Account Terms of Use

Effective Date: May 7, 2024

Thanks for choosing RenoFi to help make your renovation a reality!

These Terms of Use (“Account Terms”) apply to your use of RenoFi’s account portal and services available through the account portal (“Account Services”). These Account Terms are in addition to the website Terms of Service (“Website Terms”) which apply when you access RenoFi’s services through www.renofi.com (the “Site”). By using RenoFi’s account portal and Account Services, you are agreeing to these Account Terms and the Website Terms, which results in a legal agreement between you and Renovation Finance LLC and/or Renovation Technologies Holdings Inc. (collectively, “RenoFi”, “we”, “us” and “our”). Please read these Account Terms and Website Terms carefully. If there is a conflict between these Account Terms and Website Terms, these Account Terms will control with respect to the account portal and Account Services.

Your use of RenoFi’s account portal and Account Services are subject to a BINDING AGREEMENT BETWEEN YOU AND US TO ARBITRATE DISPUTES that arises from your use of the RenoFi account portal and Account Services. The full terms of the arbitration proceeding are located here: ARBITRATION AGREEMENT. Please read those terms carefully. By agreeing to arbitrate, YOU AND WE ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY, TO PARTICIPATE IN A CLASS ACTION, AND TO RESOLVE OUR DISPUTE IN COURT.

RenoFi Account Services

You are required to create an account to log-in to RenoFi’s secure account portal to: (a) receive RenoFi’s Loan Broker Services (defined below), and/or (b) upload your renovation project documents to allow RenoFi to conduct, on the lender’s behalf, a review of the renovation project. You may also be able to access RenoFi’s contractor recommendation service through this account although this service may be accessed and used without creating a log-in account. These services are described more fully below, and collectively are the Account Services.

When you create a log-in account, you agree to provide and maintain true, accurate, current and complete information about yourself and maintain and promptly update your information to keep it true, accurate, current and complete. If you provide any information that is untrue, inaccurate, not current, or incomplete, or if we have reasonable grounds to suspect that such information is untrue, inaccurate, not current, or incomplete, then we have the right to suspend or terminate your login account and refuse any and all current or future use of your login account. RenoFi reserves the right to terminate accounts that are inactive for an extended period of time.

Login accounts and usernames are non-transferable, and you are required to take preventative measures to prohibit unauthorized users from accessing the Services with your username and password.

Loan Broker Services

Scope of Broker Services

RenoFi provides the following Loan Broker Services to you: (a) counseling on the most appropriate financing solution for your home renovation project based on the needs you communicated to RenoFi and your existing financial condition known to RenoFi; (b) assisting you with a list of required documents and/or tasks that are needed for the lender’s application process and assembling such documents and information; (c) assisting you in completing the lender’s application over the phone or by providing a link to the lender’s website for you to apply directly, or taking your application and submitting to the lender; (d) performing administrative tasks, including verifying your identity, needed to prepare and send your application file to the lender for underwriting review.

RenoFi acts as the mortgage broker in any loan transaction by facilitating your mortgage loan application. RenoFi is not the lender or correspondent lender and does not make loans or any underwriting decisions. Loan funds are provided by another entity that may affect the availability of funds.

RenoFi does not issue loan commitments, loan approvals or rate lock-in agreements on its own behalf or on behalf of any lender. Interest rates that are not locked-in are subject to change. RenoFi does not communicate adverse determinations, or issue adverse action notices.

Compensation for Loan Broker Services

If you decide to apply for a loan, you will receive cost disclosures that identify any broker fees that are paid to RenoFi on the transaction. This section outlines the compensation structures that apply to loans brokered by RenoFi, which vary by lender and loan program.

For most mortgage loan products RenoFi brokers to credit union lending partners, RenoFi receives compensation from the lender for Loan Broker Services on closed and funded loans, which varies by lender but is not more than 2% of the loan amount. RenoFi does not directly charge you a fee for the Loan Broker Services. The interest rates on the lender’s loan products available through RenoFi and, for some lenders, charging you an origination fee, help cover the lender’s compensation to RenoFi. Due to the unique arrangement between RenoFi and the lender, there is no option to pay higher up-front fees to reduce the interest rate or to negotiate the amount of the origination fee. The cost of RenoFi’s compensation is not due unless, and until, the loan closes.

