Licenses and Disclosures

Last Updated: November 2024

ModuFi LLC (referred to as “ModuFi,”, “we,” “us,” or “our”) is not a lender or a broker. ModuFi performs marketing and computerized financial services matching services. The information provided by you to ModuFi is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender or broker. If you are contacted by a lender or broker that advertises with ModuFi and you submit a loan application to such lender or broker, your information remains between you and that lender or broker. We do not take applications or collect other documents from potential borrowers, make loans, or accept or facilitate loan payments. As a marketing lead generator, ModuFi is required to be a licensed mortgage broker.

ModuFi does not endorse, warrant or guarantee service or products of any lender or broker and does not guarantee and makes no representations of any rates, points and loan programs posted by advertising lenders and brokers. All information is subject to change without notice. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. ModuFi shall not be responsible or liable for any products, services, information or other materials displayed, purchased, or obtained as a result of any information or offer in or results of any kind obtained in connection with this web site, including, without limitation, any agent referrals, loan recommendations, application, approval, pre-qualification, loan or interest rate analysis. Nothing on this web site contains an offer, promise or otherwise, either to make a specific loan or that any participating lender or broker will make any loan for any purpose or on any specific terms.

In no event shall ModuFi be liable to anyone for any delays, inaccuracies, errors or omissions with respect to the information or the transmission or delivery of all or any part thereof, for any damage arising therefrom or occasioned thereby, or for the results obtained from the use of the information. The entire risk as to the accuracy, adequacy, completeness, timeliness, validity and quality of any information is with the user.

CA DRE License 01344318

California

ModuFi is a Licensed Real Estate Broker. LowerMyBills.com does not make mortgage loans or commitments. License No. 01344318

CA Dept. of Real Estate, (916) 227-0931

The Housing Financial Discrimination Act of 1977 Fair Lending Notice

It is illegal to discriminate in the provisions of or in the availability of financial assistance because of the consideration of: (a) trends, characteristics or conditions in the neighborhood or geographic area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such consideration is required to avoid an unsafe and unsound business practice; or (b) race, color, religion, sex, marital status, national origin or ancestry. It is illegal to consider the racial, ethnic, religious or national origin composition of a neighborhood or geographic area surrounding a housing accommodation or whether or not such composition is undergoing change, or is expected to undergo change, in appraising a housing accommodation or in determining whether or not, or under what terms and conditions, to provide financial assistance.

These provisions govern financial assistance for the purpose of the purchase, construction, rehabilitation or refinancing of one-to-four unit family residence occupied by the owner and for the purpose of the home improvement of any one-to-four unit family residence.

If you have any questions about your rights, or if you wish to file a complaint, contact the management of this institution or the agency noted below.

Bureau of Real Estate

Mortgage Loan Division

1651 Exposition Boulevard

Sacramento, California 95815

Department of Business Oversight

320 West 4th Street

Suite 750

Los Angeles, CA 90013-1105

If your inquiry is forwarded to a Lender that makes you an offer, within three business days from the date you submit an application to the Lender you should receive from the Lender a good faith estimate required under RESPA and an initial disclosure statement required under the Truth in Lending Act.

If the Lender denies your request for credit, and that action is based, in whole or in part, on any information contained in a consumer credit report, you have the right to obtain, within sixty days, a free copy of your consumer credit report from the credit reporting agency which compiles and maintains files on consumers on a nationwide basis. You also have the right to dispute the accuracy or completeness of any information in a consumer credit report furnished by the consumer credit reporting agency by contacting that agency directly.

An applicant, if married, may apply for a separate account.

Mortgage Loan Disclosure Statement

ModuFi will receive a fee from a Lender upon passing along your inquiry as compensation for its services as a mortgage broker. ModuFi receives this fee whether or not you close your loan. This is the total compensation ModuFi, LLC. receives from the Lender for its services and the Lender pays this fee. I acknowledge that this mortgage broker fee will be paid to ModuFi and that there is no other mortgage broker fee agreement between us.

