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SOFTWARE LICENSE AGREEMENT


This Software License Agreement ("Agreement") is made and effective this___day of _________, 2009, by and between The Loan Post Inc., ("Developer") and ___________________ ("Licensee(s)").

Developer has developed and licensed to licensee(s) its software platform, for Web Based, Automated, Loss Mitigation Processing (the "Software,") and as further described in Exhibit "A", attached hereto.

Licensee desires to utilize a copy of the Software at the Licensee's pre-selected domain, and through Developer's domain: www.TheLoanPost.com.

NOW THEREFORE, in consideration of the mutual promises set forth herein, Developer and Licensee agree as follows:

1. License.

Developer hereby grants to Licensee a quarterly or monthly (See Client Invoice), non-exclusive, limited license to use the Software in the United States of America as set forth in this Agreement.

2. Restrictions.

Licensee shall not attempt to modify, copy, duplicate, reproduce, license or sublicense the Software, or transfer or convey access to the Software or any right in the Software to anyone else or any other site without the prior written consent of Developer. Any/all such licensed sites shall be listed on Exhibit "A" as attached hereto and may be modified from time-to-time by agreement of both parties in exchange for fair consideration in fees.

3. Fees.

In consideration for the grant of this web-based INTERNET application license and the use of the Software, Licensee agrees to pay Developer the license fee as specified in the Client Invoice.

4. Warranty of Title.

Developer hereby represents and warrants to Licensee that Developer is the owner of the Software and has the right to grant to Licensee the rights set forth in this Agreement. In the event of any breach of the foregoing representation and warranty, Licensee's sole and exclusive remedy shall be to require Developer to provide all client and user data entered and created by all company users in a usable format to upload into a comparable software system and/or readable spreadsheet like Microsoft Excel.

5. Warranty of Functionality.

Developer warrants that the Software shall perform in all material respects according to the Developer's specifications concerning the Software when used with the appropriate computer equipment. Material Respects specifically means...

  1. The software application will automatically produce documents reviewed and approved by Licensee. Examples of documents could be for "Client Ready" or "Bank Ready" documents. All auto-generated documents must be reviewed and approved by client. Custom packages are developed at client request and will usually be charged a fee.
  2. The software application will organize client files, securely store clients sensitive information like Date of Birth and Social Security Number and secure/encrypt file paths to all documents(PDFs, Images, Word Docs, etc...) uploaded and stored on Developers server.
  3. Serve Uptime is guaranteed 99% of the time with all planned downtimes for server reboot, maintenance, or upgrades during late night non-business hours.

In the event of any breach or alleged breach of this warranty, Licensee shall promptly notify Developer. Licensee's sole remedy shall be that Developer shall correct the Software so that it operates according to the warranty, as long as the non-functional issues are controllable by the developer. It is recommended that all licensee(s) keep and store physical copies of client files and records in case of audits from an outside agency or accidental deletion of files.

6. Software Maintenance.

  1. Standard maintenance.
    Developer shall provide to Licensee any new, corrected or enhanced version of the Software as created by Developer. Such improvements, which occur weekly and sometimes daily, shall include modifications to the Software which increase the speed, efficiency or ease-of-use of the Software, and some additional capabilities or functionality to the Software, and shall include any new or rewritten versions of the Software. At the Developer's sole discretion will certain upgrades or functionality be released to the client at a cost agreed to by both parties.
  2. Enhancement maintenance.
    Licensee will receive enhancement maintenance support on an ongoing basis, consistent with the licensing term (see Exhibit "A", as attached hereto). The fees for such enhancement maintenance support shall be included within the original licensee fee. Licensee shall notify Developer in writing if they desires to receive additional, optional maintenance or custom programming changes and Developer agrees to charge the rates consistent with Exhibit "A" attached hereto or at a price agreed to by both parties.
  3. Industry Regulatory related maintenance.
    Developer shall maintain the software system to correspond to industry changes related to and not limited to the client application process, proposal generator, and other modules built into the application streamlining common user functions for loss mitigation. Developer will make changes in a timely manner, but does not guarantee a specific time frame in which updates will be made. The developer will make attempts to stay abreast of industry regulations and modify the application to comply with these regulations. However, it is the licensee's responsibility to know all industry regulations. The licensee should not soley rely on the developer for advice on loss mitigation regulations or the application for information.

