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License Information

Conducts business as “Lower.com,LLC” in Kentucky, Oklahoma, and Washington in lieu of Lower, LLC. Conducts business as “Lowerdotcom,LLC” in Montana in lieu of Lower, LLC.

License #
License
State Agency
Phone
Website
License #

21781

License

Alabama Consumer Credit License

State Agency

State Banking Department

Phone

334-242-3452

License #

1000936

License

Arizona Mortgage Banker License

State Agency

Department of Financial Institutions

Phone

602-771-2800

License #

1001610

License

Arizona Mortgage Banker License - Other Trade Name #1

State Agency

Department of Financial Institutions

Phone

602-771-2800

License #

115926

License

Arkansas Combination Mortgage Banker-Broker-Servicer License

State Agency

Arkansas Securities Department

Phone

800-981-4429

License #

60DBO-32973

License

California - DFPI Financing Law License

State Agency

Dept. of Fin. Protection and Innovation (DFPI)

Phone

866-ASK-CORP

License #

License

Colorado Mortgage Company Registration

State Agency

Dept. of Regulatory Agencies

Phone

303-894-2166

License #

ML-1124061

License

Connecticut Mortgage Lender License

State Agency

Department of Banking

Phone

800-831-7225

License #

17812

License

Delaware Lender License

State Agency

Office of the State Bank Commissioner

Phone

302-739-4235

License #

MLB1124061

License

District of Columbia Mortgage Dual Authority License

State Agency

Dept. of Ins., Sec. and Banking Bureau

Phone

202-727-8000

License #

MLD1040

License

Florida Mortgage Lender License

State Agency

Office of Financial Regulation

Phone

850-410-9895

License #

MLD1436

License

Florida Mortgage Lender Servicer License

State Agency

Office of Financial Regulation

Phone

850-410-9895

License #

40605

License

Georgia Mortgage Lender License/Registration

State Agency

Dept. of Banking and Finance

Phone

770-986-1633

License #

MBL-2081124061

License

Idaho Mortgage Broker/Lender License

State Agency

Department of Finance

Phone

208-332-8000

License #

MB.6761019

License

Illinois Residential Mortgage License

State Agency

Dept. of Fin. and Prof. Regulation

Phone

800-532-8785

License #

23274

License

Indiana-DFI Mortgage Lending License

State Agency

Dept. of Fin. Inst.

Phone

317-232-3955

License #

2018-0175

License

Iowa Mortgage Banker License

State Agency

Iowa Division of Banking

Phone

515-281-4014

License #

2019-0019

License

Iowa Mortgage Banker License - Other Trade Name #2

State Agency

Iowa Division of Banking

Phone

515-281-4014

License #

2020-0005

License

Iowa Mortgage Banker License - Other Trade Name #3

State Agency

Iowa Division of Banking

Phone

515-281-4014

License #

MC.0025541

License

Kansas Mortgage Company License

State Agency

Office of the State Bank Commissioner

Phone

785-296-2266

License #

MC327236

License

Kentucky Mortgage Company License

State Agency

Dept. of Fin. Inst.

Phone

800-223-2579

License #

License

Louisiana Residential Mortgage Lending License

State Agency

Office of Fin. Inst. — Non-Depository

Phone

225-925-4660

License #

1124061

License

Maine Supervised Lender License

State Agency

Bureau of Consumer Credit Protection

Phone

207-624-8527

License #

21042

License

Maryland Mortgage Lender License

State Agency

Office of the Comm. of Fin. Reg.

Phone

888-784-0136

License #

MC1124061

License

Massachusetts Mortgage Broker License

State Agency

Division of Banks

Phone

617-956-1500

License #

MC1124061

License

Massachusetts Mortgage Lender License

State Agency

Division of Banks

Phone

617-956-1500

License #

FR0021402

License

Michigan 1st Mortgage Broker/Lender/Servicer Registrant

State Agency

Department of Insurance and Financial Services

Phone

877-999-6442

License #

SR0021403

License

Michigan 2nd Mortgage Broker/Lender/Servicer Registrant

State Agency

Department of Insurance and Financial Services

Phone

877-999-6442

License #

MN-MO-1124061

License

Minnesota Residential Mortgage Originator License

State Agency

Department of Commerce

Phone

651-539-1600

License #

MN-MO-1124061.1

License

Minnesota Residential Mortgage Originator License Other Trade Name #1

State Agency

Department of Commerce

Phone

651-539-1600

License #

1124061

License

Mississippi Mortgage Lender License

State Agency

Dept. of Banking and Con. Finance

Phone

800-844-2499

License #

19-2440

License

Missouri Company License

State Agency

Division of Finance

Phone

573-751-3242

License #

1124061

License

Montana Mortgage Lender License

State Agency

Division of Banking and Financial Institutions

Phone

406-841-2920

License #

1124061

License

Montana Mortgage Servicer License

State Agency

Division of Banking and Financial Institutions

Phone

406-841-2920

License #

License

Nebraska Mortgage Banker License

State Agency

Department of Banking and Finance

Phone

402-471-2171

License #

23544-MB

License

New Hampshire Mortgage Banker License

State Agency

Banking Department

Phone

603-271-3561

License #

License

New Jersey Residential Mortgage Lender License

State Agency

Dept. of Banking and Insurance

Phone

609-292-7272

License #

License

New Mexico Mortgage Loan Company License

State Agency

Financial Institutions Division

Phone

505-476-4500

License #

L-159832

License

North Carolina Mortgage Lender License

State Agency

Commissioner of Banks

Phone

919-733-3016

License #

MB103565

License

North Dakota Money Broker License

State Agency

Dept. of Fin. Inst. - Consumer Division

Phone

701-328-9933

License #

RM.804155.000

License

Ohio Residential Mortgage Lending Act Certificate of Registration

State Agency

Division of Financial Inst.

