Settlement payments received from lending companies are allocated according to section 10.5 of the Mintos User Agreement in the following order:
- Contractual fees that are due from the lending company to Mintos
- If Mintos (or a third party assigned by Mintos) has taken over servicing of the loans from the lending company, servicing fee or fees for enforcing contractual rights in and out of court
- Reimbursement of reasonable costs incurred to protect investors’ interests, including legal fees or costs for other actions aimed at recovering investors’ funds
- Payments due to investors, including borrower repayments on principal and interest, repurchase prices, and buyback prices. These payments are assigned in the order determined by the assignment agreement, and generally follow a chronological order from the oldest to the newest due.
- If the lending company is 14 days late in making payments to Mintos, or another period that Mintos finds material, Mintos may decide that payments due to investors as buyback prices are allocated after other payments according to point 4 above.
- Payments of late interest on pending payments due to investors
- Payments of any late interest or penalty fee due to Mintos
If due to requirements of law we would be required to apply a different order, we will do so.