Auto-Fund definition

Auto-Fund is a feature of our loan marketplace that allows a registered borrower to automatically accept funding of a loan request when bids are received in an aggregate amount that is equal to the loan request amount specified by the registered borrower and at a weighted average interest rate that is equal to or less than an interest rate specified by the registered borrower. Auto-Fund allows registered borrowers to automatically close a loan that has been fully funded with bids in an aggregate amount and at an interest rate that is acceptable to the registered borrower without any further action from the registered borrower. “Unlimited bidding” is a feature of our loan marketplace that allows a registered lender to bid on postings in an aggregate amount exceeding the amount of funds the registered lender has allocated to fund his or her placed bids. For example, a registered lender can place five $100 bids and five $500 bids and only allocate $500 of the funds available in his or her IOU account to fund those bids. If a bid is accepted, our loan marketplace automatically reduces the allocated amount by the amount of the bid. Subsequently, our loan marketplace will immediately reduce any outstanding bids that are greater than the allocated amount and make them equal to the allocated amount. In this example if a $100 bid is accepted, the allocated amount is reduced to $400 and all $500 bids are reduced to $400. YOU AGREE THAT WHEN MAKING BIDS YOU WILL NOT DISCRIMINATE AGAINST ANY REGISTERED BORROWER ON THE BASIS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, SEX, MARITAL STATUS, AGE, SEXUAL ORIENTATION, MILITARY STATUS, THE REGISTERED BORROWER’S SOURCE OF INCOME, OR ANY OTHER BASIS PROHIBITED BY AN APPLICABLE FEDERAL, STATE OR LOCAL FAIR LENDING LAW, INCLUDING, WITHOUT LIMITATION, THE EQUAL CREDIT OPPORTUNITY ACT. Availability of Funds. As described above, you may place bids in an amount exceeding the amount of funds you have allocated to fund your placed bids. In addition, during the time that you have outstanding bids, you will be allowed to withdraw funds from your IOU account provided that you keep a minimum balance in your IOU account equal to the funds allocated to fund your placed bids. You may at any time request that your uncommitted funds in your IOU account be returned to you, in which case we will promptly return the remaining funds to your deposit account using the Automated Clearing House (“ACH”) network.
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Examples of Auto-Fund in a sentence

  • During the discussion, the advantages and disadvantages of the various approaches were discussed.

  • If you elect to use the Auto-Fund feature of the loan marketplace and you revoke the Power of Attorney prior to execution of the promissory note, we will be unable to proceed with processing your registered borrower loan request and your pending registered borrower loan will be considered withdrawn.

  • A registered borrower loan will be closed and funded if the registered borrower chooses to manually accept bids reflecting full or partial funding of the loan or chooses to accept bids reflecting full funding of the loan using the Auto-Fund feature of our loan marketplace (as described below).

  • If you elect to Auto-Fund your registered borrower loan, we will execute the related promissory note on your behalf pursuant to the power of attorney granted to us in Section 5.

  • Your registered borrower loan will have a principal balance between $1,000 and $25,000, in the specific amount of registered lender bids you receive on your posting and accept, either manually or using the Auto-Fund feature of the loan marketplace.

  • All notices, requests, consents and other communications hereunder shall be in writing and shall be delivered personally or mailed by first-class registered or certified mail, postage prepaid, or by telephonic facsimile transmission and overnight delivery service, postage prepaid, in any case addressed as follows: To AFSI: AutoFund Servicing, Inc.

  • In such event, we will remove any postings you have made on the loan marketplace for which you have elected to use the Auto-Fund feature of the loan marketplace, and you may be prohibited from making additional postings in the future in our sole discretion.