License Information
License
Alabama Consumer Credit License
License #
21781
State Agency
State Banking Department
Phone Number
334-242-3452
Website
www.banking.alabama.gov
License
Arizona Mortgage Banker License
License #
BK – 1000936
(Lower, LLC)
State Agency
Arizona Department
of Insurance and
Financial Institutions
Phone Number
602-771-2800
Website
https://dfi.az.gov
License
Arizona Mortgage Banker License – Other Trade Name #1
License #
BK – 1001610
(Lower)
State Agency
Arizona Department
of Insurance and
Financial Institutions
Phone Number
602-771-2800
Website
https://dfi.az.gov
License
Arkansas Combination Mortgage Banker-Broker-Servicer License
License #
115926
State Agency
Arkansas Securities Department
Phone Number
800-981-4429
Website
www.securities.arkansas.gov
License
California — DBO Finance Lenders Law License
License #
60DB032973
State Agency
Dept. of Fin. Protection and Innovation (DFPI)
Phone Number
866-ASK-CORP
Website
License
Colorado Mortgage Company Registration
License #
N/A
State Agency
Dept. of Regulatory Agencies
Phone Number
303-894-2166
Website
www.dora.state.co.us
License
Connecticut Mortgage Lender License
License #
ML-1124061
State Agency
Department of Banking
Phone Number
800-831-7225
Website
www.ct.gov/dob/site/default.asp
License
Delaware Lender License
License #
017812
State Agency
Office of the State Bank Commissioner
Phone Number
302-739-4235
Website
banking.delaware.gov
License
District of Columbia Mortgage Dual Authority License
License #
MLB1124061
State Agency
Dept. of Ins., Sec. and Banking Bureau
Phone Number
202-727-8000
Website
disb.dc.gov
License
Florida Mortgage Lender License
License #
MLD1040
State Agency
Office of Financial Regulation
Phone Number
50-410-9895
Website
www.flofr.com
License
Florida Mortgage Lender Servicer License
License #
MLD1436
State Agency
DOffice of Financial Regulation
Phone Number
850-410-9895
Website
www.flofr.com
License
Georgia Mortgage Lender License/Registration
License #
40605
State Agency
Dept. of Banking and Finance
Phone Number
770-986-1633
Website
dbf.georgia.gov
License
Idaho Mortgage Broker/Lender License
License #
MBL-2081124061
State Agency
Department of Finance
Phone Number
208-332-8000
Website
finance.idaho.gov
License
Illinois Residential Mortgage License
License #
MB.6761019
State Agency
Dept. of Fin. and Prof. Regulation
Phone Number
800-532-8785
Website
www.idfpr.com
License
Indiana-DFI Mortgage Lending License
License #
23274
State Agency
Dept. of Fin. Inst.
Phone Number
317-232-3955
Website
www.in.gov/dfi
License
Iowa Mortgage Banker License
License #
2018-0175
State Agency
Iowa Division of Banking
Phone Number
515-281-4014
Website
http://www.idob.state.ia.us/
License
Iowa Mortgage Banker License – Other Trade Name #2
License #
2019-0019
State Agency
Iowa Division of Banking
Phone Number
515-281-4014
Website
http://www.idob.state.ia.us/
License
Iowa Mortgage Banker License – Other Trade Name #3
License #
2020-0005
State Agency
Iowa Division of Banking
Phone Number
515-281-4014
Website
http://www.idob.state.ia.us/
License
Kansas Mortgage Company License
License #
MC.0025541
State Agency
Office of Banking Comm.
Phone Number
785-296-2266
Website
License
Kentucky Mortgage Company License
License #
MC327236
State Agency
Dept. of Fin. Inst.
Phone Number
800-223-2579
Website
www.kfi.ky.gov
License
Louisiana Residential Mortgage Lending License
License #
N/A
State Agency
Office of Fin. Inst. — Non-Depository
Phone Number
225-925-4660
Website
www.ofi.state.la.us
License
Louisiana Residential Mortgage Lending License
License #
N/A
State Agency
Office of Fin. Inst. — Non-Depository
Phone Number
225-925-4660
Website
www.ofi.state.la.us
License
Maine Supervised Lender License
License #
1124061
State Agency
Bureau of Consumer Credit Protection
Phone Number
207-624-8527
Website
www.maine.gov/pfr/consumercredit/index.shtml
License
Maryland Mortgage Lender License
License #
21042
State Agency
Office of the Comm. of Fin. Reg.
