TERMS AND CONDITIONS

The following are the Terms and Conditions for using LoanSystems.com, also known as LoanSystems. Using LoanSystems, you agree to be bound by these Terms and Conditions. These Terms and Conditions may be updated from time to time. Any updates will appear on this page and are accessible by logging in and navigating to the Terms and Conditions page.

DESCRIPTION OF SERVICE

LoanSystems is a powerful marketing and loan origination platform for mortgage professionals that provides web-based tools to increase visibility, accessibility, and efficiency at originating loans.

LoanSystems is owned and operated by LoanSystems, Inc., a California Corporation with offices at 18000 Studebaker Road, Suite 700, Cerritos, California 90703.

LoanSystems.com tools include the following:

  • Loan Originator Site - A template-based customizable website designed to help you originate loans and connect with clients. Displays as a digital card on mobile devices. Includes advanced loan origination and management features and Pro Marketing Materials. Seamless with your Loan Origination Software (LOS).
  • Originator Digital Card-Basic - A template-based customizable webpage that displays as a digital card to share your contact and company information and help you connect with clients.
  • Originator Digital Card-Pro - A template-based customizable webpage that displays as a digital card to share your contact and company information and help you connect with clients. Includes Pro Marketing Materials and more.
  • Pro-Marketing Materials - The flyers have attractive images that can be customized and display the user's contact information, photo, logo, and a QR Code that opens the user's Online Digital Card or Loan Originator Site when scanned. Users can log in at any time and print flyers. Originator Digital Card- Pro and Loan Originator Site users have access to Pro Marketing Materials.
  • Metadata Interface - All Originator Digital Card and Loan Originator Site users have access to a "Metadata Interface" that allows them to input relevant keywords and a description of their company to boost their visibility in search engines.
    • • Meta keywords are a specific type of meta tag that appear in the HTML code of a webpage and help tell search engines what the page's topic is. Meta keywords are important for Search Engine Optimization (SEO) for some search engines because the ranking algorithm uses the meta keywords tag to identify the core topics for the webpage.
    • • The meta description is a tag in the HTML code that generally informs users with a short, relevant summary. A page's meta description tag is displayed as part of the search snippet in a search engine results page (SERP) and is meant to give the user an idea of the content within the page and how it relates to their search query.
  • Loan Origination Links - Unique hyperlinks that open your custom "Ask a Question" form, pre-qual form, and loan application on their own secure webpage when clicked. Loan Origination Links are a great way to originate more loans. They are perfect for mortgage professionals who have their own website and want to make it easier for prospective borrowers to ask questions, request pre-qual, or submit a loan application.
  • Loan Referral Links - Allow you to network more effectively with your business and real estate associates. Loan Referral Links are unique hyperlinks you can create for your business and real estate associates. They make it easy for them to refer clients to you who may want to ask a question, request pre-qual, or apply for a loan.
  • Loan Inquiry Alert - Sends a text or email message the moment someone asks a question, requests pre-qual, or applies for a loan. Loan Inquiry Alert will help you be more responsive to prospective borrowers. You can also allow your loan processor to receive these convenient alerts.
  • 1003 Import & Export – The Uniform Residential Loan Application can be intimidating. With LoanSystems, this loan application displays as a six-step user-friendly form. Your clients will be thrilled with this client-friendly approach to submitting a loan application. When logged in, loan applications can be accessed and completed in the six-step view or in the 1003 view. You can export them as Fannie Mae 1003 MISMO® v3.4 or FNM v3.2 for use in your Loan Origination Software (LOS). The Loan Status Tracker is where users can track or update the status of their loans or export the 1003s for management in their LOS.
  • Loan Status Tracker – You or your loan processor can manage the status of all loans in your pipeline. You can easily import existing 1003s to update and track all loans in your pipeline. If desired, you can provide your loan processor with a free user account to securely update the status of all loans you are working on.
  • Loan Originator Dashboard – Provides easy and secure access according to the account level and role of the user.
    • • Loan Brokers and Loan Officers can use this powerful tool to manage all loans in their pipeline. They can also edit their Loan Originator Site or Digital Card, create new Loan Referral Links, view Questions, pre-qual requests, and loan applications, export or import 1003s, and view or update the Loan Status Tracker.
    • • Loan Processors can conveniently update the status of loans for connected loan officers via the Loan Status Tracker.
    • • Borrowers can access their loan applications, which can then be completed online.
    • • Associates of paid users can access their Loan Referral Links and update their contact information.

