DIRECT Home Rewards offer is subject to end early without notice.
DIRECT Home Rewards Terms and Conditions
Updated: September 20, 2023
Direct Home Rewards is a promotional rewards program offered by Direct, Inc. (“Direct”). The terms and conditions of these Direct Home Rewards Terms & Conditions (“Rewards Terms & Conditions”), together with all documents regarding the use of the Direct Card and Direct mobile application and website (including the Direct Terms & Conditions, Cardholder Agreement, Terms of Use, E-sign Disclosure, E-sign Agreement, Disclosures, Privacy Policies, and all Amendments to any documents), form the agreement between you (“Recipient”) and Direct, Inc. (collectively, “Rewards Agreement”). The Rewards Agreement governs the Direct Home Rewards® (“Rewards”). Please carefully review the Rewards Agreement to be familiar with all the terms and conditions of the Rewards. Capitalized terms not defined herein shall have the meaning set forth in the Rewards Agreement.
By accepting and using your Direct Card, you agree to be bound by the terms and conditions of this Rewards Agreement. Including paying a $7.00 Monthly Maintenance Fee that will be charged to your account.
The Rewards Agreement shall be uniquely binding to you for each qualifying Mortgage Loan. You may qualify for Rewards for multiple Mortgage Loans and the Rewards Agreement is applied independently in relation to each separate Mortgage Loan.
The Effective Date of the Rewards Agreement is the date on which your Mortgage Loan funds when you meet all qualifications as described herein. The term of the Rewards Agreement shall run for the shorter of your Loan Life or Full Rewards Duration.
DEFINITIONS
“Card” means the Direct Prepaid Debit Card issued to you by CBW Bank (“Bank”), member FDIC, pursuant to a license from Mastercard®. Please see Direct Terms & Conditions and Cardholder Agreement for Card details.
"Account,” and “Direct Account” means the digital platform on which you access your Card information, transaction history, and money management tools.
“You”, “your”, and “Owner,” means the Owner of the Card.
"We,” “us,” and “our” means Direct, Inc. “ACH Payment” means an electronic transfer of funds made through the Automated Clearing House.
“Mortgage Loan” is a Direct Home Rewards qualifying loan as further described and detailed below in section 2. QUALIFYING MORTGAGE LOAN.
“Loan Term” the length of time over which your Mortgage Loan is made and amortized. The duration in order to repay the full Mortgage Loan making the minimum required monthly payments.
“Full Rewards Duration” means the length of time it would take to achieve a savings of up to 10% of the Mortgage Loan amount by applying the monthly amount from Direct toward your loan principal each month above your regular monthly mortgage payment due.
“Loan Life,” and “Life of the Loan” means the length of time your Mortgage Loan is active, which may be shorter than the Loan Term.
“Interest Rate” means the initial interest note rate of your Mortgage Loan, which may be different than the annual percentage rate (APR) of your Mortgage Loan or future rates should the rate of your Mortgage Loan adjust, which will happen on an adjustable rate mortgage (ARM).
“Savings” means the reduction in the amount of principal and interest on your Mortgage Loan that would have otherwise been due and payable.
QUALIFYING MORTGAGE LOAN
Your eligibility for Direct Home Rewards is contingent upon you obtaining a qualifying Mortgage Loan as the Primary Borrower. A qualifying Mortgage Loan must be a new first mortgage requiring monthly principal and interest payments, and originated by or closed through Directors Mortgage, Inc. Past mortgage loans do not qualify, and Rewards are not retroactive on past loans. Direct shall, in its sole discretion, determine qualifying Mortgage Loans.
The loans listed below are non-qualifying mortgage loans:
Interest-only mortgages
Mortgages with a loan term less than 30 years
Second mortgages (also known as piggyback mortgages)
Home equity loans
Reverse mortgages
Loans not originated by or closed through Directors Mortgage, Inc.
Loans originated prior to Direct Home Rewards® program being offered.
Loans originated by or closed through Directors Mortgage DBA’s, including, but not limited to, USA Direct Funding and Direct Portfolio Lending.
