StatementReady Terms of Service

Effective date: October 16, 2026 · Version: 0.17

These Terms of Service ("Terms") are an agreement between Varaxon Technologies LLC d/b/a StatementReady ("StatementReady," "we," "us"), and the business that registers for or uses the Service ("Customer," "you"). The individual accepting these Terms represents that they have authority to bind the Customer.

The Data Processing Agreement at statementready.net/dpa ("DPA") and our Privacy Policy at statementready.net/privacy are part of these Terms. If there is a conflict: (1) a signed order form, if any, (2) the DPA as to Borrower Data, (3) these Terms, (4) the Privacy Policy.

1. Acceptance; business use only

1.1 You accept these Terms by ticking the acceptance box at signup. We record which version of these Terms and of the Privacy Policy you accepted, and when.

1.2 The Service is for business use only by mortgage and loan brokers, loan officers, processors, and similar businesses in the United States. You may not use it as a consumer or for personal, family, or household purposes.

1.3 Users you invite act on the Customer's behalf, and the Customer is responsible for them.

2. The Service

2.1 What it does. StatementReady converts bank-statement PDFs into structured data and underwriting worksheets. Features currently include: reading PDFs (text layer first, AI vision for scanned pages); splitting combined PDFs into statements; detecting accounts and statement periods; reconciling each statement to the cent and flagging mismatches for review beside the source page; balance-continuity and missing-month checks; classification of transactions, including own-account transfers, refunds, and returned items, with user overrides; income calculations from 12 or 24 months of eligible deposits with ownership percentage and expense factor; large-deposit flags (relative to qualifying income, with a purchase/refinance setting) and letter-of-explanation request lists; NSF/overdraft counts with configurable thresholds; day-weighted average daily balances, month-end balances, and negative-balance days; XLSX/CSV income worksheet and PDF summary exports; single-loan borrower upload links; and authenticator-app (TOTP) multi-factor authentication.

2.2 Not yet available. Features described as "coming soon" — including reminder emails, branded borrower links, lender-specific worksheet layouts, and the Team plan and seat management — are not part of the Service and are not promised.

2.3 Changes. We may add, change, or remove features. We will not materially reduce core functionality of a paid plan during a paid period without notice.

3. IMPORTANT: StatementReady assists underwriting — it does not replace it

3.1 StatementReady is a tool that assists brokers and their staff in reviewing bank statements. It does not replace underwriting, does not make lending, credit, or eligibility decisions, and does not guarantee that any loan, borrower, or calculation meets the guidelines of any lender, investor, insurer, or agency (including Fannie Mae, Freddie Mac, FHA, VA, or any non-QM program).

3.2 You are responsible for verification. You (and your lenders and underwriters) must independently review and verify every output — including extracted transactions and balances, classifications, eligible-deposit totals, income figures, large-deposit and NSF/overdraft flags, and missing-month results — against the source documents and the applicable program guidelines before relying on it or submitting it to anyone.

3.3 Outputs can be wrong. Extraction uses AI and automated rules and may contain errors or omissions, including in items that are not flagged. A statement that reconciles can still contain misclassified or missing transactions. Thresholds and settings (such as the 50% large-deposit threshold or NSF limits) are configurable aids, not statements of any lender's current requirements, and guidelines change.

3.4 No advice. The Service does not provide legal, compliance, tax, accounting, or credit advice. References to agency guides or lender worksheets are for convenience; we are not affiliated with or endorsed by Fannie Mae, Freddie Mac, or any lender.

4. Accounts and security

4.1 You must give accurate account information, keep credentials confidential, and use multi-factor authentication. Loan data is not shown until a user has completed MFA.

4.2 Organization members are added and removed by us at the account owner's request. The Service does not currently include self-serve seat management (see §2.2).

4.3 Tell us promptly at support@statementready.net if you suspect unauthorized access.

5. Customer responsibilities and acceptable use

5.1 Authority to upload. You represent that you have all rights, notices, consents, and legal authority needed to upload Borrower Data and to have us process it, including under GLBA and Regulation P, and to send upload links to borrowers.

