INTERNAL ONLY

Background: This refers to PPA products only. The customer must submit a credit application and pass 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)

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)

Table of Content:

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

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.

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.
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
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
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)

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.

Step	Action

Step	Action
1	Redirect the Sales Rep/Installer to the “Qualification” Phase
2	Click on “Actions”


3	Click on “Run” or “Run Pre-Qual”
4	Once you start the pre-qualification, it will prompt you to complete the Soft Inquiry Credit Application Form
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
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

Title Requirements:

Ownership by Individuals

Ownership by Trust

Ownership by LLC, S Corp, & C Corp

Credit FAQ’s:

Is there going to be a Hard Inquiry?
Do we need both applicants in the title too?
When is the Credit Approval going to expire?
Can a Credit be transferred to a new project?
How is my PPA Agreement going to affect my credit?

Credit Qualification Results Chart (Engine)

Credit Qualification Results Chart (Engine)

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

Conditional Approvals - Income verification

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.

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.
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:

Installer Knowledge Base

EverBright PPA - (Credit Qualifications & Title Requirements)

Analytics

Co-Signer & Co-Applicant Requirements

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

1

2

3

4

5

6

Title Requirements:

Credit FAQ’s:

Is there going to be a Hard Inquiry?

Do we need both applicants in the title too?

When is the Credit Approval going to expire?

Can a Credit be transferred to a new project?

How is my PPA Agreement going to affect my credit?

Credit Qualification Results Chart (Engine)

Credit Qualification Results Chart (Engine)

Conditional Approvals - Income verification

Conditional Approvals - Income verification

How to Handle EB qualification Declined for Forclosure

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