Mortgage originators use these tools for a monthly or yearly fee. Promotional or multi-user discounts may be offered and applied from time to time.

LoanSystems is also designed to assist the real estate associates of mortgage professionals in referring clients to their mortgage associates with greater ease and security.

DEFINITIONS

  • a) Mortgage Originator – Also referred to as a mortgage professional, is an institution or individual that works with a borrower to complete a home loan transaction. A mortgage originator works with a loan processor and underwriter from the application date until closing to gather the necessary documentation and guide a borrower through the approval process. Mortgage originators may also be mortgage brokers, loan brokers, loan officers, and loan agents.

    In the United States, mortgage originators possess a Nationwide Multistate Licensing System (NMLS) Unique Identifier. The NMLS Unique Identifier ("NMLS ID") or NMLS number improves oversight and transparency in the residential mortgage market. It provides regulators, the mortgage industry, and the general public with a common method to track institutions or individuals working in the residential mortgage market, regardless of location.

  • b) Paid User – LoanSystems Paid Users include U.S.-based and licensed mortgage originators that set up and maintain a Paid User account in compliance with LoanSystems Terms and Conditions. Paid Users are individuals or institutions that work with borrowers to complete mortgage transactions. They can include lenders, mortgage brokers, and loan officers.
  • c) Free User – LoanSystems Free Users include loan processors, business, or real estate associates who have received an invitation from a LoanSystems Paid User and have accepted that invitation, which includes their agreement to comply with LoanSystems Terms and Conditions. LoanSystems does not stipulate who a Paid User can set up a Free User account for, but that Free User must accept any such account to be effective, and the Free User agrees to and abide by LoanSystems Terms and Conditions.
  • d) Loan Processor (Free User) – Loan processors prepare and organize loan documents that must be completed and received by the bank or lender for approval and funding. Loan processors are important for borrowers, mortgage originators, and lenders. Loan processors routinely work with Loan Origination Software to manage loans as they move from origination through funding and may work for several mortgage professionals. Loan processor accounts are free and can be set up by a Paid User. The loan processor must accept them to be effective. Loan processors are not required to have an NMLS number.
  • e) Associate (Free User) – Associates include the business associates of mortgage originators that may refer prospective borrowers to them for a new loan or refinance. Most routinely, they are real estate agents, but they may also include building contractors, appraisers, escrow officers, property managers, credit repair professionals, and others. LoanSystems does not stipulate who a Mortgage Professional can set up an Associate (Free User) account for, but that Free User must accept any such account to be effective.
  • f) Service – The Service is the LoanSystems.com website and all its pages, databases, and features offered to Paid Users to promote mortgage and real estate-related services and receive mortgage-related inquiries, Pre-Qual Applications, and Loan Applications.

OBLIGATIONS AND REPRESENTATIONS

Information. If any information provided to LoanSystems, Inc. changes or becomes inaccurate or misleading, the User shall promptly update their user information and online LoanSystems.com services (i.e., Online Digital Card or Loan Originator Site), if applicable. Intentionally providing inaccurate or misleading information may cause suspension or cancellation of the user account.

Use. Users are responsible, at the User's expense, for all equipment and software required to access and use the Service, including, but not limited to, computer, Internet access, and any programs required to create or edit images or documents uploaded to LoanSystems.com.

Compliance. Users shall use the Service in compliance with all applicable laws and mortgage business practices. Users shall promptly notify LoanSystems, Inc. if they become aware of a breach of this agreement.

Restrictions. Users shall:

  • a) Not use the service to send unsolicited e-mail; distribute any programs, files, or computer code that may damage any computer or device, or that is downloaded or stored without the recipient’s express consent;
  • b) Not use LoanSystems.com for the purpose of obtaining information regarding its functionality in order to reverse-engineer, develop, or modify a similar or competing service;
  • c) Not impersonate or misrepresent user’s affiliation with LoanSystems, Inc. in a manner that could reasonably result in a civil or criminal action being taken against the user or LoanSystems, Inc.