REWARDS AMOUNT
Direct offers Direct Home Rewards to allow you the opportunity to achieve a savings of up to 10% of your Mortgage Loan amount over the Full Rewards Duration. Direct will distribute substantially equal monthly installments (“Rewards Installment”) to you, as a credit deposited onto your Direct Card, or to your Mortgage Loan servicer in the sole discretion of Direct, Inc. To achieve the potential maximum promotional savings of up to 10% of your Mortgage Loan amount, the Rewards Installment must be delivered to your Mortgage Loan servicer and applied to the Mortgage Loan principal monthly, above your regular monthly mortgage payment due, throughout the Full Rewards Duration. If Direct elects to provide the Rewards Installment directly to you, you shall be responsible for executing such payment to your Mortgage Loan servicer to earn the potential savings of up to 10% of your Mortgage Loan amount.
The Rewards Installment amount is based on the qualifying Mortgage Loan’s amortization schedule, which is based on loan amount, Loan Term and Interest Rate. The Rewards Installment is the amount that must be paid and applied to the Mortgage Loan principal monthly, above your regular monthly mortgage payment due, throughout the Full Rewards Duration to achieve the maximum potential savings of up to 10% of your Mortgage Loan amount. The maximum potential savings is a result of paying down your mortgage with the Rewards Installment, thus resulting in less principal and interest being due and payable on your Mortgage Loan throughout the Full Rewards Duration. Your Rewards Installment amount will be disclosed to you in your Directors Mortgage closing documents, and the Rewards Installment will be shown in your Direct Account.
The Rewards Installment for qualifying Mortgage Loans with an adjustable rate mortgage is based upon the initial Interest Rate and amortization schedule provided at the time of your Mortgage Loan closing. Because the Mortgage Loan’s Interest Rate will change and may decrease or increase in the future on an adjustable rate mortgage (ARM), the maximum savings possible may be less or more than 10% of the loan amount.
Any amortization schedules provided to you regarding your Mortgage Loan combined with the Rewards are strictly provided as examples, are not binding, and are subject to change.
To the extent permissible under law, Rewards are issued specifically to you and are not transferable or assignable to any other person for any reason, including death, domestic relations or otherwise by operation of law.
Any fees charged by your mortgage servicer to pay using your Direct Card or ACH payment with your Direct Account information are your responsibility and are not included in the savings calculations.
PREREQUISITES FOR EARNING DIRECT HOME REWARDS
Your initial and continued eligibility for earning Direct Home Rewards® is conditioned upon the following:
Establishing a Direct Card and Direct Account before your Mortgage Loan funds, and
Closing and keeping current a qualifying Mortgage Loan, and
Making timely and regular monthly payments due and payable on your Mortgage Loan using your Direct Card or ACH payment with your Direct Account information, and
Notifying Direct of any change in servicer for your Mortgage Loan promptly.
Direct Card & Direct Account
Your eligibility to receive the Rewards is contingent upon you establishing a Direct Card and Direct Account before your Mortgage Loan funds. At all times you must maintain an active Direct Card and Direct Account. Please review your Direct Card terms and conditions and cardholder agreement for additional details.
Mortgage Loan
Your eligibility to receive the Rewards is contingent upon you closing a qualifying Mortgage Loan, as described in Section 2. Qualifying Mortgage Loan. At all times you must be current and in good standing with your Mortgage Loan in order to continually qualify for the Rewards Installment.
Only one Borrower will be eligible for the Rewards for each Mortgage Loan. Multiple Borrowers cannot be simultaneously eligible for Rewards in relation to a single Mortgage Loan. If your Mortgage Loan has multiple borrowers, the first Borrower to become eligible for Rewards will be the sole, eligible and qualified Rewards recipient. If multiple Borrowers become eligible at the same time, the Primary Borrower will be the sole, eligible and qualified Rewards recipient. Eligibility cannot be transferred to another Borrower on the Mortgage Loan after a Borrower on the Mortgage Loan has become eligible for Rewards.
Using Direct for Monthly Mortgage Loan Payments
Your eligibility to receive the Rewards is contingent upon you making timely and regular monthly payments due and payable on your Mortgage Loan using your Direct Card or ACH payment with your Direct Account information to use funds on your Card.