Phone

614-728-8400

License #

ML012073

License

Oklahoma Mortgage Lender License

State Agency

Department of Consumer Credit Licensing

Phone

405-521-3653

License #

ML012105

License

Oklahoma Mortgage Lender License - Other Trade Name #1

State Agency

Department of Consumer Credit Licensing

Phone

405-521-3653

License #

ML014289

License

Oklahoma Mortgage Lender License - Other Trade Name #2

State Agency

Department of Consumer Credit Licensing

Phone

405-521-3653

License #

ML-5722

License

Oregon Mortgage Lending License

State Agency

Division of Financial Regulation

Phone

866-814-9710

License #

MS-175

License

Oregon Mortgage Servicer License

State Agency

Division of Financial Regulation

Phone

866-814-9710

License #

44758

License

Pennsylvania Mortgage Lender License

State Agency

Dept. of Banking and Sec.

Phone

717-787-2665

License #

68865

License

Pennsylvania Mortgage Servicer License

State Agency

Dept. of Banking and Sec.

Phone

717-787-2665

License #

MLS - 1124061

License

South Carolina-BFI Mortgage Lender / Servicer License

State Agency

Board of Fin. Inst.

Phone

803-734-2020

License #

MLS - 1124061 OTN #1

License

South Carolina-BFI Mortgage Lender/Servicer License - Other Trade Name #1

State Agency

Board of Fin. Inst.

Phone

803-734-2020

License #

MLS - 1124061 OTN #2

License

South Carolina-BFI Mortgage Lender/Servicer License - Other Trade Name #2

State Agency

Board of Fin. Inst.

Phone

803-734-2020

License #

MLS - 1124061

License

South Carolina-BFI Mortgage Lender/Servicer License - Other Trade Name #3

State Agency

Board of Fin. Inst.

Phone

803-734-2020

License #

123131

License

Tennessee Mortgage License

State Agency

Dept. of Fin. Inst.

Phone

615-741-2236

License #

License

Texas - SML Mortgage Banker Registration

State Agency

Dept. of Savings and Mort. Lending

Phone

877-276-5550

License #

11125241

License

Utah-DRE Mortgage Entity License

State Agency

Division of Real Estate

Phone

801-530-6747

License #

11451660

License

Utah-DRE Mortgage Entity License - Other Trade Name #1

State Agency

Division of Real Estate

Phone

801-530-6747

License #

MC-5805

License

Virginia Broker License

State Agency

Bureau of Fin. Inst.

Phone

804-371-9657

License #

MC-5805

License

Virginia Lender License

State Agency

Bureau of Fin. Inst.

Phone

804-371-9657

License #

CL-1124061

License

Washington Consumer Loan Company License

State Agency

Division of Consumer Services

Phone

360-902-8703

License #

ML-33376

License

West Virginia Mortgage Lender License

State Agency

Division of Fin. Inst.

Phone

304-558-2294

License #

1124061BA

License

Wisconsin Mortgage Banker License

State Agency

Department of Financial Institutions

Phone

608-261-7578

License #

1124061BR

License

Wisconsin Mortgage Broker License

State Agency

Department of Financial Institutions

Phone

608-261-7578

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, is:

Federal Trade Commission, Equal
Credit Opportunity

Pennsylvania and 6th Street
Washington, DC 20580
Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.

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

Massachusetts Mortgage Review Board Notice

If you believe that we denied your mortgage application on the basis of the neighborhood where the property is located, you can appeal this denial to a Mortgage Review Board (the Board). The Board is made up of lenders and citizens from your area who are appointed by the Massachusetts Commissioner of Banks.

The Board will review the application to determine if it was denied because the property is located in a specific neighborhood or geographical area. If the Board finds that your loan was denied because of the property's location, the Board will recommend that we reconsider the denial.

If you wish to appeal your denial, you must sign the statement below and return it in the enclosed addressed envelope to:

Administrative Secretary Mortgage
Review Boards Division of Banks

1000 Washington Street, 10th Floor
Boston, MA 02118-6400

The confidential information in your mortgage application and appeal to the Board will be released only to the members of the Mortgage Review Board and the Administrative Secretary.

If you have any questions about this process, please contact the Administrative Secretary of the Board at the Division of Banks at (617) 956-1500.

The Board will notify you of its decision.

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 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 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 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 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 must secure a commitment for title insurance prior to closing.

Mortgage Disclosures and Closing Costs

Lower 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.