For select mortgage loan products that RenoFi brokers to credit union lending partners, RenoFi receives a broker fee of 2% of the loan amount paid by you at closing or out of the loan proceeds if a loan is successfully closed and funded. RenoFi does not receive this fee if the loan does not successfully close and fund. Due to the unique arrangement between RenoFi and the lender, there is no option to pay a higher rate to reduce the fee. RenoFi’s broker fee is not due unless, and until, the loan closes.

For mortgage loan products that RenoFi brokers to wholesale lending partners, RenoFi receives compensation from the lender on closed and funded loans, which varies by lender but will not be more than 2% of the loan amount. These lenders provide their loan products to us at a wholesale rate. The retail price that we offer you will include our compensation. The cost of RenoFi’s compensation is not due unless, and until, the loan closes.

For personal loans that RenoFi brokers, RenoFi receives a broker fee, ranging from $599-$999 depending on the lender’s loan program and loan size, paid by you out of the personal loan proceeds if a loan is successfully closed and funded. RenoFi does not receive this fee if the personal loan does not successfully close and fund.

No Guarantee or Promise of Loan

Your use of RenoFi and receipt of Loan Broker Services does not constitute any guarantee or promise that RenoFi can obtain a loan from a lender on your behalf or a loan with terms that are acceptable to you. RenoFi cannot guarantee or promise acceptance into any particular loan program or promise any specific loan terms or conditions. RenoFi uses its reasonable efforts to match you with a lender that can provide you with an appropriate loan for your renovation project based on your financial and project circumstances. The Loan Broker Services are consultative only; you must rely on your own judgment in deciding which available loan products best suit your needs and financial means. RenoFi does not establish credit or underwriting criteria or make credit or underwriting decisions. RenoFi does not distribute the products of all lenders available and therefore cannot guarantee the lowest price or best terms available in the market.

Non-Binding & Non-Exclusive

Your use of RenoFi and Loan Broker Services are not binding or exclusive, which means that you can work with other loan brokers and lenders to source a loan that fits your needs.

Time to Complete Loan Broker Services

The time it takes for RenoFi to provide Loan Broker Services depends on how quickly you provide the necessary documents and information and complete any tasks required for the lender’s application process. It typically takes the average homeowner 2-3 weeks to provide the necessary documents and information. If an appraisal is required, this typically takes 2-4 weeks to complete, depending on how quickly it can be scheduled. Once you have provided all necessary documentation and information and completed any required tasks for a complete credit application, RenoFi submits the information to the lender. When the lender receives your complete credit application, the review time varies by lender but it can take the lender up to two months to make a final credit decision on your application.

Non-Refundable Appraisal Fee

If an appraisal of the subject property is required for your loan, RenoFi will order the appraisal on your behalf but you are required to pay the amount required for the appraisal directly to the appraisal management company. The cost varies based on location and project. Once the appraisal is ordered and the appraiser inspects the property, the appraisal fee is non-refundable, even if the property appraises lower than your estimates or expectations, and even if you decide not to proceed with your loan application or your loan application is denied.

Loan Costs & Fees

As with all loans, lenders will assess closing costs at the time the loan is originated. The amount of closing costs varies by lender and the type of loan. These costs typically include an origination fee, title and escrow fees, tax certifications, recording fees, other underwriting costs paid to the lender, and may include title insurance for higher loan amounts. The lender will provide a Good Faith Estimate (or Home Equity Disclosure) or Loan Estimate, as applicable, that itemizes the costs and fees associated with the loan you are applying for; refer to this document for the loan costs and fees that pertain to the loan you are applying for. All closing costs are paid to the lender. RenoFi does not solicit or collect any fees, including bona fide third party fees, prior to loan closing.

Loan Terms

Any loan options or terms presented to you by RenoFi, including interest rate and annual percentage rate, monthly payment amount, loan amount, loan type, loan term, and other loan conditions, are preliminary based on the information you provided, most of which may or may not be verified by RenoFi prior to the submission of your loan application. Several factors can impact the actual loan and loan details a lender may offer you, including the appraised property value being different from your estimate or expectations, failure to disclose credit obligations or adverse credit items, and other details of your financial situation that could materially affect your loan options and terms that could not be known by RenoFi at the time of providing Loan Broker Services.

Loan Application Disclosures

If RenoFi takes your loan application, the following disclosures apply to you.