Informing Direct of Mortgage Servicer
Changes Your eligibility to receive the Rewards is contingent upon you maintaining with Direct up-to-date information regarding your Mortgage Loan servicer. Should your Mortgage Loan servicer change, you shall be required to promptly contact Direct and update your servicer information including name, address, your servicer account number, and any other information as directed by Direct. To send updated information for your Mortgage Loan servicer, go to www.directb.net/direct-home-rewards/mortgage-servicer.
ENROLLMENT AND DELIVERY OF DIRECT HOME REWARDS
Your eligibility is determined by Direct, with confirmation from Directors Mortgage of your qualifying Mortgage Loan, Rewards Installment, Effective Date, Loan Term, and Full Rewards Duration. Direct shall automatically enroll you in Rewards prior to your first mortgage payment if all prerequisites are met. Direct may, at its sole discretion, pay and apply the Rewards Installment toward your Mortgage Loan principal directly to your mortgage servicer.
Your Direct Home Rewards information and confirmation of monthly Rewards Installment from Direct will be updated at least once per month in your Direct Account.
YOUR OBLIGATIONS
If the Rewards Installment is credited to your Direct Card, non-payment or delayed payment of the Rewards Installment by you to your mortgage servicer toward your Mortgage Loan principal does not make you ineligible; however, the maximum potential savings will not be achieved. To achieve the maximum savings of up to 10% of the Mortgage Loan amount, the Rewards Installment shall be delivered to your Mortgage Loan servicer and applied to your Mortgage Loan principal monthly, above your regular monthly mortgage payment due and payable, throughout the Full Rewards Duration.
You will promptly notify Direct of (i) any material adverse change of any condition or event which constitutes a breach of any agreement with Direct; and (ii) any material change of your Mortgage Loan.
You are solely responsible for checking your Direct Account and Mortgage Loan statements regularly to ensure that your Rewards are properly credited. If you believe that proper credit does not appear on your Direct Account, you should contact Direct immediately by calling 1-833-263-2826 and provide any requested documentation. You shall provide notification of any and all errors to Direct within sixty (60) calendar days after your statement becomes available or you forfeit your right to receive past Rewards Installments. Direct reserves the right to determine, in its sole discretion, whether the Rewards should be delivered and adjusted to your Direct Account or your Mortgage Loan servicer. Direct may take up to ninety (90) calendar days to review and investigate your notification of any suspected error, and we will provide you a response of our conclusion and decision. In its sole discretion, Direct shall determine all final decisions and any remedies, if determined appropriate and necessary, regarding any suspected Rewards errors.
You agree to return to Direct any early payment and/or over payment of the Rewards Installment. You authorize Direct to debit the expenses from your Direct Card, and if funds are not available on your Direct Card, agree to reimburse Direct in another method of payment, determined acceptable by Direct, within fifteen (15) calendar days. If reimbursement is not completed within fifteen (15) days, Direct shall in its sole discretion decrease the amount of the most immediate Rewards Installments due to adjust and rectify the early payment and/or over payment to the situation to what it would have been had the early payment and/or over payment not occurred.
DISQUALIFICATION
You shall be disqualified and become ineligible for the Rewards or any portion remaining thereof, at Direct’s sole option and whether or not Direct has elected any other remedy, if any of the following occurs: (i) your Direct Card or Direct Account is closed, whether by you or us, (ii) you stop making Mortgage Loan payments using your Direct Card or ACH payment with your Direct Account information, (iii) you default on your Mortgage Loan, (iv) your servicer does not accept payment using a Direct Card or ACH payment with your Direct Account information, (v) you fail to provide notice to Direct when required herein, (vi) you refinance or fully pay off your Mortgage Loan, (vii) you violate any of the representations and warranties made to Direct or abuse the Rewards Agreement, (viii) any misrepresentation or fraud by you, (ix) you fail to perform any other obligation under the Rewards Agreement, (x) you fail to meet any prerequisite in the Rewards Agreement or (xi) your death or legal incapacity.
Upon the occurrence of any event leading to disqualification, Direct has the following rights and power and may, at its sole discretion, without notice of its election and without demand, do any one or more of the following (all of which are cumulative): (a) stop advancing monies as Rewards Installment; (b) make any adjustments to your Rewards including forfeiture of some or all of your Rewards; and/or (c) exercise Direct’s rights and remedies under applicable law. Upon disqualification, Direct shall absolutely and unequivocally have no obligation to pay you or your mortgage servicer any outstanding Rewards. Your eligibility for Rewards shall not be reinstated in relation to any specific Mortgage Loan, once you have become ineligible for Rewards in relation to that specific Mortgage Loan. You acknowledge that any such determination by Direct will be final and binding.
PREPAYMENT OF YOUR MORTGAGE LOAN
Paying any amount early or in addition to the monthly amount required for your Mortgage Loan (excluding the Rewards Installment) shall not alter the amount, accelerate, or otherwise change the amount of the Rewards Installment; though it may impact the maximum potential promotional savings. Direct shall have no further obligation to pay any Rewards, whether lump sum or as a Reward Installment, upon your prepayment or repayment of your Mortgage Loan in full.
ACCURACY OF REPRESENTATIONS AND WARRANTIES
Each representation or warranty by the Recipient contained herein or in any other document furnished by the Recipient pursuant to the Rewards Agreement or in connection with the Rewards Agreement is true and correct in all material respects and Direct shall be entitled to rely on them without investigation or inquiry of any kind.
ACKNOWLEDGEMENT AND WAIVER OF RIGHTS
You waive your rights for presentment, demand for payment, protest, notice of demand, dishonor, protest and nonpayment, and all other notices and demands in connection with the delivery, acceptance, performance, default under, and enforcement of the Rewards Agreement.
You waive your rights to assert any statute of limitations as a defense to the enforcement of any or all of the Rewards Agreement to the fullest extent permissible by law.
You waive your rights to require Direct to exercise any other right or power or to pursue any other remedy which Direct may have.
ENFORCEMENT
You will reimburse Direct for any and all expenses Direct incurs enforcing the Rewards Agreement. You authorize Direct to debit the expenses from your Direct Card, and if funds are not available on your Direct Card, agree to reimburse Direct in another method of payment determined acceptable by Direct. Expenses may include reasonable attorneys’ fees, court costs, other costs and disbursements (and fees and disbursements of Direct’s in-house counsel). You will indemnify and hold Direct harmless from any and all claims, damages, liabilities, actions and expenses of every kind arising out of or relating to (i) your default of the Rewards Agreement or (ii) your acts or omissions.
DISCLAIMER; LIMITATION OF LIABILITY
DIRECT CANNOT AND DOES NOT GUARANTEE CONTINUOUS, REAL-TIME UPDATES OF DIRECT HOME REWARDS WITHIN YOUR DIRECT ACCOUNT. INFORMATION, PRODUCTS, AND SERVICES PROVIDED AS PART OF THE DIRECT HOME REWARDS ARE PROVIDED ON AN “AS IS,” “WHERE IS” AND “WHERE AVAILABLE” BASIS. DIRECT IS NOT RESPONSIBLE FOR AND DOES NOT ASSURE THE ACCURACY, CORRECTNESS, OR COMPLETENESS OF ANY STATEMENTS, WARRANTY OR REPRESENTATION OF ANY THIRD-PARTY OR PARTNER INCLUDING DIRECTORS MORTGAGE, INC. EXCEPT AS CONTAINED HEREIN, DIRECT MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND REGARDING THE REWARDS AND DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. TO THE MAXIMUM EXTENT PERMISSIBLE BY LAW, IN NO EVENT SHALL EITHER PARTY BE HELD LIABLE FOR SPECIAL, PUNITIVE, CONSEQUENTIAL OR INCIDENTAL DAMAGES, OR FOR ANY LOST PROFITS OR ANY CLAIM OR DEMAND OF A SIMILAR NATURE OR KIND, EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, DIRECT’S CUMULATIVE LIABILITY TO RECIPIENT ARISING FROM ANY CAUSE OF ACTION, TO INCLUDE TERMINATION IN DIRECT AND/OR DIRECTORS MORTGAGE OF THE REWARDS PROGRAM, WILL AT ALL TIMES BE LIMITED TO THE LESSER OF (A) YOUR ACTUAL LOSS; OR (B) $1,000. THE FOREGOING DISCLAIMERS, EXCLUSIONS AND LIMITATIONS SHALL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EVEN IF ANY REMEDY FAILS ITS ESSENTIAL PURPOSE.