YOU ARE NOT REQUIRED TO PURCHASE ADDITIONAL PRODUCTS OR SERVICES FROM ModuFi OR FROM ANY PERSON OR ENTITY SUGGESTED OR RECOMMENDED BY ModuFi. HOWEVER, ModuFi RESERVES THE RIGHT TO APPROVE THE ENTITY SELECTED BY YOU, WHICH APPROVAL MAY NOT BE UNREASONABLY WITHHELD. A LENDER IS ALLOWED TO REQUIRE THE USE OF AN ATTORNEY, CREDIT REPORTING AGENCY OR REAL ESTATE APPRAISER CHOSEN TO REPRESENT THE LENDER’S INTEREST.

Mortgage Broker/Origination Agreement

ModuFi will not act as your lender or credit provider. ModuFi will pass along the information you submit to our lending partners and our lending partners will contact you with their offers. While we seek to help you meet your financial needs, we do not distribute the products of all lenders or investors in the market and cannot guarantee the lowest price or best terms available in the market. ModuFi provides mortgage information at no cost to you. ModuFi will not charge or seek fees of any kind from you. ModuFi receives fees from lending partners and may be paid by the lender based on the value of the Mortgage Loan or related servicing rights in the market place or (ii) other services, goods or facilities performed or provided by us to the lender. This agreement remains in effect only as long as you seek to use the services offered by ModuFi. You may discontinue this relationship at any time, without notice, at no cost or penalty to you.

Prepayment Penalty Disclosure

If you, the borrower, pay off or refinance your mortgage loan before the date for repayment stated in the loan agreement, you may be charged a prepayment charge. A prepayment penalty charge may be significant. Prior to signing any documents, make sure you fully understand the prepayment charge provisions outlined in your loan agreement.

Interest Rate Lock Information

An interest rate that is not locked in is subject to change.

Loan Brokerage Agreement and Broker Disclosure Statement

ModuFi, a Limited Liability Company, is a mortgage broker and not a lender. ModuFi provides mortgage information at no cost to you. ModuFi will not charge or seek fees of any kind from you. ModuFi will pass along your inquiry to our lending partners and our lending partners will contact you with their offers. While we seek to help you meet your financial needs, we do not distribute the products of all lenders or investors in the market and cannot guarantee the lowest price or best terms available in the market. ModuFi receives fees from lending partners and may be paid by the lender based on the value of the Mortgage Loan or related servicing rights in the market place or (ii) other services, goods or facilities performed or provided by us to the lender. This agreement remains in effect only as long as you seek to use the services offered by ModuFi. You may discontinue this relationship at any time, without notice, at no cost or penalty to you.

A participating Lender may provide you with a Borrower Information Document pursuant to the Residential Mortgage License Act of 1987. You may also receive a list of documents and materials required to complete your loan application with the Lender.

ModuFi IS NOT ACTING AS YOUR AGENT IN CONNECTION WITH OBTAINING A RESIDENTIAL MORTGAGE LOAN. WHILE WE SEEK TO ASSIST YOU IN MEETING YOUR FINANCIAL NEEDS, WE CANNOT GUARANTEE THE LOWEST OR BEST TERMS AVAILABLE IN THE MARKET.

If you choose to transact with a Lender, you may be required by the Lender to pay an application fee to cover the costs of an appraisal, credit report or other items. The Lender determines the fee amount. Your loan documents will disclose whether these fees are refundable or nonrefundable.

Variable Interest Rate Disclosure

Pennsylvania’s Loan Interest and Protection Law applies to loans of $50,000 or less. This law requires a Lender offering a mortgage with a variable interest rate to also offer a mortgage with an interest rate that will not change. This fixed interest rate mortgage must be offered to you at reasonably competitive terms and rate. On variable interest loans, the Lender will explain to you how the interest rate can change in the future, the effect of changes in the index on the rate and term, and an explanation of the index.

General Disclosure: 

If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and/or other factors. ModuFi does not offer its matching services in all states. This loan may not be available for all credit types, and not all service providers in the ModuFi network offer this or other products with interest-only options. The information that we provide is from companies which ModuFi and its partners may receive compensation. This compensation may influence the selection, appearance, and order of appearance on this site. The information provided by ModuFi does not include all financial services companies or all of their available product and service offerings. Article content appears via license from original author or content owner, including ModuFi.

Note: Actions on this website are recorded for quality assurance or training purposes. Input of data constitutes consent.