7. Payment.

The license fee pursuant to this Agreement shall be due and payable at the beginning of setup. Quarterly licensing fees will be due up front and charged monthly thereafter until licensee cancels account.

8. Taxes.

In addition to all other amounts due hereunder, Licensee shall also pay to Developer, or reimburse Developer as appropriate, all amounts due for property tax on the Software and for sales, use, excise taxes or other taxes which are measured directly by payments made by Licensee to Developer. In no event shall Licensee be obligated to pay any tax paid on the income of Developer or paid for Developer's privilege of doing business.

9. Warranty Disclaimer.

DEVELOPER'S WARRANTIES SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTY OF MERCHANTABILITY AND WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE.

10. Limitation of Liability.

Developer shall not be responsible for, and shall not pay, any amount of incidental, consequential or other indirect damages, whether based on lost revenue, legal liability, or otherwise, regardless of whether Developer was advised of the possibility of such losses in advance. In no event shall Developer assume any liability hereunder, regardless of whether Licensee's claim is based on contract, tort, strict liability and product liability, legal liability, or other recognizable caused action under Florida law or Federal Law.

The Licensee shall be responsible for providing any and all full disclosures when and where necessary related to Federal or State regulations on a per customer basis. The Developer will provide a standard set of disclosures for use to customers on behalf of Licensee, which will indemnify Developer from any third party or first party liability arising from the use, sale, transmission, or reliance upon Developer's Software Application. It is recommended that Licensee develop and display or provide their own customer disclosures.

It is the Licensee's sole responsibility to monitor and train all "Agents", "Branchs/AEs" and "Back Office Employees" on uses of the system, potential exposure of liability, and overall usage. The Developer will sponsor "Train the Trainer" type programs to teach higher level executives or manager level users on how the whole system works.

Furthermore, if any federal or State agency of law enforcement or government discovers the licensee as having marketed mortgage loan modification or foreclosure assistance services in a potentially deceptive manner, the Developer reserves the right to cancel and revoke any license granted by Developer. Please monitor all state and federal regulations relating to foreclosure assistance related services.

The FTC has issued specific warnings that you should be aware of and should strictly comply with. To be in compliance all your solicitations whether verbal, in web format, or other form of solicitation should avoid:

  1. Guaranteeing or representing a high probability of success in achieving mortgage relief;
  2. Falsely representing that homeowners have been approved for a loan modification;
  3. Falsely representing that homeowners will get specific reductions in their mortgage payment amount or a specific interest rate;
  4. Falsely representing an affiliation with free services, such as the HOPE NOW Alliance, a broad based coalition of HUD-certified housing counseling agencies and mortgage industry members that offers free assistance to homeowners;
  5. Falsely representing an affiliation with the Federal government or Federal programs;
  6. Falsely representing an affiliation with a homeowner's lender;

More information can be found here: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm

11. Licensee Responsibilities

Licensee shall assume all responsibility of researching,understanding, and complying with all current and future local, State, and Federal rules and regulations, laws, and legislation relating to loan modification and foreclosure rescue services.

 

12. Privacy Policy and Data Management

The Developer and all staffed programmers with access to internal databases ensure that all data will remain under the ownership of the licensee. Under no circumstances will the licensee data be used for any solicitation. The licensee assumes responsibility in protecting their data from any front end access through compromised user names and passwords. Additionally, all data will be automatically backed up on a 2nd server daily. Access to client data is available for managers only, through the "Pipeline Page" via an Excel export function.