Equal Credit Opportunity Act Notices:

Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered in determining your creditworthiness.

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 that the applicant has the capacity to enter into a binding contract); or 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 RenoFi is:

Federal Trade Commission, Consumer Response Center 600 Pennsylvania Avenue NW Washington, DC 20580

Servicing Notice:

The lender will notify you if it intends to service any loan made to you after closing or whether it intends to transfer servicing of your loan to another entity. If the lender initially services the loan, the lender will notify you if they decide to transfer servicing to another entity.

Loan Broker Agreement

If required by applicable state law, we will provide you with a broker agreement that outlines the scope of our broker services, compensation, and other important information. Signing the broker agreement and/or acknowledging other notices or disclosures we present to you does not obligate you to use RenoFi or Loan Broker Services.

Lender’s Renovation Review

If you are interested in pursuing or applying for a RenoFi Loan (any loan where the loan amount is determined using the home’s After Renovation Value or “ARV”) or a personal renovation loan, our lenders request that we collect and review certain information about your renovation project and contractor. The purpose of this review is to help the lender evaluate whether it can provide you RenoFi Loan based on the ARV, or a personal loan for your renovation project. The renovation review services are completed for the lender’s benefit only.

RenoFi is not obligated to share or provide you with any information it obtains or results from its renovation review. If RenoFi chooses to share information it obtains or learns about your contractor and/or renovation project through its renovation review with you, this is for informational purposes only and should not be relied upon by you as evidence that your contractor and/or renovation project has been vetted and/or approved by RenoFi. RenoFi’s renovation review is not a substitute for your own due diligence of the contractor you select. You should conduct your own due diligence on the contractor you select and only proceed with signing any documents with the contractor if you are confident in the contractor’s skill, abilities and workmanship. You are solely responsible to ensure that any renovations financed through a loan with the lender are completed according to the renovation plans, and that you use the loan proceeds for the renovation project.

In the event of a dispute between you and either the contractor that you select or the lender, RenoFi is under no obligation to share any information about, or communications with, either the contractor or the lender, and you will not have any right to obtain this information from RenoFi. CHOOSE YOUR CONTACTOR WITH CARE.

RenoFi’s renovation review services are not all-encompassing. RenoFi conducts a baseline review on the contractor and renovation project for the lender’s evaluation purposes. RenoFi makes no representations or guarantees that its review identifies all relevant and available information about the contractor.

RenoFi has no responsibility or liability to you related to the renovation plans, the selection of contractors or suppliers, or the quality of any labor, materials, workmanship, or services provided by any contractor or supplier. RenoFi’s renovation review and any indications, results, or observations from that review process are neither an indicator that RenoFi recommends, approves, vets or endorses any contractor and/or supplier nor guarantee that the renovation project will be completed, that the workmanship meets any particular standard, or that the renovation project will be completed according to a contract or design plans separately agreed by you with the contractor.

The renovation review is completed as of a certain date and RenoFi does not continuously or periodically monitor, review, track, or update any previously obtained contractor information.

RenoFi receives compensation from lenders for completing the renovation review services on its behalf; there is no charge to you.

Contractor Recommendations

RenoFi may offer recommendations for RenoFi contractors in select locations. RenoFi’s recommendations are sourced from contractors that have previously completed the above described renovation review process in your geographic area, and so the contractor is more likely to successfully complete the renovation review process for your renovation project. However, there is no guarantee of such a result. RenoFi’s recommendation of any contractor does not reflect any endorsement, required use, or approval of the contractor, nor any representation or guarantee of the contractor’s workmanship or business skills, nor any guarantee that you will be able to obtain a loan.

You are not required to use any contractor that RenoFi may recommend to you. You are not entitled to, rely, and you will make any claim of reliance, on any review conducted by RenoFi, or any recommendations made by RenoFi, of any contractor. You alone are responsible for the selection of your contractor. You should conduct your own due diligence on the contractor you select and only proceed with signing any documents with the contractor if you are confident in the contractor’s skill, abilities and workmanship.

There is no charge to you to receive contractor recommendations from RenoFi.

We use reasonable precautions to protect the privacy of your login account username, password, and account information.

