TERMS OF SERVICE
Terms of Service
Last Updated: October 5, 2026
These Terms of Service ("Terms") govern your access to and use of products and services provided by VIVID INVESTS LLC, doing business as MFA Underwriting ("MFA," "we," "us," or "our").
These Terms apply to the MFA Underwriting website, MFA Excel-based underwriting products, the MFA Excel Add-In, the MFA AI Companion, training and educational products, subscriptions, digital content, and other related products and services offered by MFA.
By purchasing, accessing, downloading, installing, or using an MFA product or service, you agree to these Terms.
If you do not agree to these Terms, do not use MFA products or services.
1. MFA Products and Services
MFA provides software, Excel-based underwriting models, analytical tools, artificial intelligence-assisted functionality, educational content, training, and related resources designed primarily for multifamily real estate underwriting and analysis.
MFA products and services may include:
MFA-ADVANCED
MFA-LITE
MFA-FREE
MFA Excel Add-In
MFA AI Companion
Underwriting tools and worksheets
Training videos and educational materials
Live or recorded training programs
Cohorts, workshops, and courses
Other products and services offered by MFA
Specific features, functionality, pricing, and availability may vary by product.
2. MFA Excel Products
MFA-ADVANCED, MFA-LITE, MFA-FREE, and certain other MFA products are provided as Microsoft Excel-based underwriting tools.
These products are designed to assist users in organizing, calculating, analyzing, and evaluating multifamily real estate opportunities.
Users are responsible for providing accurate assumptions, financial information, property information, financing assumptions, operating information, and other inputs used within the models.
MFA does not independently verify information entered into an underwriting model.
3. MFA-ADVANCED Lifetime Access
Unless otherwise expressly stated at the time of purchase, MFA-ADVANCED is offered as a one-time purchase with lifetime access rather than as a recurring subscription.
Lifetime access means:
No recurring subscription fee is required to maintain the purchased MFA-ADVANCED license;
No annual renewal payment is required for the purchased MFA-ADVANCED license; and
The user will receive future updates released by MFA as part of the MFA-ADVANCED product for as long as MFA continues to offer and maintain MFA-ADVANCED.
Lifetime access applies to MFA-ADVANCED itself and does not automatically include separately priced products or services that MFA may introduce.
In particular, lifetime access to MFA-ADVANCED does not include a subscription to the MFA AI Companion unless specifically stated as part of an offer.
MFA may introduce new products, services, integrations, artificial intelligence services, or other functionality that requires a separate purchase or subscription.
4. Software License
MFA grants the purchaser a limited, non-exclusive, non-transferable license to use the applicable MFA software, workbook, Add-In, or other product according to the terms of the license purchased.
Purchasing an MFA product does not transfer ownership of MFA's software, formulas, programming, macros, methodologies, designs, documentation, prompts, training materials, or intellectual property.
Unless MFA provides written permission, you may not:
Resell or redistribute MFA products;
Upload MFA products to public file-sharing systems;
Provide MFA products to unauthorized users;
Copy or reproduce MFA products for commercial redistribution;
Remove copyright, branding, licensing, or ownership notices;
Circumvent licensing, authentication, or access controls;
Reverse engineer or attempt to extract proprietary source code, prompts, workflows, or protected intellectual property;
Use MFA products to create or distribute a competing commercial product based substantially on MFA's proprietary work; or
Sell access to MFA products or services to third parties without authorization.
You may create, save, modify, and use individual underwriting files based on MFA products for your own legitimate business, investment, employment, consulting, or professional activities, subject to your applicable license.
5. MFA Excel Add-In
The MFA Excel Add-In provides additional functionality within Microsoft Excel and may be required to access certain MFA features.
The Add-In may perform functions including:
Account authentication;
Product licensing;
Product downloads;
Access validation;
Feature management;
AI Companion access;
Usage tracking;
Technical support;
Product updates; and
Other functionality made available by MFA.
Use of the Add-In may require an internet connection and a supported version of Microsoft Excel.
MFA does not guarantee compatibility with every version of Microsoft Excel, operating system, device, or third-party software environment.
6. MFA AI Companion
The MFA AI Companion is a separately provided artificial intelligence-assisted service designed to help users work with MFA-ADVANCED and perform multifamily underwriting-related tasks.