Due to the nature of the information that may be collected, all consumer information and documents, whether in printed or electronic form, shall be maintained in a secured location with access limited to authorized representatives only. The Loan Post, Inc. maintains a privacy policy in compliance with federal and state laws in which it operates, including but not limited to the Gramm Leach Bliley Act, and the Fair Credit Reporting Act to insure the privacy of each consumer's personal information Obligation of Confidentiality- Each Party shall protect and keep confidential any and all Proprietary Information of the other Party it acquires knowledge of and shall not use, disclose, distribute or, except as permitted herein, allow any third party access to any such Proprietary Information. The Loan Post shall make no contact with any of the agents or customers for the purpose of soliciting such agents, customers or affiliates for any purpose. Notwithstanding any law, rule or regulation, the Parties agree that the customers shall remain the customers of the Licensee.

13. Software Licensing Fees

The Developer reserves the right to adjust pricing up to 20% from original agreement, not to affect the pricing during the duration of the agreed term, i.e. Annual, Semi-Annual, Monthly Developer will provide 30 day notice of any price changes. This will only be applied in the case of direct costs associated to the licensees' affiliate usage.

14. Notice.

Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or by certified mail, postage prepaid, or recognized overnight delivery services. E-mail will be considered acceptable to support@theloanpost.com

15. Governing Law.

This Agreement shall be construed and enforced in accordance with the laws of the State of Florida.

16. Final Agreement/Termination Clause

This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof. This Agreement may be modified only by a further writing that is duly executed by both parties. This agreement may also be terminated within a 30 day notice provided in writing via certified mail, or Email from either party. The developer will ensure verbal communication expressing and executing the termination clause and we ask that the licensee do the same. The developer shall provide a full export of client data and completely erase all such data from the developer's database upon request.

17. Severability.

If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then the balance of this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.

18. Arbitration.

If a dispute should arise with respect to this Agreement or the interpretation thereof, either party may deliver a written notice of such dispute to the other party. After a fifteen (15) day "cooling off" period has lapsed during which both Consultant and Client shall meet at times reasonably convenient to both to discuss the dispute, if the dispute shall not have been resolved, then such dispute shall be determined by an expedited arbitration proceeding conducted in Miami, Florida under the laws of the State of Florida and in accordance with the then-current Rules of Conciliation and Arbitration of the American Arbitration Association ("AAA"). The arbitration proceeding determinations shall be binding upon the parties. Such arbitration may be used only to interpret the provisions hereof and not to modify any provision of this Agreement or any agreements ancillary hereto. The arbitrators shall be selected by the mutual agreement of the parties or, where such agreement cannot be reached, in accordance with the AAA rules. After a decision by the arbitrators, the parties shall each immediately comply with the panel's decision. All arbitration fees and other costs and expenses shall be paid equally by the parties when required during the arbitration; provided, that the parties shall be entitled to reimbursement of such fees and costs in such other proportion as the arbitrator may determine. If judicial enforcement of such arbitrators' award is sought by either party, judgment may be entered upon such award in any court of competent jurisdiction, or application may be made to such court for judicial acceptance of the award and an order of enforcement. All discussions and documents prepared pursuant to any attempt to resolve a dispute under this provision are confidential and for settlement purposes only and shall not be admitted in any court or other forum as an admission or otherwise against a party for any purpose including the assertion of the applicability of federal and state court rules.

IN WITNESS WHEREOF, Developer and Licensee have executed this Software License Agreement on the day and year first above written.


