Gravy Rewards Terms

Gravy Rewards, Terms and Conditions
‍Last Revised: November 30, 2023

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These Gravy Rewards Terms and Conditions are incorporated into and made part of the TERMS AND CONDITIONS (Including a Mandatory Arbitration and Class Action/Jury Trial Waivers Clause) found at gravy.co/legal (“Terms and Conditions”).  These Gravy Rewards Terms and Conditions are governed by all provisions of the Terms and Conditions, which includes application of the Mandatory Arbitration and Class Action/Jury Trial Waivers Clause.  The definitions used in the Terms and Conditions also apply here.

a. Earning Gravy Rewards
By signing up as a Gravy accountholder, you will automatically be registered to earn Gravy Rewards, the name of which may be modified from time to time, over time by engaging with the App and Website (“Gravy Rewards”). Gravy may, in its sole discretion, determine the amount of Gravy Rewards to provide for each rewards-earning activity offered through the App and on the Website.  Gravy Rewards associated with your account will display in the App and may be displayed on the Website. The total amount of Gravy Rewards that may be earned for each rewards-earning activity will be disclosed to you via the App and on the Website before or at the time you will be able to engage in such activity to earn Gravy Rewards.  Gravy Rewards will be displayed within three business days of completion of a rewards-earning activity. Gravy Rewards are not redeemable for cash. Gravy Rewards have no monetary value outside of Gravy and the mortgage lenders within its Gravy Lender Network (“Mortgage Lender”). Gravy Rewards may not be transferred. We have the right to change the earning structure of Gravy Rewards at any time without notice, including but not limited to the modification, limitation or discontinuation of methods of participation.  Users should periodically check the Gravy Rewards Terms and Conditions for updates to the rewards program, including but not limited to eligible reward-earning activities. Gravy Rewards are represented in US currency value, in a 1:1 ratio (i.e. 100 Gravy Rewards is displayed as $100 Gravy Rewards).  Gravy rewards do not expire; however, there may be certain limitations on use, as described below in section b. Gravy Rewards may be discontinued without notice at any time, consistent with provisions in the Disclaimer of Warranties section in the Terms and Conditions.  Any accrued rewards after discontinuance may, but are not required to, be redeemed by Mortgage Lender.

These activities are currently eligible for Gravy Rewards points:

i. Gravy Account Creation
As a Gravy accountholder, you may be eligible to enroll in various accounts with Synapse and their Partner Financial Institution(s), as described in section 5 of the Terms and Conditions.  By opening a banking account with Synapse and their Partner Financial Institution(s), and providing other information as requested during the set up process for such account, you will be eligible to earn Gravy Rewards.
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ii. Rent Rewards
As a Gravy accountholder, you may earn Gravy Rewards for paying your rent on time. This feature requires you to provide us with your lease information, including but not limited to, your rent amount, lease ending date, and physical address. Gravy Rent Rewards are self-verified. You acknowledge that the rent you report is true and accurate to the best of your knowledge and that you, as an accountholder, are making those rent payments. To the extent that Gravy works with a third party to verify rent payments, Gravy will provide you with Gravy Rewards for on-time rental payments, as determined via Gravy’s third-party service provider (rather than your own, independent verification). If there is a dispute regarding whether or not a rental payment is made on time, Gravy’s determination via its third-party service provider will prevail and you will have no recourse against Gravy. Any errors as to your on-time rental payment must be addressed directly with your financial institution. Gravy may, but is under no obligation, to credit Gravy Rewards to your account if a dispute is resolved and your rental payment was made on-time.