Phone Number
888-784-0136
Website
http://www.dllr.state.md.us/
License
Massachusetts Mortgage Broker License
License #
MC1124061
State Agency
Division of Banks
Phone Number
617-956-1500
Website
https://www.mass.gov/orgs/division-of-banks
License
Massachusetts Mortgage Lender License
License #
MC1124061
State Agency
Division of Banks
Phone Number
617-956-1500
Website
https://www.mass.gov/orgs/division-of-banks
License
Michigan 1st Mortgage Broker/Lender/Servicer Registrant
License #
FR0021402
State Agency
Department of Insurance and Financial Services
Phone Number
877-999-6442
Website
www.michigan.gov/difs
License
Michigan 2nd Mortgage Broker/Lender/Servicer Registrant
License #
SR0021403
State Agency
Department of Insurance and Financial Services
Phone Number
877-999-6442
Website
www.michigan.gov/difs
License
Minnesota Residential Mortgage Originator License
License #
MN-MO-1124061
State Agency
Department of Commerce
Phone Number
651-539-1600
Website
https://mn.gov/commerce/
License
Minnesota Residential Mortgage Originator License Other Trade Name #1
License #
MN-MO-1124061.1
State Agency
Department of Commerce
Phone Number
651-539-1600
Website
https://mn.gov/commerce/
License
Mississippi Mortgage Lender License
License #
1124061
State Agency
Dept. of Banking and Con. Finance
Phone Number
800-844-2499
Website
www.dbcf.state.ms.us
License
Missouri Company License
License #
19-2440
State Agency
Division of Finance
Phone Number
573-751-3242
Website
whttps://finance.mo.gov/
License
Massachusetts Mortgage Broker License
License #
MC1124061
State Agency
Division of Banks
Phone Number
617-956-1500
Website
https://www.mass.gov/orgs/division-of-banks
License
Montana Mortgage Lender License
License #
1124061
State Agency
Division of Banking and Financial Institutions
Phone Number
406-841-2920
Website
banking.mt.gov
License
Montana Mortgage Servicer License
License #
1124061
State Agency
Division of Banking and Financial Institutions
Phone Number
406-841-2920
Website
banking.mt.gov
License
Nebraska Mortgage Banker License
License #
N/A
State Agency
Department of Banking and Finance
Phone Number
402-471-2171
Website
ndbf.nebraska.gov
License
New Hampshire Mortgage Banker License
License #
23544-MB
State Agency
Banking Department
Phone Number
603-271-3561
Website
www.nh.gov/banking/
License
New Jersey Residential Mortgage Lender License
License #
N/A
State Agency
Dept. of Banking and Insurance
Phone Number
609-292-7272
Website
www.state.nj.us
License
New Mexico Mortgage Loan Company License
License #
N/A
State Agency
Financial Institutions Division
Phone Number
505-476-4500
Website
http://www.rld.state.nm.us/
License
North Carolina Mortgage Lender License
License #
L-159832
State Agency
Commissioner of Banks
Phone Number
919-733-3016
Website
www.nccob.gov
License
North Dakota Money Broker License
License #
MB103565
State Agency
Department of Financial Institutions – Consumer Division
Phone Number
701-328-9933
Website
www.nd.gov/dfi/
License
Ohio Residential Mortgage Lending Act Certificate of Registration
License #
RM.804155.000
State Agency
Division of Financial Inst.
Phone Number
614-728-8400
Website
www.com.ohio.gov
License
Oklahoma Mortgage Lender License
License #
ML012073
State Agency
Department of Consumer Credit Licensing
Phone Number
405-521-3653
Website
https://www.ok.gov/okdocc/
License
Oklahoma Mortgage Lender License – Other Trade Name #1
License #
ML012105
State Agency
Department of Consumer Credit Licensing
Phone Number
405-521-3653
Website
https://www.ok.gov/okdocc/
License
Oregon Mortgage Lending License
License #
ML-5722
State Agency
Division of Financial Regulation
Phone Number
866-814-9710
Website
https://dfr.oregon.gov/
License
Oregon Mortgage Servicer License
License #
MS-175
State Agency
Division of Financial Regulation
Phone Number
866-814-9710
Website
https://dfr.oregon.gov/
License
Pennsylvania Mortgage Lender License
License #
44758
State Agency
Dept. of Banking and Sec.