Developer:

___________________________________ Date:__________________
The Loan Post Inc


Licensee:

___________________________________ Date:__________________
(Licensee Signature)


Business Name:_____________________________________________

Contact Name: _____________________________________________

Position:__________________________________________________

Phone:____________________________________________________

E-mail:____________________________________________________


EXHIBIT A

  1. Software Modules:
    1. Automated, auto-populating "client ready" and "bank ready" loss mititgation packages
    2. Back end database access to access user registrations and edit/review/prepare/assign/propose/process/negotiate/track/report/ loan modification packages.
    3. Do-It-Yourself (DIY) Loan Modification Module (if applicable)
    4. Merchant processing functionality linked to licensee's bank account for DIY (if applicable)
  2. Term:

    Quarterly and/or Monthly

  3. Fees:

    A: Setup/Training- (For Fees-Refer to Invoice/Proposal)

    1. Includes web form integration to clients website or hosted by developer
    2. On Demand Training/Support via GoToMeeting,
    3. Custom (Auto-populating) Company Specific forms for client package
      1. Legal contract,
      2. Authorization form
      3. Payment forms, etc...
    4. Includes web form integration to clients website or hosted by developer
    5. Includes web form integration to clients website or hosted by developer

    B. Quarterly Licensing/Subscription (For Fees- Refer to Invoice/Proposal)

    1. Hosting of client application- Dedicated, high-end, redundant Servers
    2. Daily Back Up of ALL client data with unlimited export functionality to client
    3. Encryption and Security of secure/sensitive client data and uploaded documents via SSL (HTTPS)
    4. Periodic software updates/upgrades to keep up with industry standards and regulations- (All feature requests accepted on case by case basis- some fees may apply- see below)
    5. Weekly webinar/gotomeeting training session for all staff members with open Q+A and unlimited Email support and standard phone support.
  4. Maintenance:

    Bug corrections, phone support and basic on-going upgrades and weekly updates are included within the license fee. Telephone support is available Monday through Friday, from 8:00am to 8:00pm EST. 877-812-4327 Email Support@theloanpost.com

  5. Additional Custom Programming:

    Billed at a rate of $75 per hour for custom programing. In most cases, there is no additional charges.

  6. Software Training:

    Included in monthly fee and available via weekly training webinars and also through train the trainer programs.

Additional Key Features

  • The LoanPost software is web-based so you don't need to download or install anything. All you need is a web browser and internet connection.

  • Our system is built with multiple levels of users for maximum scalability and visibility; perfect for the large enterprise level companies with numerous offices, divisions, and multi-level affiliate structures. All users (Employees, Branches, and Agents) can access the system to see, edit, and administer their own files. Numerous permissions exist to provide complete control over which actions users can take and what files they can see.

    Every organization is different and as such their employee structure is different, our software will easily support your business model.

  • Lead conversions are top of mind for every business and with a careful balance between human touch and software automation, your company can experience significant ROI within the first 30-60 days. The software supports 3rd party lead vendors via APIs and URL lead posting for easy lead integration, while direct lead importing using CSV or Excel files is a breeze. Easily assign leads to specific agents, set up E-mail auto-responders, Mass E-mail marketing, follow up reminders and more.

  • The software fully supports all loss mitigation related services like HAMP, HAFA, HARP, NPV, Foreclosure Defense, Litigation, Bankruptcy, Commercial Loan Mod, and many more. The system was designed to let you customize key areas of the software, so all your service offerings can be supported.

  • Document Auto-Generation w/ E-signature.

    Blow your competition away by using E-signature technology to get all your agreements and required documents signed within 5 minutes vs. 5 days. The built in document library has all the required forms for loan mods and short sales like: HAMP, RMA, Form 710, HAFA, NPV, HARP, and over 15 lender specific packages. You can also auto-generate your own forms and packages with the document wizard.

  • Our built in HAMP calculator makes it easy to determine what a homeowner’s new mortgage should look like using the HAMP waterfall guidelines. For Non-HAMP loans, you may manually control the proposal and generate unlimited variations for alternative proposals. The proposal report summarizes the client’s current financial picture, HAMP proposed payments, outlines foreclosure costs, and lender losses due to a foreclosure. Just click to see a sample Proposal.

  • Calculating NPV based on the latest formula provided by Treasury is critical in determining guaranteed HAMP eligibility. Even Non-HAMP loans are required to pass NPV 4.0 if mandated by the investors owning loans in large pools. Contact us to learn more how to access NPV 4.0. Additional per file rates will apply.

