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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

Home

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

Home

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.