5.2 Your compliance program. You remain responsible for your own information security program under the GLBA Safeguards Rule, including oversight of service providers (16 CFR 314.4(f)), and for your lending, privacy, and record-keeping obligations.

5.3 Inputs. You are responsible for the accuracy of inputs such as qualifying income, ownership percentage, expense factor, loan type, and program.

5.4 Upload links. Each upload link is for one loan file. You choose how long it lasts, from 1 to 7 days (7 by default; never more than 7), and how many uploads it allows, from 1 to 50 (3 by default); an upload that fails doesn't count against that limit. You can revoke a link at any time. You are responsible for sending each link to the correct borrower and revoking links that are no longer needed.

5.5 You will not: (a) use the Service unlawfully or to discriminate unlawfully; (b) upload data you are not authorized to process, or data unrelated to reviewing loan or financing files; (c) upload malware or attempt to breach security or another customer's data; (d) reverse engineer, scrape, or access the Service by automated means except through features we provide; (e) resell, sublicense, or provide the Service to third parties without our written agreement; (f) use the Service to build a competing product; or (g) interfere with the Service's operation.

6. Plans, fees, and billing

6.1 Launch pricing. Paid billing runs on StatementReady's own Stripe account (Varaxon Technologies LLC d/b/a StatementReady; statement descriptor STATEMENTREADY). The connected Varaxon Stripe account is separate and is never used for StatementReady charges.

• Free: your first 2 loan files at no charge. No payment card is required to sign up or to use them.
• Pay-as-you-go: $15 per loan file.
• Solo: 1 seat. Monthly: $49 per month, including 6 loan files per month. Annual: $490 per year, including 72 loan files per year, pooled: you can use them at any time during the annual term, in any months. Additional (overage) loan files are $8 each. The annual pool is 12× the monthly allowance and resets when a new subscription period starts.
• Team: planned, not sold. It isn't offered yet, and nothing in these Terms entitles you to a Team plan.

6.2 What is a "loan file." A "loan file" is one borrower application, including all bank statements uploaded for that application, whatever the number of accounts, pages, or re-runs, within 60 days of the first upload. Statements uploaded for the same application more than 60 days after the first upload count as a new loan file. A co-borrower on the same application doesn't add a loan file. Only an upload can use a loan file (a credit, an included file, or an overage file); re-running checks and editing rows don't.

6.3 Unused allowance. Included loan files don't roll over. The included pool resets when each new subscription period starts (monthly or annual), and unused files from the prior period expire. Only an active subscription can draw on the included pool (see §6.5 for past-due accounts).

6.4 Payment; recurring-payment authorization.

(a) Processor. Payments are processed by Stripe, our third-party payment processor, through checkout pages hosted by Stripe on StatementReady's own Stripe account (legal entity Varaxon Technologies LLC d/b/a StatementReady; statement descriptor STATEMENTREADY). Stripe collects and processes your card and billing details under its own terms and privacy policy. We do not collect or store card numbers, expiry dates, or security codes. We receive only Stripe identifiers, plan, billing interval, subscription status, invoice records and payment status.

(b) When you're charged.

• Pay-as-you-go: each loan file is paid in advance, at checkout ($15). That purchase adds one loan-file credit.
• Solo monthly and Solo annual: the plan fee is charged in advance at checkout, then automatically at the start of each renewal period (monthly or yearly) until you cancel.
• Overage (each loan file beyond your included allowance: $8 on Solo. Team is planned and not sold): charged on your next monthly invoice, not at upload. Each overage loan file is one line at the per-loan price. On an annual Solo plan, the annual fee is charged once a year in advance, and overage is charged monthly on a separate monthly invoice.
• Re-run checks and edits don't use a loan file; only an upload does (§6.2).

