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EverBright PPA & EverEasy

• First Monthly Payment due after M3 has been approved and the file is sent to Account Servicing.

• Monthly Payments following the first payment will fall on the same day of the month. 

• Payment Options

o   Automatic withdrawal

o   Check

EverBright EverOwn RIC 1.0 Only

EverBright is no longer offering RIC 1.0 products, however, some customers have the older RIC 1.0 products.

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o Check from a U.S. bank account ($7.50 Check processing fee)

RIC 2.0

• The amount financed will begin to accrue interest after M3 has been approved and the file has been sent to Account Servicing

  • The homeowner consents to Everbright collecting monitoring data either remotely or by accessing the property.

  • How to set up monitoring video:

    •  How to Set Up Monitoring.mp4

  • Everbright Training portal - setting up monitoring.

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    Finance charges will accrue on the Amount Financed beginning after M3 has been approved. Finance charges will continue to accrue until all amounts owed under this Agreement are paid in full.

  System Monitoring is required

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  • The approved vendor’s list has been updated to conform with RIC 2.0 Changes

    • Approved Manufacturers

• Customers who sign up for ACH and electronic statements will receive a 0.5% lower APR (annual percentage rate)

  • If, after opting in to recurring ACH payments, the customer later elects to opt out and pay via check EverBright reserves the right to increase the applicable APR from the ACH Rate to the Base Rate.

  • In order to receive the APR discount, the customer will need to elect the pay by ACH option when signing their contract.

    • If a customer initially declines ACH, but wants to change their election they have 2 options:

      • If M2 has NOT been approved, the installer can elect an NCCO and the homeowner will have a chance to update their election.

        • If complete, the customer will receive the APR discount.

      • If M2 has been approved, the customer will need to wait until they set up their account in the myeverbright portal to update their election.

        • In this case, the customer will NOT receive the APR discount.

        • If the homeowner opts into ACH after M2 approval, the APR will decrease by 0.5%, but their payment will not change. Once the loan reamoritizes at the 18th month:

          • If they make the buydown payment before amortization and are in ACH, they will receive their payment will be lowered to reflect the discount.

          • If they do not make the buydown payment before amortization, they will not get the ACH discount.

        • If the homeowner opts into ACH after the 18th month, they will get the reduction of the APR, but the monthly payments will remain the same. The difference will be applied to the principal.

    • If a homeowner is questioning the contract only reflecting the 3.49% Base Rate instead of the ACH Rate (2.99%) and has opt-in for ACH.

      • “Hello [Homeowner Name],

        Per your contract under the Truth-in-Lending Disclosure, it states that the Annual Percentage Rate (“APR”) found in your agreement applies if you do not elect to pay via recurring ACH payments and electronic statements. For further details, you can review your contract and specifically the “Discount for Recurring ACH Payments and Electronic Statements Opt-In; Estimated Disclosures” for further details. In your case, as long as you are opt-in to ACH, which we noticed you have, you will get the 0.5% APR discount as mentioned which brings your APR from 3.49% to 2.99%! Thank you for giving us the opportunity to clarify!

        Thanks,

        [Agent’s Name]

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• Eliminated transfer fee ($250), credit check exemption fee ($250), payment by phone fee ($9.00), and payment processing fee ($7.50)

• Updated cancellation notice to 10 business days across all states

  • You, the buyer, may cancel this transaction at any time prior to midnight of the TENTH business day after the date of this transaction. See the attached Notice of Cancellation form for an explanation of this right.

  • Regardless, if a customer wishes to cancel their EverBright contract, support will follow the Cancellation SOP

• Added language regarding the Military Lending Act

  • The Military Lending Act (“MLA”) provides important protections to members of the Armed Forces and their dependents (“Covered Borrowers”) relating to extensions of consumer credit. In general, the cost of consumer credit to a Covered Borrower may not exceed a “Military APR” of 36%. The Military APR must include, as applicable, the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (with certain exceptions); and any participation fee charged (except for a credit card account). EverBright has not charged you any of the aforementioned costs and fees in this Agreement.

     

  • The Military Lending Act (“MLA”) FAQ

    Q. Who qualifies under the MLA?

    A. The MLA applies to active-duty service members (including those on active Guard or active   Reserve duty).

    Q. Which dependents are protected by MLA?

    A. Spouses, children younger than 21 years old, and full-time students younger than 23.

    Q. Can my annual percentage rate go over 36%?

    A. No

    Q. Are there any prepayment penalties?

    A. No