AI Companion functionality may include:
Importing and analyzing T12 operating statements;
Importing and analyzing rent rolls;
Reviewing offering memorandums ("OMs");
Extracting and organizing underwriting information;
Mapping information into MFA-ADVANCED;
Reviewing underwriting assumptions and outputs;
Identifying inconsistencies or areas requiring further review;
Providing observations regarding a property's financial and operating performance;
Summarizing deal information; and
Providing other underwriting-related assistance.
The AI Companion is intended to assist the user. It does not replace the user's own analysis, judgment, verification, or due diligence.
7. MFA-ADVANCED Requirement for AI Companion
The MFA AI Companion is designed to operate with MFA-ADVANCED.
A valid MFA-ADVANCED license is required to use the MFA AI Companion unless MFA expressly provides otherwise.
Use of the AI Companion may also require:
The MFA Excel Add-In;
A supported version of MFA-ADVANCED;
A supported version of Microsoft Excel;
Internet access; and
An active AI Companion subscription or other authorized AI Companion access.
Ownership of MFA-ADVANCED does not by itself provide free or permanent access to the MFA AI Companion.
8. AI Companion 30-Day Trial
MFA may offer eligible users a 30-day trial of the MFA AI Companion.
Unless otherwise expressly stated in the offer:
The trial lasts 30 days;
A valid payment method may be required to begin the trial;
No AI Companion subscription charge is assessed during the trial period;
The trial automatically converts to a paid subscription at the end of the 30-day trial unless canceled before the trial expires; and
The payment method on file will be charged $49 per month beginning when the 30-day trial ends.
By beginning the trial, you authorize MFA and its payment processor to charge the payment method provided when the trial converts to a paid subscription, unless you cancel before the trial expires.
You may cancel during the trial period to prevent the first recurring subscription charge.
Trial eligibility may be limited to one trial per customer, account, business, payment method, or other reasonable identifier.
MFA may modify or discontinue trial offers prospectively.
9. AI Companion Subscription and Automatic Renewal
Following the trial period, the MFA AI Companion subscription is currently $49 per month, unless a different price is clearly disclosed when you subscribe.
The subscription automatically renews each month until canceled.
By subscribing, you authorize MFA and its payment provider to automatically charge the applicable recurring subscription fee to the payment method on file at each monthly renewal.
You are responsible for maintaining a valid payment method.
If payment cannot be processed, MFA may suspend or restrict AI Companion access until payment is successfully completed.
MFA may change subscription pricing in the future. Any price change affecting an existing subscription will be communicated in advance as required by applicable law.
10. Canceling the AI Companion
You may cancel the MFA AI Companion subscription at any time.
Cancellation may be completed using the online subscription cancellation method made available by MFA, through your applicable account or subscription-management interface, or through another online cancellation method provided by MFA.
Cancellation stops future recurring charges.
Unless otherwise stated at the time of cancellation, you may continue using the AI Companion through the end of the period for which you have already paid.
If you cancel during a free trial before the trial expires, you will not be charged the first monthly subscription payment.
Canceling the AI Companion does not cancel, revoke, or otherwise affect a separately purchased lifetime MFA-ADVANCED license.
11. Refund Policy
Because MFA products include downloadable digital products, software, immediate account access, training materials, and other digital content, purchases are generally non-refundable once access has been provided, except where a refund is required by law or where MFA expressly provides a different refund policy as part of a specific offer.
MFA-ADVANCED, MFA-LITE, Courses, and Other Digital Products
One-time purchases of downloadable MFA products, software licenses, courses, recordings, and similar digital products are generally final once access or delivery has been provided.
MFA AI Companion
The 30-day trial gives users an opportunity to evaluate the AI Companion before the paid subscription begins.
Once a monthly AI Companion subscription charge has been processed, that charge is generally non-refundable.
Canceling prevents future renewal charges but does not ordinarily generate a prorated refund for a billing period that has already begun.
Nothing in this section limits any refund or cancellation right required by applicable law.
12. Founder and Promotional Plans
MFA may offer Founder pricing, early-access pricing, promotional plans, beta access, discounted subscriptions, or other special offers.
