Omicron for operating the platform comes to it indirectly because the owners of Omicron, or related parties, have full or part ownership of the Omicron-accredited solicitors.
The Omicron Platform has a profile for each solicitor which is visible to all lenders and brokers. The profile includes:
A history of all loans documented for lenders through the platform by the solicitor, including settlement date, principal, security suburb, interest rate, solicitor star rating and solicitor reviews;
Statistics on the solicitor’s mortgage settlements and discharges, including star ratings, volume and book size;
The name, telephone and email of the solicitor.
This information is designed to assist lenders in deciding whether or not they should deal with the solicitor.
The role of the solicitor is to:
act for the investor and no other party to the transaction;
perform detailed due diligence on the borrower, guarantors, loan scenario and security;
prepare security documents and a loan syndication deed if applicable;
prepare a certification as to title (recoding all due diligence carried out and certifying the investor will receive good title);
act on the settlement of the advance through the PEXA electronic conveyancing system;
tally the votes by syndicate members throughout the life of the loan (if there is a syndicate);
act on the enforcement and power of sale should the loan go into default;
act on the discharge of the mortgage when the loan is repaid.
Solicitor Terms and Conditions
Solicitors who use the platform are subject to Terms and Conditions.
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.
The Omicron platform has a profile for each broker which is visible to all matched investors.
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.
Omicron is a network of private mortgage lenders and the brokers which takes the guesswork out of placing a loan privately.