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INTERNAL ONLY

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Background: This refers to PPA products only. The customer must submit a credit application and pass credit Credit & Title criteria and sign the agreement to be eligible. The criteria include a combination of credit score/s and requirements, including mortgage, debt delinquency, bankruptcy and income (DTI)

Table of Content:

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Join Applicants

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Credit FAQ’s

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Conditional Approvals - Income Verification

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Please be aware that as of October 18th 2024, The minimum credit score for all financing options will increase from 670 to 700.

Applications with a credit score below 700 will no longer be eligible for “Conditional Approval”, Which previously required additional Debt To Income (DTI) Documentation

  • Please refer to the following KB Article: (Click Here)

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Table of Content:

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Co-Signer & Co-Applicant Requirements

There will be instances in which a (Sales Representative or Installer) will contact support needing to add a Co-Applicant or Co-Signer into the Everbright agreement, and we will allow it, however, there are certain requirements that we need to consider to proceed

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Regardless of past credit history, all applicants are welcome to apply. However, we encourage co-applicants to submit a credit application to increase the chances of qualifying for the product.

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There are a maximum of 2 applicants allowed on any credit application

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If you are adding a co-applicant, the co-applicant MUST be in the Property’s TITLE

Both Co-Applicants/Co-Signers must be on the home’s TITLE

  • As part of our enhanced Fraud prevention efforts, we are requiring both applicants to be on the title for the home.

In other words; If we need to add a co-applicant in the agreement it will be required that both (Primary and Secondary) are registered in the Title of this property. We will not allow a Co-Signer that is NOT in title.

Both Co-Applicants/Co-Signers must be on the CREDIT

  • Any signer in the contract will have to be on the Credit application too. Both applicants (Primary and Secondary) require a Credit Run

Only one has to be approved. the system will always take the Highest FICO Score. So even if one of the applicants has a low score it will always take the one with the highest to proceed

All Credit initiations are soft inquiries (Meaning that this will not impact their current credit scores)

Each Applicant will be required to have a unique Email Address

  • To mitigate risks resulting from cosigners using the same email address, it will be required for the applicants a unique email for each within the same contract

There will be a block submission of credit application if the system detects that applicants' emails are the same (Effective starting July 31st, 2024)

The system blocks the generation of the contract if either signer has the same Email address as the rep or installer). In other words; The email registered for the Homeowner cannot be the same email registered in the system for the Sales Rep or Installer. (Currently in effect)

If the Contract has been already signed we will require a new Workflow

  • If the contract has been fully executed and signed by the homeowner, The workflow has to be canceled. the Sales Rep/Installer would need to requote with the Co-Applicant as Credit AND Title (Check the process Below)

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How to add a Co-Applicant

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/ Co-Signer

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  • There are a maximum of 2 applicants allowed on any credit application

  • If you are adding a co-applicant, the co-applicant MUST be in the Property’s TITLE

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:

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titleCLICK HERE

The qualification process will allow the addition of a secondary applicant, however, if we are going to add a co-applicant take note that both (Primary and Secondary) will need to be in Credit and both will be required to be in the Title of the property as well.

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If there is an existing Credit application submitted we will need to cancel the application first and then re-run the qualification (See the process below)

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We CANNOT start or submit a Credit & Title Application on behalf of the Sales Rep or Installer but we can guide them

Step

Action

1

  • Redirect the Sales Rep/Installer to the “Qualification” Phase

2

  • Click on “Actions”

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If there is already an existing application; Click on “Cancel Pre Qual” and continue with Step 3

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Note

If there is NO existing application yet; Go To Step 3

3

  • Click on “Run” or “Run Pre-Qual”

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4

  • Once you start the pre-qualification, it will prompt you to complete the Soft Inquiry Credit Application Form

Remember: The SSN or ITIN must be filled out for applicants and Co-Applicants as a Required Field. (Reference)

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5

  • Click on the Checkbox that says “I Am Applying with a Co-Applicant” so it will display the Co-Applicant Information Form As well

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6

Once you have added both (Applicant and Co-Applicant) you will now be able to generate a new contract from the Contract Phase and send out for signatures

Make sure Both Applicants are included as the Recipients and Confirm their Email addresses are correct before sending for signatures