The specific pricing and benefits associated with such an offer will be described when the offer is made.
Unless expressly stated otherwise, promotional or Founder access:
Is personal to the eligible account holder;
May not be transferred or resold;
Remains subject to these Terms;
Remains subject to reasonable usage and fair-use requirements; and
Does not create ownership rights in the underlying AI technology, APIs, prompts, software, or services.
Any specific Founder pricing commitment or benefit expressly provided at enrollment will be governed by the terms of that offer.
13. AI Companion Fair Use
AI Companion plans, including Founder or promotional plans, are intended for normal individual multifamily underwriting use.
References to "unlimited" use, where applicable, do not mean unrestricted, automated, abusive, or commercially redistributable API usage.
Reasonable fair use includes ordinary use of the AI Companion to analyze deals, import underwriting information, review MFA models, and perform other supported underwriting activities.
Examples of activity that may fall outside reasonable fair use include:
Automated or scripted high-volume usage;
Sharing an account among unrelated users;
Reselling AI Companion access;
Using the service as an API or processing service for third parties without authorization;
Deliberately generating excessive or unnecessary processing activity;
Attempting to bypass technical or usage safeguards;
Using MFA infrastructure to operate another commercial AI service;
Activity that creates an unusual or disproportionate burden on MFA or its third-party service providers; or
Any fraudulent, unlawful, abusive, or malicious activity.
MFA may apply reasonable safeguards, rate limits, temporary restrictions, or other measures if usage materially exceeds normal individual underwriting use or threatens service availability, security, or cost sustainability.
MFA will apply fair-use restrictions reasonably and in good faith.
14. AI Output May Be Inaccurate
Artificial intelligence systems are probabilistic and can make mistakes.
The MFA AI Companion may:
Misinterpret information;
Extract information incorrectly;
Omit information;
Place information in an incorrect location;
Produce inaccurate calculations or summaries;
Make incorrect assumptions;
Misunderstand document formatting;
Provide incomplete analysis;
Generate statements that sound plausible but are incorrect; or
Fail to identify important information.
You are responsible for reviewing and verifying all AI Companion outputs.
You should compare imported information against the original T12, rent roll, offering memorandum, financial statement, underwriting model, or other source document before relying on it.
You should also independently verify material underwriting assumptions, calculations, conclusions, and investment decisions.
15. Not Investment Advice
MFA products and services are tools for analysis and education.
Neither MFA nor the MFA AI Companion provides personalized investment advice or acts as an investment adviser, broker-dealer, securities broker, attorney, accountant, tax adviser, appraiser, lender, insurance adviser, or other licensed professional.
Information provided through MFA products and services does not constitute:
Investment advice;
A recommendation to purchase or sell a property or security;
Legal advice;
Tax advice;
Accounting advice;
Lending advice;
Insurance advice;
Brokerage advice;
An appraisal or valuation opinion; or
A guarantee of investment performance.
MFA does not recommend whether you should acquire, sell, finance, refinance, renovate, operate, syndicate, or invest in any particular property.
All investment decisions are your responsibility.
You should consult appropriately qualified professionals when professional advice is required.
16. User Responsibility for Underwriting
Multifamily underwriting involves assumptions about future events that cannot be known with certainty.
These may include:
Future rents;
Occupancy;
Concessions;
Bad debt;
Operating expenses;
Capital expenditures;
Renovation costs;
Interest rates;
Loan terms;
Property taxes;
Insurance costs;
Market conditions;
Capitalization rates;
Sale prices;
Investment hold periods; and
Other financial and operating assumptions.
Actual results may differ materially from modeled results.
MFA does not guarantee that an investment analyzed using an MFA product will achieve any projected return, cash flow, valuation, IRR, equity multiple, cash-on-cash return, or other financial result.
You are solely responsible for determining whether the information, assumptions, and outputs used in your underwriting are appropriate.
17. User-Submitted Documents and Data
You retain ownership of documents, underwriting information, and deal information that you submit through MFA products and services.
By using a feature that requires external processing, including an AI Companion feature, you authorize MFA and its service providers to process the information as reasonably necessary to provide the requested service.
You represent that you have the right and authority to submit the information and documents you provide.
