Lender T&Cs.

These terms and conditions constitute a contract between lenders who use the Omicron platform (“Lender”) and Omicron Mortgages P/L (“Omicron”).

1. The Lender must not look to Omicron 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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2. Sometimes emotions run hot in relation to a difficult settlement and Omicron reserves the right, in the interests of all parties concerned, to delete adverse reviews or ratings, if after investigation, and in view of the lender’s, solicitor’s or broker’s previous good track record such review or rating is, in our judgment unwarranted or unfair. Such interventions are not taken lightly and are only made after due consideration and in good faith. The Lender understands this practice occurs and absolves Omicron of all liability in relation to the same.
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3. Omicron reserves the right to suspend the Lender’s profile, temporarily or permanently, so as to prevent their attribution to new loans. The Lender’s profile will remain in place and previously attributed loans will remain on display (unless they are found to systemically erroneous). At Omicron’s option the identifying details on the Lender’s profile can be altered to Former platform member.
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4. The Lender releases its solicitors, who on its behalf enter data in relation to its loans into the platform, for any liability arising from incorrect certification of loan data made in good faith.