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Effective Date: July 8th 2024

Background: 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

Table of Contents:

Requirements

Process

Requirements:

Description

Note

1

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.

2

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)

3

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 The system

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)

4

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)

Process:

How to Add a Co-Applicant / Co-Signer:

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.

Also; 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)

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

Step

Action

Reference

1

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

image-20240702-205321.png

2

  • Click on “Actions”

image-20240702-205542.png

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

image-20240702-205842.png

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

3

  • Click on “Run” or “Run Pre-Qual”

image-20240702-210229.png

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)

image-20240705-140137.png

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

image-20240705-140345.png

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

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

image-20240705-142634.png

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SSN or ITIN Requirement for Credit Applications

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