You, however, are ultimately responsible to protect the privacy of and to maintain the confidentiality of your login account username, password and account information, and are fully responsible for any and all activities that occur under your login account and password, whether or not authorized by you. You agree to (a) not permit others to have access to or use your username and/or password, (b) immediately notify RenoFi of any unauthorized use of your login account and password, or any other breach of security, (c) use a security passcode to secure your device where your login account information is stored, and (d) ensure that you exit from your login account at the end of each session when accessing the Account Services. RenoFi will not be liable for any loss or damage arising from your failure to comply with this Section.

While we provide certain encryption technologies and use other reasonable precautions to protect your confidential information and provide suitable security, we do not and cannot guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions are free from delay, interruption, interception, or error. You agree not to circumvent the use of required encryption technologies.

Termination of Access and/or Account Services

RenoFi in its sole discretion, may suspend or terminate your account (or any part thereof) or use of the Account Services and remove and discard any content within the account portal and/or Account Services, for any reason, including, without limitation, for lack of use or if RenoFi believes that you have violated or acted inconsistently with the letter or spirit of these Account Terms. Any suspected fraudulent, abusive or illegal activity that may be grounds for termination of your use of the account portal and/or Account Services, may be referred to appropriate law enforcement authorities. RenoFi may also in its sole discretion and at any time discontinue providing the Account Services, or any part thereof, with or without notice. You agree that any termination of your access to the Account Services under any provision of these Account Terms may be effected without prior notice, and acknowledge and agree that RenoFi may immediately deactivate or delete your account and all related information and files in your account and/or bar any further access to such files or the Account Services. Further, you agree that RenoFi will not be liable to you or any third party for any termination of your access to the Account Services

Use of Intermediaries to Access Bank and Financial Accounts

RenoFi may use third party intermediary services, such as Plaid, to allow you to connect your bank accounts, tax accounts, or other financial accounts to the account portal and/or Account Services to retrieve financial information. You are not required to use these intermediary service providers, and RenoFi cannot view, access, or receive any of your financial information through these third parties intermediaries without your consent.

Payment

RenoFi does not solicit or collect any fees, including bona fide third party fees, for any of the Account Services it offers prior to loan closing. RenoFi employees will never ask for your payment information for any Account Services.

Eligibility to Use Account Services

To use the RenoFi account portal and related services, you must: (a) be at least eighteen (18) years old or the age of majority in your state, and able to enter into legal contracts; (b) agree to these Account Terms and Website Terms and any other linked terms or conditions that form part of your agreement with us; (c) be located in the U.S.; and (d) not be included on any lists maintained by the U.S. prohibiting transactions with and the export of U.S. products/services to certain entities, people and jurisdictions. We reserve the right to refuse service and change any of these eligibility requirements at any time.

By using the RenoFi account portal or any Account Services, you represent and warrant that you meet all of the above requirements and that you won’t use the account portal or your login credentials in a way that violates any laws or regulations. By making this representation and warrant, you are making a legally enforceable promise to us.

Privacy & Use of Your Content

RenoFi uses and discloses your Content as described in its Privacy Policy. The section titled “How We Use Your Information” describes how RenoFi uses your Content, and the section titled “Sharing and Disclosure” describes the circumstances and to whom it shares or discloses your Content.

Data Storage & Retention

RenoFi may establish the maximum period of time that your information will be retained and the maximum storage space that will be allotted to your information on RenoFi’s servers. You agree that RenoFi has no responsibility or liability for the deletion or failure to store your information maintained by or uploaded through the RenoFi account portal and Account Services.

No Warranties

THE RENOFI ACCOUNT PORTAL AND ACCOUNT SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, RENOFI MAKES NO WARRANTIES, PROMISES OR REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, IN RELATION TO ITS SERVICES. Refer to the “Disclaimer of Warranties” section in RenoFi’s Website Terms for more detailed information.

Limitation of Liability

Your use of the RenoFi account portal and Account Services are subject to the limitation of damages and liability described in the “Limitation of Liability” section in RenoFi’s Website Terms.

Dispute Resolution by Binding Arbitration

By using the RenoFi account portal and Account Services YOU AGREE TO ARBITRATE ANY DISPUTES that may arise from your use of the RenoFi account portal and Account Services. The full terms of the arbitration process are located here: ARBITRATION AGREEMENT. Please read those terms carefully. By agreeing to arbitrate, YOU AND US ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION.