AffordX End User Terms - Broker

Effective Date: 08/10/2024

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Thank you for using AffordX. These terms and conditions ("Terms") govern your access and use of the AffordX platform ("AffordX") as a broker. By using AffordX, you agree to these Terms. If you do not agree to these Terms, please do not use AffordX.

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1. Introduction

AffordX is a platform that allows mortgage brokers ("Brokers") to assist consumers ("Users") with mortgage applications, refinancing processes, and other financial assessments. Through AffordX, Brokers can retrieve Users' financial and credit data with their explicit consent, utilising Akahu’s API to securely access Users' financial institutions and credit data providers.

These Terms apply to all Brokers using AffordX to retrieve, assess, and manage Users' financial and credit information for the purpose of providing mortgage-related services.

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2. Broker Responsibilities

As a Broker using AffordX, you agree to the following:

• User Consent: You must obtain explicit, informed consent from each User before accessing their financial or credit data via Akahu. AffordX facilitates this consent process, but you are responsible for ensuring Users understand what data will be accessed and how it will be used.
• Data Handling: You will only use Users' financial and credit data for the purposes they have authorised, specifically for assessing mortgage eligibility, affordability assessments, and related financial services.
• Confidentiality: You must maintain the confidentiality of all data retrieved through AffordX. Any sharing of Users' data with third parties is prohibited unless the User has provided explicit consent, or you are required to do so by law.
• Compliance: You agree to comply with all applicable laws and regulations regarding data protection, privacy, and financial services, including but not limited to the Privacy Act (or its equivalent in your jurisdiction) and Anti-Money Laundering (AML) obligations.

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3. Use of Akahu Services

AffordX leverages Akahu's API to allow you, as a Broker, to access financial data from Users' authorised banks and credit reporting agencies. Akahu is responsible for securely processing this data. By using AffordX, you agree to comply with Akahu's End User Terms and Privacy Notice.

Data Retrieval Process

AffordX uses Akahu to retrieve the following types of data from Users:

• Financial Data: Includes bank account balances, transactions, income, and expenses.
• Credit Data: Includes credit score, credit history, payment defaults, and other credit-related information from credit reporting agencies.
• This data can only be accessed once the User has provided their explicit, one-off consent through Akahu’s consent process.

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4. Data Security

AffordX is committed to ensuring that all financial and credit data is securely transmitted and stored. As a Broker, you are responsible for ensuring that any data accessed via AffordX is handled securely and in compliance with data protection regulations.

You agree to take reasonable steps to protect Users' data from unauthorised access, disclosure, alteration, or destruction. This includes implementing appropriate technical and organisational security measures within your own systems to safeguard the data.

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5. Limitations of Use

You are granted a non-exclusive, non-transferable, and limited licence to use AffordX for retrieving and managing financial and credit data for the specific purpose of providing mortgage-related services to Users.

You must not use AffordX for any unlawful, fraudulent, or unauthorised purposes, including:

• Accessing data without User consent.
• Using data for purposes not explicitly authorised by the User.
• Attempting to reverse-engineer or bypass security measures within AffordX or Akahu’s API.

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6. Limitation of Liability

AffordX and its affiliates are not liable for:

• Any inaccuracies in the financial or credit data retrieved from Users' banks or credit agencies.
• Any actions taken by you based on the financial or credit data accessed through AffordX.
• Any loss or damage arising from unauthorised access to your Broker account or data, unless caused by AffordX’s negligence.
• You acknowledge that AffordX relies on data provided by third-party financial institutions and credit agencies, and as such, we cannot guarantee the accuracy or completeness of the data.

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7. Termination

AffordX reserves the right to suspend or terminate your access to the platform if you violate these Terms, or if we believe your use of the platform presents a risk to Users' privacy or security.

You may terminate your use of AffordX at any time by discontinuing access to the platform.

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8. Data Retention and Deletion

AffordX will retain the financial and credit data of Users for as long as is necessary to fulfil the purposes for which it was collected. As a Broker, you agree to delete any financial or credit data upon request by the User, or when it is no longer necessary for the mortgage assessment process.

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9. Governing Law

These Terms are governed by and construed in accordance with the laws of New Zealand. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in Auckland.

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10. Modifications to These Terms

AffordX reserves the right to modify these Terms at any time. If any changes are made, AffordX will notify you by updating the effective date at the top of these Terms. Your continued use of the platform after any modifications indicates your acceptance of the new Terms.

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11. Contact Us

If you have any questions or concerns regarding these Terms, please contact us at:

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AffordX Broker Support: support@affordx.nz