Representation. User represents to LoanSystems, Inc. that:

  • Not use the Service to send unsolicited email; distribute any programs, files, or computer code that may damage any computer or device or that is downloaded or stored without the recipient's express consent;
  • Not use LoanSystems.com to obtain information regarding its functionality to reverse- engineer, develop, or modify a similar or competing service;
  • Not impersonate or misrepresent the User's affiliation with LoanSystems, Inc. in a manner that could reasonably result in civil or criminal action being taken against the User or LoanSystems, Inc.

Representation. User represents to LoanSystems, Inc. that:

  • Within the Terms and Conditions stipulated herein, the User is authorized and has the right to use the Service to promote mortgage and real estate-related services and to receive mortgage-related inquiries, Pre-Qual Applications, and Loan Applications.
  • If the User is an organization, partnership, corporation, or other business entity, the individual accepting this agreement is expressly authorized by the User to enter into this agreement on behalf of the User.
  • The User has read, understands, and agrees to these Terms and Conditions.

INTELLECTUAL PROPERTY RIGHTS

Ownership. LoanSystems, Inc. retains sole ownership of the website, all of its pages, databases, and features. All images offered by LoanSystems, Inc. for use on Online Digital Cards, Loan Originator Sites, and Pro Marketing Materials are subject to licensing agreements between LoanSystems, Inc. and its authorized stock photo providers. Use of stock images in conjunction with a LoanSystems account does not entitle the User to any rights or privileges in connection with the images beyond the purposes stipulated in this agreement or as independently stipulated between the User and a stock image provider per the Terms and Conditions agreed to by the User concerning said images.

Users shall not violate any business or individual's intellectual property rights, trademarks, licenses, or copyrights through the unauthorized use of images, logos, or photographs uploaded to their LoanSystems account.

Reputation. Users shall not use the Service in any way that may damage or adversely impact LoanSystems, Inc.'s reputation, including using the Service to promote any website or entity that could be considered to be associated with any unlawful activity.

SECURITY

To prevent unauthorized access and use, maintain data security, and ensure the proper and lawful use of information, LoanSystems, Inc. takes vigorous security measures to protect against the loss, abuse, and alteration of the information that transits its website or is stored on LoanSystems, Inc. servers. These security measures may be further enhanced at any time and may be unannounced.

LoanSystems, Inc. may contain links to third-party websites. Once any user has used these links and left our website, LoanSystems, Inc. is no longer responsible for the privacy practices or the content of any linked third-party websites. We encourage all users to read the privacy statement applicable to any websites visited or linked to from LoanSystems, Inc.

Norton Secure Site. LoanSystems.com is secured by a Norton EV SSL, which pairs advanced security features with the highest level of Certificate validation.

SERVICE FEES

Payment. Accepting this agreement, the User agrees to the Service Fee for services provided as stipulated on the LoanSystems.com sign-up page. LoanSystems, Inc. may modify the Service Fee from time to time.

Cancellation of Service If the User decides to discontinue the use of the Service for any reason, all Terms and Conditions stipulated in this agreement remain in full force.

PRIVACY

LoanSystems, Inc. is committed to the privacy of all users of our website and services. Protecting the privacy of our users is one of our top priorities. LoanSystems, Inc. has a strict policy of maintaining the confidentiality of all that use this service. Names, e-mail addresses, telephone numbers, and other information provided by users are never sold, shared, rented, leased, or otherwise disclosed to any third party without the express consent of the user, except as may be required to comply with any applicable law, regulation, legal process or governmental request.

Our Privacy Policy is accessible from Privacy on our bottom navigation menu.

TERM AND TERMINATION

This agreement is effective upon user’s acceptance and lasts as long as the user uses the service of LoanSystems.com.

To terminate service, logon to the Dashboard, go to Account Information, and click the “Cancel Account” link that appears toward the lower portion of the page. Upon closing your account, your Loan Concierge Page will no longer be accessible, and any of your Loan Referral Links or Loan Origination Links will display a message notifying the user that the corresponding account is no longer active and to contact you directly for further assistance.

If your account is billed monthly, you will no longer be billed after closing your account, but you will not be refunded a prorated balance for the remaining portion of the thirty-day billing period. If your account is billed yearly, you will no longer be billed after closing your account, but you will not be refunded a prorated balance for the remaining portion of the yearly billing period.