  • HAFA is an extension of HAMP and provides guidelines for participating lenders/servicers to follow when handling short sales. One significant update in HAFA, is the ability to get a property approved for short sale without having an official buyer's offer. Our system, will help auto-generate a HAFA compliant short sale package with a robust short sale offer analysis. The analysis instantly determines the net investor benefit using a built in, complicated formula used by the banks.

  • Data Security and Updates

    Because we are web based, we manage the servers controlling your data and running the software application. With that said, we take security seriously and have implanted all the necessary safeguards to keep your data safe and secure. All data is backed up daily on redundant servers and all sensitive data is encrypted using Blow Fish encryption services.

    Additionally, as the industry changes, we make the necessary updates to your software free of charge.

  • Pipeline Managment and Custom Reports

    The customizable pipeline interface allows your organization to get a 360-degree view of all the client file activity and statuses. There are numerous ways to search and sort the client files to generate a list view or Excel report to help managers and key employees stay on top of relevant statistics and file activity.

    For example, you can track which users generates the most approved files ... which files have missing docs ... which agents submit the most denied files ... which client’s owe money this week ... which properties have sale dates this month. The file sorting variations are endless and priceless!

  • Turnkey Website Templates

    These days operating without a nice website is unheard of. Almost everyone has a computer and internet access, so your online image becomes your main face to the client. It often is the deciding factor of whether someone will do business with you. Check out our website gallery and improve your image overnight! Our website department will make sure everything runs smoothly and integrates nicely with the software application, allowing for easy online submissions.

  • The software lets you create tasks for yourself or any user associated to a file, including the client. Reminders are sent via E-mail and SMS text message. Each user can see their respective, assigned tasks in their own calendar, while managers can see all tasks globally. The centralized calendar is key for companywide collaboration and providing visibility to time sensitive items like past due billing, sale dates, and high priority tasks.

  • Within each client file there is section to input multiple fees owed by the client for the different services you may offer. You control what fees are listed in the system and set them up for future dates owed and/or in phases.

    Built reminders can be set to notify the client, Agent, Branch or any back office employee of amounts due. Reminders are sent via Email and Text message if Cell number is entered.

  • The software comes complete with all the lenders and servicers contact information, updated periodically. You can also store your own private contacts and notes per lender/servicer, which is only viewable by your staff.

  • As the government rolls out updates to HAMP, lender and servicers struggle to stay informed and execute on HAMP guidelines.

    As a professional loan modification advocate, you should have these guidelines in your arsenal to combat against the lenders and servicers. Although most HAMP guidelines and updates are suggestions to best practices for the lenders to follow, it helps in the negotiation of your client's loan modification to fall back on some set of guidelines. Inside TheLoanPost.com, you will have access to updates and links to resources to help you stay informed!

Why Choose TheLoanPost?

We are the industry leading, web based loan modification software and short sale software system for loss mitigation professionals. We provide you with the most complete, turnkey system with just enough customizable options to make it work exactly how you want it. With thousands of users nationwide, ranging from law offices, realtors, processing firms, HUD counselors, mediators, and even small servicers, you can't go wrong with choosing us as your strategic software partner.

  • Wholesale Processing Companies
  • Law Offices
  • HUD Counseling Agencies
  • 3rd Party Advocates
  • Sub-Servicer/Investors
  • Outsourced Mortgage Outreach
  • Mediation Services
  • Anyone dealing with loan modifications!

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What is TheLoanPost?

TheLoanPost.com is the leading provider of web based, loan modification software and short sale software with all the tools needed to start, run and manage a short sale or loan modification business.

Our loan modification software and short sale software is used by realtors, processing firms, law offices, investors, HUD counselors, Mediators, and sub-servicers.

It is web-based so you don't need to download or install anything. All you need is a web browser and internet connection.