Important information

Forma Mortgage (Forma Mortgage) builds software that lets you compare mortgage terms and assemble a file. We are not a bank, not a credit union, and not a lender. If and when we are licensed, we would arrange loans made by third-party wholesale lenders. Those lenders, not Forma, underwrite, approve, and fund loans.

We are not yet licensed as a mortgage broker or lender in any state. Until we are, we cannot take a loan application, lock a rate, or submit a file to a lender. The tools on this site are demonstrations.

Rates shown as "best" or "as low as" are examples for a stated scenario (credit, loan-to-value, occupancy, points, and lock). Your rate will differ. APR includes certain finance charges and is higher than the note rate when you pay points or lender fees. A rate is not locked until a lender confirms it in writing.

Where a page says "best rates right now" or "as low as," that is an example drawn from a published rate survey for a stated scenario, with the source and the scenario named next to the figure. It is not a rate we are offering you, and it may require discount points. Your rate depends on credit, loan-to-value, occupancy, property type, loan amount, lock period, and product. Regulation Z treats advertising a rate as available as a trigger for additional disclosures; we show the APR and the points beside every advertised rate for that reason.

Comparisons against a "retail bank" use assumptions you can edit. They are not quotes from any named institution and not a promise that you will pay less. The only reliable comparison is two written Loan Estimates for the same loan on the same day.

The flat $900 is the brokerage compensation we intend to charge once we are licensed. It does not change with your loan size or with the option you pick, which is how we avoid being paid more to steer you. It is not the whole cost of the loan. Lender fees, discount points or lender credits, title, appraisal, recording, transfer taxes, and escrow for taxes and insurance are separate and appear on the Loan Estimate. We do not collect $900 today, because we are not yet brokering loans.

Broker compensation is disclosed on the Loan Estimate. You will see who pays it before you proceed. Nothing on this site is an agreement to pay a fee.

I understand that saving this file asks Forma to prepare it. It is not a loan application under federal disclosure rules until I separately submit the property address, an estimate of value, my name, my Social Security number, my income, and the loan amount I want, and it does not start any lender's disclosure clock. It is not an approval, a rate lock, or a commitment to lend. The numbers I entered are mine; automated checks against published guidelines can be wrong, and only a lender's underwriting decides eligibility.

Under the TILA-RESPA Integrated Disclosure rule, a creditor's three-business-day clock for a Loan Estimate starts only when the creditor has your name, income, Social Security number, the property address, an estimate of the property's value, and the loan amount sought. We do not ask for a Social Security number in the builder, and we do not take that submission. Saving a file with us is not that event.

Authorization for a soft credit inquiry. I authorize Forma Mortgage and the consumer reporting agency it uses to obtain my consumer report for the permissible purpose of considering me for a mortgage and showing me loan options. I understand this is a soft inquiry: it does not affect my credit score, it is not a commitment that anyone will lend to me, and I can decline and continue with my own estimate instead. I can withdraw this authorization before the inquiry is made by not checking this box.

Authorization for a hard credit inquiry. I authorize a hard credit inquiry. I understand a hard inquiry may lower my credit score, will appear on my consumer report, and is requested only because I am asking to proceed with a mortgage application. I understand this authorization is not a commitment to lend, and that the lender, not Forma, makes the credit decision. If credit is denied or offered on materially less favorable terms because of information in a consumer report, I will receive an adverse action notice with the name of the reporting agency and my rights under the Fair Credit Reporting Act.

We do not pull credit of either kind unless you check the box for that specific inquiry. A soft inquiry for shopping mortgage options and a hard inquiry to proceed are separate authorizations. While the site runs in demonstration mode, credit results are labeled as demonstration data and are not reports from a nationwide consumer reporting agency.

Forma AI is software, not a licensed mortgage loan originator, not a lender, and not your agent. Its checks are informational and are not an underwriting decision. Only a lender can approve a loan.

Automated reviews compare the numbers and documents you provide with published guideline ranges. They can miss things and they can flag things that are fine. They are not an underwriting decision, not a credit score, and not advice to take or decline a loan. Do not share account numbers, Social Security numbers, or passwords in the chat.

A letter you generate states only what you typed. It is not a pre-approval, not a commitment to lend, not verification of income, assets, credit, or employment, and not a property approval. Sellers and agents should treat it as a statement of interest, not evidence of financing. A letter that a third party could rely on has to be issued by a licensed originator after a review; we do not issue those yet.

I agree to receive disclosures, notices, and records from Forma Mortgage electronically, including by email and by display on this site, instead of on paper. I can withdraw this consent at any time by emailing the address in the footer; withdrawal applies going forward and may slow or prevent an electronic application. I can ask for a paper copy of any electronic record. To use electronic records I need a current browser, an email account I control, and a way to save or print PDF files.

We are committed to equal housing opportunity and do not discriminate on the basis of race, color, religion, national origin, sex, disability, familial status, age, marital status, sexual orientation, gender identity, military or veteran status, or source of income, as protected by the Fair Housing Act, the Equal Credit Opportunity Act, and applicable state law.

If you believe you have been discriminated against, you may contact the U.S. Department of Housing and Urban Development at 1-800-669-9777 or hud.gov/fairhousing, and the Consumer Financial Protection Bureau at consumerfinance.gov.

Write to hello@formamortgage.net. If we are licensed when you write, you may also submit a complaint through NMLS Consumer Access and to the regulator in your state. We will acknowledge a complaint and respond in writing.