You should not submit sensitive personal information that is unnecessary for multifamily underwriting, including Social Security numbers, personal bank account information, passwords, authentication credentials, or similar highly sensitive information.
MFA's collection, processing, and handling of information is further described in the MFA Privacy Policy:
https://mfaunderwriting.com/privacy-policy
18. Third-Party Artificial Intelligence Services
The MFA AI Companion currently uses artificial intelligence technology provided by Anthropic, including Claude.
MFA may rely on third-party artificial intelligence providers, infrastructure providers, data processors, and other technology companies to provide AI Companion functionality.
Third-party services may experience:
Errors;
Outages;
Changes in functionality;
Processing delays;
Usage restrictions;
Model changes; or
Service interruptions.
MFA does not control all aspects of third-party systems and cannot guarantee uninterrupted availability of those systems.
MFA may modify, replace, add, or discontinue third-party technology providers when reasonably necessary to operate or improve its services.
Data processing associated with such services will be handled according to the MFA Privacy Policy and applicable law.
19. Microsoft and Other Third-Party Software
MFA Excel products operate using Microsoft Excel and may depend upon Microsoft software, services, APIs, or platform functionality.
Microsoft is an independent third party.
MFA does not control Microsoft's products, licensing requirements, software updates, security settings, compatibility decisions, or service availability.
Changes made by Microsoft or other third-party providers may affect MFA functionality.
MFA will make reasonable efforts to maintain supported functionality but does not guarantee compatibility with every third-party software version indefinitely.
20. Accounts and Security
Certain MFA products or services may require an account.
You are responsible for:
Providing accurate account information;
Maintaining the confidentiality of your login credentials;
Protecting access to your account;
Maintaining appropriate security on your devices; and
Notifying MFA if you believe your account has been compromised.
You may not use another person's account without authorization or allow unauthorized individuals to access your account.
You are responsible for activity occurring through your account unless caused by MFA's own security failure.
21. Acceptable Use
You agree not to use MFA products or services to:
Violate applicable law;
Commit fraud;
Infringe intellectual property rights;
Introduce malware or malicious code;
Attempt unauthorized access to MFA systems;
Disrupt or interfere with MFA services;
Circumvent access, licensing, subscription, or security controls;
Abuse third-party services used by MFA;
Harvest or scrape MFA content through automated means without authorization;
Reverse engineer protected MFA technology except where such restriction is prohibited by law; or
Use MFA services in a manner reasonably likely to harm MFA, its users, or its service providers.
22. Intellectual Property
MFA and its licensors retain all rights, title, and interest in MFA products and intellectual property, including:
Excel models;
Formulas;
Macros;
Visual designs;
Underwriting methodologies;
Worksheets;
Software;
Add-In functionality;
AI prompts;
AI skills;
Workflows;
Documentation;
Training materials;
Videos;
Written content;
Branding;
Trademarks; and
Other proprietary materials.
Except for the limited license expressly granted under these Terms, no intellectual property rights are transferred to you.
23. Training and Educational Content
MFA may provide courses, cohorts, training videos, webinars, workshops, examples, case studies, and other educational content.
Educational examples may use hypothetical or historical assumptions and are provided for instructional purposes.
Participation in an MFA training program does not create an advisory, fiduciary, brokerage, partnership, employment, or investment-management relationship between MFA and the participant.
Recordings, course materials, worksheets, presentations, and similar educational materials remain MFA intellectual property unless expressly stated otherwise.
24. Service Updates and Modifications
MFA continually develops its products.
We may update, modify, redesign, add, remove, replace, or discontinue features when reasonably necessary to:
Improve functionality;
Address technical problems;
Improve security;
Respond to changes in third-party services;
Manage operating costs;
Comply with legal requirements; or
Improve the user experience.
MFA does not guarantee that every feature will remain unchanged indefinitely.
Material changes affecting paid subscription services will be handled in accordance with applicable law and any specific commitments made as part of the applicable offer.
25. Suspension and Termination
MFA may suspend or terminate access to a product or service if a user:
Materially violates these Terms;
Engages in fraudulent or unlawful activity;
Shares or redistributes MFA products without authorization;
Attempts to circumvent licensing or access restrictions;
Abuses MFA or third-party systems;
Fails to pay applicable subscription charges; or
Creates a material security or operational risk.