REOPENING A CLOSED ACCOUNT

If you wish to reopen your account after it has been closed, if you are within 30 days, logon to the Dashboard, go to Account Information, and click the “Reopen Account” link that appears toward the lower portion of the page. Once 30-days have passed, you will need to set-up a new account if you wish to reestablish service.

DISCLAIMERS AND LIMITATIONS ON LIABILITY

Warranty Disclaimers. ALL LOANSYSTEMS, INC. SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE”. LOANSYSTEMS, INC. DOES NOT WARRANT THAT ITS SERVICES WILL MEET USER’S EXPECTATIONS OR THAT ACCESS TO SERVICES WILL ALWAYS BE TIMELY OR ERROR-FREE.

Limitation on Liability. THE CUMULATIVE LIABILITY OF LOANSYSTEMS, INC. AND ITS AFFILIATES, AND EACH OF THEIR OFFICERS, DIRECTORS, PARTNERS, EMPLOYEES, CONTRACTORS, AND AGENTS, RESULTING FROM OR CONNECTED TO THIS AGREEMENT IS LIMITED TO THE AMOUNT PAID BY USER TO LOANSYSTEMS, INC. DURING THE 12 MONTHS IMMEDIATELY PRIOR TO WHEN THE LIABILITY OCCURRED. USER WAIVES ALL CLAIMS FOR ANY SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES RELATED TO THIS AGREEMENT, INCLUDING ALL DAMAGES FOR LOST PROFITS, REVENUE, USE, OR DATA.

Internet Frailties. Neither party is liable for any failure or delay in performing its obligations under this agreement to the extent that the circumstances causing such failure or delay are beyond a party’s reasonably control. User acknowledges that LoanSystems, as an Internet-based service, is subject to the operation and telecommunication infrastructures of the Internet and the operation of user’s Internet connection services, all of which are beyond LoanSystems, Inc.’s control.

INDEMNIFICATION

Obligation. User shall indemnify LoanSystems, Inc. and its contractors, agents, employees, officers, directors, shareholders, affiliates, and assigns (each an "Indemnified Party") against all liabilities, claims, damages, costs, and expenses, including reasonable attorney's fees, related to:

  • a) User’s breach of this agreement,
  • b) User’s website, products, or services,
  • c) User’s infringement on the rights of a third party,

ARBITRATION

Requirement. The parties shall settle any dispute or claim related to this agreement and the LoanSystems, Inc.’s website using binding arbitration in accordance with the Arbitration Rules of the American Arbitration Association (AAA) and in accordance with the laws of the State of California. The parties shall hold all arbitration proceedings in Los Angeles, California. The parties shall settle all such disputes and claims settled in this manner in lieu of any action at law or equity; except that nothing in this subsection precludes a party from bringing an action for injunctive relief or other equitable relief.

Proceeding. The parties shall use a single arbitrator appointed by the AAA to arbitrate a dispute or claim. The arbiter must exhibit a reasonable familiarity with the issues. The award of the arbitrator is binding and final upon all parties. Either party may have a court with proper jurisdiction enter the award. This agreement remains in full force and effect while the outcome of the arbitration proceeding is pending. The arbitrator shall follow applicable law in conducting the arbitration.

Costs. A party shall pay any costs, including reasonably attorney fees, to which the arbitrator determines that the prevailing party is entitled. Each party shall pay its own costs Associated with the arbitration if such costs are not awarded by the arbitrator. The arbitrator may not award punitive damages or speculative damages to either party and does not have the power to amend this agreement.

MISCELLANEOUS

Independent Contractors. LoanSystems, Inc., and Users are independent contractors and not agents or employees of each other. Each party is responsible for its expenses and employees. Neither party has the power to bind or obligate the other.

Entire Agreement. This agreement, along with all documents referred to herein, constitutes the entire agreement between the parties.

Amendments. LoanSystems, Inc. may amend its (a) website and any information listed thereon, (b) fees, (c) privacy policy, or (d) services. User’s continued use of the service after an amendment constitutes user’s acceptance of the amendment.

Governing Law and Jurisdiction. The laws of the state of California govern the interpretation, construction, and enforcement of this agreement and all matters related to it, including tort claims, without regard to any conflicts-of-laws principles. The parties submit to the exclusive jurisdiction of and venue in California's state and federal courts.

Effective as of December 1, 2022