(c) Recurring-payment authorization. When you subscribe, you authorize us, through Stripe, to charge your payment method: (i) the plan fee at the start of each renewal period (monthly or yearly) until your cancellation takes effect; and (ii) any overage on monthly invoices under §6.4(b), including on annual plans. The amounts and frequency are shown at checkout.

(d) Cancellation. You may cancel a monthly or annual subscription at any time with Cancel at period end in the app, or in the Stripe Customer Portal linked from the app.

• Cancellation takes effect at the end of your current billing period (the month, or the annual term). Your access, including your included loan files, continues until then. Your subscription won't renew, and we won't charge the plan fee again.
• No automatic refunds and no prorated refunds. Fees already paid, including the annual fee, aren't refunded for the unused part of the period, except as required by law (§6.5).

(e) Plan changes and price changes take effect at the next renewal (§6.5).

6.5 Taxes, refunds, failed payments, price changes.

• Taxes: fees exclude taxes, and you're responsible for any applicable sales, use or similar taxes. We do not currently calculate or collect sales tax through Stripe Tax.
• Refunds: there are no automatic refunds and no prorated refunds on cancellation (§6.4(d)), except as required by law.
• Failed payments (past due): if a subscription payment fails or needs extra authentication, your subscription becomes past due. While past due:
• included loan files are not used for a new loan;
• you can start a new loan file with a remaining free loan or a pay-as-you-go credit;
• otherwise, new loan files are blocked until payment succeeds;
• your existing loan files stay available: you can still open, review and export them.

The Service doesn't retry the charge itself; any retries are made by Stripe under its settings.

• Price changes: we will give 30 days' notice of price changes, effective at your next renewal.

6.6 Promotions. Design-partner discounts and referral rewards are governed by separate written terms, not these Terms.

7. Customer Data and Borrower Data

7.1 Ownership. As between the parties, you own all data you or your borrowers submit to the Service and all outputs generated from it ("Customer Data," which includes "Borrower Data" — bank statements and the personal and financial information in or derived from them).

7.2 Our limited license. You grant us a limited license to host, copy, transmit, and process Customer Data only to provide, secure, and support the Service for you, as described in the DPA, and as required by law.

7.3 Service-provider role. For Borrower Data, you are the financial institution and we act as your service provider. We process Borrower Data only on your documented instructions, under the DPA.

7.4 No training; no secondary use. We do not sell Customer Data, use it for advertising, or use Borrower Data to train AI models. Our AI provider is bound by the same restriction: Anthropic's Commercial Terms of Service state: *"Anthropic may not train models on Customer Content from Services,"* where Customer Content means Inputs and Outputs (§B "Customer Content," version effective June 17, 2025, https://www.anthropic.com/legal/commercial-terms, checked 2026-10-15). Retention by the AI provider. We use Anthropic's standard API retention, without a zero-data-retention arrangement. Anthropic states that it automatically deletes API inputs and outputs within 30 days of receipt or generation. The exceptions are: longer retention needed to enforce its Usage Policy (content flagged as a violation can be kept up to 2 years, and classification scores up to 7 years), legal requirements, and services with longer retention under the customer's control (which we don't use) (Anthropic Privacy Center, "How long do you store my organization's data?", article dated July 1, 2026, https://privacy.claude.com/en/articles/7996866-how-long-do-you-store-my-organization-s-data, checked 2026-10-15.) The Privacy Policy §4 has the full disclosure.

7.5 Retention and deletion. By default, 30 days after a loan file is opened (created), not after upload, we purge it. The source PDFs and the statements and transactions extracted from them are deleted, account-holder names are cleared, and the borrower name is replaced with a purged marker. The loan file record and the loan inputs you entered (such as qualifying income) remain until you delete the loan file. You can purge earlier, change the purge date, or delete the loan file entirely at any time. Worksheets and exports are generated when you open or download them and are not stored by us as separate files. Other retention periods are in the Privacy Policy and DPA: waitlist entries 365 days, audit logs 1 year, billing records 7 years for tax purposes. You are responsible for exporting anything you need to keep before it is purged or deleted.