Phone Number
717-787-2665
Website
www.dobs.pa.gov
License
Pennsylvania Mortgage Servicer License
License #
68865
State Agency
Dept. of Banking and Sec.
Phone Number
717-787-2665
Website
www.dobs.pa.gov
License
South Carolina-BFI Mortgage Lender / Servicer License
License #
MLS – 1124061
State Agency
Board of Fin. Inst.
Phone Number
803-734-2020
Website
consumerfinance.sc.gov/
License
South Carolina-BFI Mortgage Lender/Servicer License – Other Trade Name #1
License #
MLS-1124061 OTN #1
State Agency
Board of Fin. Inst.
Phone Number
803-734-2020
Website
consumerfinance.sc.gov/
License
Tennessee Mortgage License
License #
123131
State Agency
Dept. of Fin. Inst.
Phone Number
615-741-2236
Website
www.tennessee.gov/tdfi
License
Texas – SML Mortgage Banker Registration
License #
N/A
State Agency
Dept. of Savings and Mort. Lending
Phone Number
877-276-5550
Website
www.sml.texas.gov
License
Utah-DRE Mortgage Entity License
License #
11125241
State Agency
Division of Real Estate
Phone Number
801-530-6747
Website
https://realestate.utah.gov/
License
Utah-DRE Mortgage Entity License – Other Trade Name #1
License #
11451660
State Agency
Division of Real Estate
Phone Number
801-530-6747
Website
https://realestate.utah.gov/
License
Virginia Broker License
License #
MC-5805
State Agency
Bureau of Fin. Inst.
Phone Number
804-371-9657
Website
www.scc.virginia.gov/bfi/index.aspx
License
Virginia Lender License
License #
MC-5805
State Agency
Bureau of Fin. Inst.
Phone Number
804-371-9657
Website
www.scc.virginia.gov/bfi/index.aspx
License
Washington Consumer Loan Company License
License #
CL-1124061
State Agency
Dept. of Fin. Inst.
Phone Number
360-902-8703
Website
https://dfi.wa.gov/
License
West Virginia Mortgage Lender License
License #
ML-33376
State Agency
Division of Fin. Inst.
Phone Number
304-558-2294
Website
www.dfi.wv.gov/Pages/default.aspx
License
Wisconsin Mortgage Banker License
License #
1124061BA
State Agency
Department of Financial Institutions
Phone Number
608-261-7578
Website
www.wdfi.org
License
Wisconsin Mortgage Broker License
License #
1124061BR
State Agency
Department of Financial Institutions
Phone Number
608-261-7578
Website
www.wdfi.org
Disclaimers
Equal Credit Opportunity Act
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning Lower, LLC is:
Federal Trade Commission, Equal Credit Opportunity
Pennsylvania and 6th Street
Washington, DC 20580
USA Patriot Act – Customer Identification Requirements
In accordance with Section 326 of the USA Patriot Act, applicants for new accounts are requested to provide current picture identification that verifies identity including name, address and other identifying information.
Protection of our customer’s identity and confidentiality is our pledge to you. We proudly support all efforts to protect and maintain the security of our customers and our country.
Texas Mortgage Banker Disclosure (RE: Title 7 Texas Annotated Code §81.200(c))
Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550.
The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
Michigan Lending Laws Lending Disclaimer § 445.1602(10)
You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans. It is illegal to establish a minimum mortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00. It is illegal to deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition. If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection. If you are granted a loan but the amount required for downpayment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation. The rights described in this notice are set forth in and limited by this act.
If you believe that your rights under this act have been violated, you should contact the Department of Insurance and Financial Services:
DIFS – Department of Insurance and Financial Services, Office of General Counsel
P.O. Box 30220
Lansing, MI 48909-7720
877 999 6442
State of Illinois Community Reinvestment Notice
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department.