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In case you don't see one of the applicants in this generated contract, click on “New Recipient” so that you will be able to select them

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Title Requirements:

Ownership by Individuals

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titleCLICK HERE
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One or more applicants must be listed on the Home’s Title

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If there is a Co-applicant, both (Primary and Secondary) must be listed on the Title of the Property. We will NOT accept a Co-Signer who is not listed on the Title

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A Credit Application Cannot be submitted if the Applicant(s) are not listed on the Title of the Property. The applicant(s) must be on both the Title and the Credit Application

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The names on the Title must match exactly on the Homeowner’s Agreement, and the Individuals must be the executors of the Agreement

Ownership by Trust

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titleCLICK HERE
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At least One trustee must reside at the property and sign the Agreement

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The Trustee’s Exact Name, as it appears on the Trust agreement, must be included in the Agreement

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Additional Documentation is required:

Full copy of the trust documentation must be uploaded showing:

  • The Full Name of the Trust

  • The Names of all Trustees

  • The date the Trust was formed

  • The Signature page of the Trust

Ownership by LLC, S Corp, & C Corp

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Director/Officer Requirement:

  • A director or Officer of the Entity must Reside in the Property and must be an executor of the Agreement

  • One or More applicants from the entity must meet the credit requirements and Sign the Agreement

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Additional Documentation is required:

  • Business Formation Documents that show the names of All Officers and Directors of the Entity

  • The Signature page of the Business Formation Documentation

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Credit FAQ’s:

Is there going to be a Hard Inquiry?

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All credit

initiations are soft inquiries

checks are Initially Soft Inquiries.

  • They will

convert into a hard inquiry either 30 days after the agreement is signed or Milestone 1 (M1) is approved (Whichever occurs last)

  • become a Hard Inquiry 30 days after the contract is executed and M1 is approved

IMPORTANT NOTES:

⭕ If the Credit is Checked today and M1 is approved on the same day , the Hard inquiry will not occur until the 30-day mark

⭕If M1 is approved more than 30 days after the credit application is run, the Hard Inquiry will occur once M1 is approved

The Hard Inquiry will only be made once M1 is approved, NOT before

Do we need both applicants in the title too?

Expand
titleCLICK HERE

Both credit applicants must be on the title of the property and must be a signer on the agreement

When is the Credit Approval going to expire?

Credit approval expires 60 days after credit decisioning - Public Information

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titleCLICK HERE

  • Credit qualification is valid for 90 days, noM1 extensions will be allowed

    • This means that if the M1 deadline passes, we will NOT be able to grant an extension, and a new credit application will be required.

Can a Credit be transferred to a new project?

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Credit can be transferred to a new project for the purpose of a financial product change by the applicant(s)

  • Must be the same individual’s credit being transferred to the new project

How is my PPA Agreement going to affect my credit?

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Only monthly obligation (plus any past due amounts) is being reported

  • This means that your credit reflects only your current monthly obligation rather than the enire contract balance

Tip

Please refer to the following article: (Click Here)

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Credit Qualification Results Chart (Engine)

  • The following chart shows the potential results subsequent to running pre-qualification:

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Conditional Approvals - Income verification

  • Conditional approvals will require further documentation to move forward. The customer will receive an email with a list of required documentation.

In order to verify their income, the customer will need to upload one of the following documents:

  • 2 most recent paystubs

  • Most recent W2 form

  • First 2 pages of most recent 1040 tax return form (displaying full name and signature)

  • Most recent 1099 form

Info

If customer is unable to find the credit stipulation Docusign Email that was sent, then ;

If Chat or Email:

  • please redirect them to contact our C&T team at 877-465-2496

    • The Line will first go to our SS support team, who will need to reach out to C&T to resend the DocuSign link.

If Phone:

  • SS support Team will reach out Warm Transfer the call to C&T to resend the DocuSign link to the Homeowner

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handle declined foreclosure:

How to

Handle EB qualification

Declined for

Forclosure

  • Installer contacts support and indicates that the customer’s EB qualification has been declined for a property foreclosure and that the customer denies having a foreclosure.

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  • This can be completed by sending the mortgage statement via email to dealprocessing@goeverbright.com or uploading it to Engine under the documents section on the qualification page:

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Related Articles:

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