Direct, and its parent, subsidiary, affiliate, franchisees, and related companies, and each of its and their respective officers, directors, employees, shareholders, agents and promotional and advertising agencies, successors, assignees (collectively the “Released Parties”) are not responsible for any printing or computer error, omission, interruption, irregularity, deletion, defect, delay in operations or transmission, theft or destruction or unauthorized access to or alteration of Rewards materials or for technical, network, telephone equipment, electronic, computer, hardware or software malfunctions of any kind, or inaccurate transmission of Rewards information due to technical problems or traffic congestion on the internet, at any web site or any combination thereof. You acknowledge that there may be interruptions in service or events that are beyond Direct’s control.
By participating in the Rewards Agreement, you accept all responsibility for, and hereby release and agree to indemnify and hold harmless the Released Parties from and against any claims, liabilities, damages, or expenses that may arise from actions taken by your participation in and/or breach of the Rewards Agreement, or for any harm or injury caused by any third party.
ERRORS & OMISSIONS
If any delay, omission, error or failure to pay Rewards or to perform any other duties by Direct required by this Agreement is unintentional and caused by misunderstanding or oversight, Direct and/or it’s Insurer, will adjust the situation to what it would have been had the misunderstanding or oversight not occurred, up to a maximum of $1,000. The party first discovering such misunderstanding or oversight, or an act resulting from such misunderstanding or oversight, will notify the other party in writing promptly upon discovery thereof, and the parties shall act to correct such misunderstanding or oversight within sixty (60) calendar days of such other party’s receipt of such notice. However, this Section shall not be construed as a waiver by either party of its right to enforce strictly the terms of this Agreement.
MISCELLANEOUS
This Rewards Agreement is governed by Oregon law, without giving effect to any choice of law or conflict of law rules. You agree that all proceedings arising in connection to the Direct Home Rewards Terms & Conditions shall be litigated only in the state court located in the County of Clackamas, State of Oregon, or the federal courts located in Portland, Oregon, without resort to any form of class action. You waive your objection to that venue.
Each provision of the Rewards Agreement is severable from every other provision of the Rewards Agreement for the purpose of determining the legal enforceability.
No waiver by Direct of any of its rights or remedies is effective unless it is in writing and signed by an authorized officer. No omission by Direct to exercise a right is a waiver or release of any subsequent right or remedy in the same or a similar situation.
The Rewards Agreement is binding on you and Direct. It can only be amended, revised, or updated in electronic record. You may not assign the Rewards Agreement without Direct’s prior consent (which it may withhold). Direct may assign the Rewards Agreement without your consent at any time, for example in any asset sale, and may disclose any information Direct has about you in connection with such an assignment. The Rewards Agreement constitutes the entire agreement between yourself and Direct regarding your participation in the Rewards.
Please note that you should consult with your financial, legal or tax advisors to discuss the impact of the Rewards Agreement and your obligations herein. You are responsible for the payment of all taxes which may result from participation in the Rewards Agreement.
By signing the E-sign Agreement for your Direct Card, you agree to the following. An electronic copy of a document shall be considered as effective as an original. This Rewards Agreement and all amendments or revisions will be delivered to you electronically and you agree to receive and agree to the documentation electronically. At Direct’s option, any information, notice, periodic statement, disclosure, amendment, agreement, revision, or authorization related to this Rewards Agreement (“Communication”), including such Communications required to be written or in writing, may be in the form of an electronic record. Direct may deliver Communications to you by posting the Communication on our website, emailing you the Communication or a link to the Communication, sending you a text or Short Message Service (SMS) notifying you of the Communication, or sending a push notification informing you of the Communication.