Mortgage Lending Criteria
The following provides, in general terms, underwriting criteria for a Mortgage Loan application. It is the policy of Lower, LLC to consider the creditworthiness of applicants and their ability the repay the loan for all Mortgage Loan applications. The primary factors used to determine creditworthiness include, but are not limited to, the following:
- Credit history
- Debt to income (DTI) ratio
- Employment status (if applicable)
- Projected monthly mortgage payment, and projected monthly payment on any simultaneous loan(s) secured by the same property
- Cash reserves and other assets
- Current income used to repay the loan
- Collateral – Property condition and loan-to value (LTV)
Verification of Funds
Lower, LLC reserves the right to verify funds that are indicated to be used for the earnest money deposit, down payment, and closing costs, if applicable.
Appraisal
A written certified appraisal, agency approved equivalent or property inspection waiver is required for all mortgage loans. The purpose of an appraisal is to determine whether the collateral is of sufficient value to cover the requested loan. It is important to note that not all loan programs require an appraisal. Please consult your licensed mortgage loan officer.
Interest Rates
Interest rates are obtained and dependent on general market conditions. Contact Lower directly for current interest rates.
Terms
Loan programs and terms offered by Lower, LLC are established commensurate to the Government Sponsored Enterprises (GSE) guidelines and/or its investor criteria.
Flood Plain
If the real estate is located in a special flood hazard area, flood insurance will be required and must meet the following requirements: (1) The community must be participating in an approved flood program; (2) Insurance must be obtained in the amount at least equal to the lowest of (a) the unpaid principal balance of the new loan amount, (b) the replacement cost of the insurable improvements, or (c) the maximum amount available; and (3) A copy of the insurance policy must be submitted to Lower, LLC on or before closing.
Additional Criteria
All loans originated within agency conforming and high-balance loan limits must conform to standard automated underwriting system eligibility requirements as well as any additional requirements or overlays imposed by the specific loan program. All loan applications for non-agency loan programs will be subject to all guidelines and requirements specific to the particular loan program.
Where recommended or required by an investor, an automated underwriting system (AUS) submission will be considered alongside manual application of loan program guidelines. The decision to lend is based on the particular loan program guidelines and underwriting of pertinent documents supplied by the applicant or a third party. A title search will be performed on all loans prior to closing and Lower, LLC must secure a commitment for title insurance prior to closing.
Mortgage Disclosures and Closing Costs
Lower, LLC will provide a written loan estimate of closing costs when sufficient information regarding the mortgage loan is available and in accordance with all applicable laws and regulations. In addition, other Federal and State Disclosures are provided that contain information on important terms and conditions associated with loan applications. It is Lower’s primary goal to provide the best customer experience possible, and to accomplish that goal we want Lower customers to be well informed!
Construction-Permanent Admin Fee
This is a fee used to administer a construction-permanent loan. It includes monitoring draws and inspection fees during construction, as well as updates to the title of the property. This fee is reserved for transactions that allow you to finance the construction phase of your new home, after which, your loan converts into permeant financing with regular mortgage payments.
Oregon Reverse Mortgage Disclosure
At the maturity of a reverse mortgage loan, the lender will have a claim against your property and you or your heir(s) may need to sell the property to repay the loan, or repay the loan from other assets in order to retain the property.
The lender will charge an origination fee, a mortgage insurance premium, closing costs and/or servicing fees, which fees will be added to the loan balance.
The balance of the mortgage loan grows over time as interest is added to the loan balance. As long as you comply with the loan terms, you will retain title to the property until you sell or otherwise transfer the property, and therefore you are responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts may cause the loan to become due and may subject the property to a tax lien or other encumbrance and/or to foreclosure.
Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the loan.
Before obtaining a reverse mortgage, you should consult a trusted financial adviser or planner. There are government agencies and nonprofit organizations that can give you information about reverse mortgages. You can locate these resources at:
https://www.consumer.ftc.gov/articles/0192-reverse-mortgages;
https://www.irs.gov/faqs/other/for-senior-taxpayers/for-senior-taxpayers; and
https://www.consumerfinance.gov/about-us/blog/consumer-advisory-dont-be-misled-by-reverse-mortgage-advertising
Please note that before you can complete an application for a Federal Housing Administration-insured Home Equity Conversion Mortgage loan, you must undergo counseling with a counseling agency approved by the U.S. Department of Housing and Urban Development (“HUD”). Your loan originator will provide you with a disclosure of available HUD-approved counseling agencies.