7.6 Usage data. We may collect usage data that contains no personal information (for example, feature usage counts) to operate and improve the Service.

8. Security

8.1 We maintain administrative, technical, and physical safeguards for Customer Data under a written information security program, as described in the DPA. The Service is designed to support your Safeguards Rule obligations for service providers.

8.2 Security incidents. If we confirm a Security Incident (as defined in the DPA) affecting your Customer Data, we will notify you without undue delay and in any event within 72 hours after becoming aware of it, and we will cooperate as described in the DPA.

9. Third-party services

The Service relies on third-party providers (listed in the Privacy Policy and DPA). Links to third-party sites, agency guides, and lender calculators are for convenience; we are not responsible for them.

10. Intellectual property and feedback

10.1 We own the Service, its software, templates, worksheet formats, and documentation. Subject to these Terms, we grant you a non-exclusive, non-transferable right to use the Service for your internal business during your subscription, and to use, copy, and share exports in your business (including with lenders and borrowers).

10.2 If you give us feedback or suggestions, we may use them without obligation to you.

11. Confidentiality

Each party will protect the other's non-public information disclosed under these Terms with reasonable care and use it only to perform under these Terms. Borrower Data is also protected by the DPA, which controls if stricter.

12. Warranties and disclaimers

12.1 We will provide the Service in a professional manner consistent with these Terms.

12.2 EXCEPT AS EXPRESSLY STATED, THE SERVICE AND ALL OUTPUTS ARE PROVIDED "AS IS" AND "AS AVAILABLE." WE DISCLAIM ALL IMPLIED WARRANTIES, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, AND NON-INFRINGEMENT. WE DO NOT WARRANT THAT OUTPUTS ARE ERROR-FREE, COMPLETE, OR COMPLIANT WITH ANY LENDER OR AGENCY GUIDELINE, OR THAT THE SERVICE WILL BE UNINTERRUPTED. (See Section 3.)

13. Limitation of liability

13.1 Neither party is liable for indirect, incidental, special, consequential, or punitive damages, or lost profits, revenue, or data, or for any lending or credit decision, loan outcome, or repurchase demand.

13.2 Each party's total liability is limited to the fees you paid us in the 12 months before the claim.

14. Indemnification

14.1 By you: claims arising from Customer Data you upload without proper authority, your use of outputs (including lending decisions), your violation of law or Section 5.

14.2 By us: third-party claims that the Service infringes their intellectual property.

15. Term, suspension, and termination

15.1 These Terms apply while you use the Service. Paid plans renew automatically for successive periods unless canceled before renewal; you can cancel at any time effective at the end of the current period (§6.4(d)).

15.2 We may suspend access immediately for security risks, non-payment, or violation of Section 5, and will tell you why where practical.

15.3 Either party may terminate for material breach not cured within 30 days of notice.

15.4 On termination: you may export Customer Data for 30 days; after that we delete Customer Data as described in the DPA. Backup copies expire within 7 days. Sections 3, 7.1, 10–14, 15.4, and 16 survive.

16. General

16.1 Governing law and venue: these Terms are governed by the laws of the State of North Carolina, without regard to its conflict-of-laws rules. Exclusive venue is the state or federal courts located in Wake County, North Carolina.

16.2 Changes to these Terms: we may update these Terms with 30 days' notice by email or in-app for material changes. When a new version takes effect, you must accept it in the app before you can open loan files. If you don't accept, you may stop using the Service and export your data under §15.4.

16.3 Assignment: you may not assign without our consent, except to a successor of your business; we may assign in a merger or sale.

16.4 Notices: to us at support@statementready.net and 5372 Washington Street, Camp Lejeune, NC 28547; to you at your account email.

16.5 Force majeure, severability, no waiver, independent contractors, entire agreement.

Contact: Varaxon Technologies LLC d/b/a StatementReady · 5372 Washington Street, Camp Lejeune, NC 28547 · support@statementready.net