Gravy is a third party and is not associated with your landlord or property manager, rental pricing, or any rent payment fees. If you have any questions regarding your lease, please contact your landlord or property manager directly.

a. Gravy+
Gravy+ members earn 2x Gravy Rewards for completing eligible Rent Rewards activities, as outlined above. To be eligible for Gravy+, enrollment and a participating fee will be required.  Additional information can be found here.

iii. Educational Content
As a Gravy accountholder, you may earn Gravy Rewards for reviewing educational content available on the App or Website. While Gravy works diligently to verify the accuracy, integrity, and legality of the content provided via the App and on the Website, it makes no guarantees nor provides any express or implied warranties that the content is accurate, up-to-date, consistent with applicable law, or tailored to your specific financial circumstances. You have the responsibility to evaluate educational content as is relates to your own personal financial situation and we recommend you consult with a local realtor, mortgage lender, and/or lawyer.

iv. Refer a Friend
You have the option to refer Gravy to your friends. You may refer a friend by inviting friends from your contact list or by providing your friends with a unique referral code. For every referred user that creates an account with Gravy, you will receive Gravy Rewards, cash deposited into your Gravy Savings Account, or a retail gift card, at Gravy’s sole discretion. Gravy has the right to modify, limit, or discontinue the Refer a Friend feature at any time.

v. Other
Gravy may, from time to time and at its own discretion, add other methods of earning Gravy Rewards to the App and Website.  Rewards-earning activities will be denoted in the App and on the Website, for participants’ convenience.  When necessary, Gravy will use all commercially reasonable means to communicate significant changes to rewards-earning activities to Gravy Rewards members.
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b. Redeeming Gravy Rewards
Gravy Rewards are only redeemable by first-time homebuyers with Mortgage Lenders at the time of closing on a home mortgage loan and may only be used toward Closing Costs or, if permitted by Mortgage Lender, to “buy points” off the interest rate – redemption of such rewards may also be referred to as “Closing Cash.” “Closing Costs” means the costs required by Mortgage Lender to close a mortgage loan, as documented on page 2 of the Closing Disclosure (which will be provided by Mortgage Lender in advance of closing, consistent with 12 C.F.R. § 1026.38, as may be amended from time to time), sections A through C (and totaled in Section D), and any costs documented on page 2, section H of the Closing Disclosure which are required by Mortgage Lender. Closing Costs do not include your down payment. Closing Costs are limited to Borrower-Paid Closing Costs, as designated on the Closing Disclosure. Closing Costs may further be limited by any definition of closing costs applicable to your mortgage loan imposed on Mortgage Lender by an investor, or by the Federal or a State Government for a loan insured or guaranteed thereby, including but not limited to loans sold to FNMA or Freddie Mac, VA loans, or FHA loans. The amount of Gravy Rewards that may be redeemed may be subject to additional limitations required or otherwise set by each Mortgage Lender.  Gravy  does not have control over the Mortgage Lender’s own requirements.  Gravy Rewards participants are responsible for checking with their Mortgage Lenders to determine what limitations may be in place.

The redemption of Gravy Rewards, in full or in part, will be recognized by way of a lender credit, provided exclusively by Mortgage Lender, and reflected in Section J of the Closing Disclosure as a “Lender Credit.”  Total Lender Credit eligibility (i.e. the total Lender Credit that may be offered) may vary from Mortgage Lender to Mortgage Lender.  Not all Mortgage Lenders may offer redemption of the entire amount of your Gravy Rewards.  On the other hand, some Mortgage Lenders, in their sole discretion, may offer additional lender credits (over and above your Gravy Rewards), in which case the Lender Credit would be in excess of your Gravy Rewards.  Accordingly, the Lender Credit may or may not equal the total amount of Gravy Rewards and could, in certain cases, be as low as $0 or more than your total Gravy Rewards. The amount of the Lender Credit may be affected by several factors including, but not limited to, the amount of Closing Costs, as defined above, the purchase of “points” off the interest rate, the amount of the loan, or Mortgage Lender’s provision of additional lender credits over and above the total amount of Gravy Rewards.  In no circumstance will Gravy be responsible or liable for a Mortgage Lender’s failure to recognize your Gravy Rewards in full.

If one or more Gravy customers are co-borrowers on a mortgage loan through Mortgage Lender, Mortgage Lender is only required to convert the Gravy Rewards points from the user with the highest Gravy Rewards point total. Mortgage Lender may, in its sole discretion, honor Gravy Rewards points from more than one Gravy customer, but Mortgage Lender is under no obligation to do so. Gravy plays no role in this determination.

You will be eligible to continue earning Gravy Rewards points between the time you apply for a mortgage loan with Mortgage Lender and the time of closing. However, Mortgage Lender has sole discretion as to when to set the amount of Gravy Rewards points that will be recognized in the mortgage loan transaction (i.e. Mortgage Lender can identify Gravy Rewards points at application and refuse to recognize any Gravy Rewards points post-application; alternatively, Mortgage Lender can choose to recognize the amount of Gravy Rewards points within a certain number of days of closing). Gravy plays no role in this determination.

Gravy plays no role in, and assumes no liability for, determining the amount of Gravy Rewards points that may actually be redeemed by Mortgage Lender. Gravy plays no role determining your eligibility for a mortgage loan – determination of your eligibility for a mortgage loan is a determination made in Mortgage Lender’s sole discretion. We do not warrant or make any representation that you will qualify for a mortgage loan by using our Services. You recognize, by agreeing to these Terms and Conditions and opening a Gravy account, that Gravy bears no responsibility or liability for the acts of Mortgage Lender, disclosures provided to you by Mortgage Lender, terms or servicing of your mortgage loan, and payments and collections of your mortgage loan.

You are responsible for notifying Mortgage Lender that you have Gravy Rewards; Gravy and Mortgage Lender disclaim all responsibility for, respectively, advising and becoming aware of such information. You agree, consistent with Gravy’s Privacy Policy found at gravy.co/privacy, that Gravy may provide Mortgage Lender with evidence of your Gravy Rewards points and, in doing so, may share that you are Gravy’s customer, along with your name, contact information, and other details that may assist Mortgage Lender in better servicing you including, but not limited to, the location you intend to purchase your home, target home price range, timeline for purchase, the amount of money you have saved, and your credit score.  Alternatively, Mortgage Lender may choose to rely on a Gravy Rewards point total provided by you directly from the Gravy App; however, in this case, Gravy makes no representation or warranty of any kind, to you or to Mortgage Lender, that the information you provided and Mortgage Lender relied upon is accurate. You assume full responsibility for Gravy Rewards data shared with Mortgage Lender and not independently verified and certified to by Gravy.

By your agreement to the Terms, you understand and acknowledge that Mortgage Lender and Gravy have exchanged no fee, kickback, or other thing of value pursuant to this Agreement for Gravy’s referral of your business to Mortgage Lender. You also acknowledge that when you seek a mortgage loan from Mortgage Lender, and Mortgage Lender redeems Gravy Rewards points for a Lender Credit, neither Mortgage Lender nor Gravy gives or receives anything of value, other than the fact that Mortgage Lender receives your business.

You understand that you are not under any obligation to use a Mortgage Lender; however, except as otherwise stated herein, using a Mortgage Lender is the only mechanism to redeem your Gravy Rewards.  If you have Gravy Rewards remaining in your account after you purchase a home, those Gravy Rewards may not be transferred and may not be redeemed for cash.  You acknowledge that Mortgage Lender may only offer certain loan types and you may not be eligible for some or all loan types. Gravy has no discretion in the types of mortgage loans that Mortgage Lender may offer to you and plays no role in any determination as to which mortgage loans you are eligible for; accordingly, Gravy makes no express or implied warranties with respect to mortgage loan types and disclaims all liability thereto appertaining. You understand that the Gravy Rewards  redeemable with Mortgage Lender (aka “Closing Cash”) is independent of, and in addition to, the  Homebuyer Bonus described in the Gravy Terms and Conditions – together, however, the Gravy  Rewards redeemable with Mortgage Lender (aka “Closing Cash”) and the Homebuyer Bonus may be referred to as “cash-back.”