Where reasonable, MFA may provide notice and an opportunity to resolve a violation before terminating access.
MFA may immediately restrict access when reasonably necessary to address fraud, security threats, malicious activity, or serious abuse.
Termination of an AI Companion subscription does not terminate a separately purchased MFA-ADVANCED lifetime license unless the MFA-ADVANCED license itself was obtained or used in violation of these Terms.
26. Disclaimer of Warranties
To the fullest extent permitted by law, MFA products and services are provided on an "as is" and "as available" basis.
MFA makes no guarantee that:
Products will be error-free;
Calculations will always be correct;
AI-generated outputs will always be accurate;
Services will be continuously available;
Every document format will process successfully;
Every third-party integration will remain available;
Investment results will match modeled results; or
MFA products will meet every user's particular requirements.
Nothing in these Terms excludes warranties or rights that cannot legally be excluded.
27. Limitation of Liability
To the fullest extent permitted by applicable law, MFA, VIVID INVESTS LLC, and their owners, employees, contractors, affiliates, and service providers will not be liable for indirect, incidental, special, consequential, exemplary, or punitive damages arising from or relating to the use of MFA products or services.
This includes, without limitation, losses arising from:
Investment decisions;
Property acquisitions;
Property sales;
Financing decisions;
Lost investment returns;
Lost profits;
Business interruption;
Inaccurate underwriting assumptions;
Errors in source documents;
Spreadsheet errors;
AI-generated errors or omissions;
Third-party service failures;
Data loss; or
Reliance on analyses or outputs generated using MFA.
To the fullest extent permitted by law, MFA's total aggregate liability relating to a claim will not exceed the amount you paid to MFA for the specific product or service giving rise to the claim during the 12 months preceding the event giving rise to the claim or, for a one-time purchased product, the amount paid for that product.
Some jurisdictions do not allow certain exclusions or limitations of liability, so portions of this section may not apply to you.
28. Indemnification
To the extent permitted by law, you agree to indemnify and hold harmless MFA, VIVID INVESTS LLC, and their owners, employees, contractors, and affiliates from claims, liabilities, damages, losses, and reasonable expenses arising from:
Your misuse of MFA products or services;
Your violation of these Terms;
Your violation of applicable law;
Your unauthorized distribution of MFA intellectual property;
Information or documents you submit without appropriate rights or authorization; or
Your investment, business, or professional decisions.
29. Privacy
Your use of MFA products and services is also subject to the MFA Privacy Policy.
The Privacy Policy explains how MFA collects, uses, processes, and retains personal information and how information submitted through the MFA AI Companion may be processed by third-party service providers.
The current Privacy Policy is available at:
https://mfaunderwriting.com/privacy-policy
30. Changes to These Terms
MFA may update these Terms periodically to reflect changes in:
Products and services;
Technology;
Pricing structures;
Third-party providers;
Legal requirements; or
Business practices.
The "Last Updated" date will be revised when these Terms are updated.
When required by law, MFA will provide additional notice of material changes.
Changes will apply prospectively and will not retroactively remove rights already earned under a completed purchase or specific written offer except where required by law or agreed by the user.
31. Governing Law
These Terms are governed by the laws of the State of California, without regard to conflict-of-law principles, except where applicable law requires otherwise.
Nothing in these Terms limits consumer rights that cannot legally be waived.
32. Severability
If any provision of these Terms is determined to be invalid or unenforceable, that provision will be enforced to the maximum extent permitted by law, and the remaining provisions will continue in effect.
33. No Waiver
MFA's failure to enforce any provision of these Terms does not waive MFA's right to enforce that provision or any other provision in the future.
34. Entire Agreement
These Terms, together with the MFA Privacy Policy and any additional terms expressly presented as part of a specific purchase, subscription, promotion, or service, constitute the agreement between you and MFA regarding your use of MFA products and services.
If a specific written offer contains terms that differ from these general Terms, the specific terms of that offer will control with respect to that offer.
35. Contact
Questions regarding these Terms, subscriptions, cancellations, licensing, or MFA products may be submitted through the contact or support information available on the MFA website:
