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Co-Signer/Co-Applicant Requirements

Co-Signer/Co-Applicant Requirements

Owned by Rafael Gonzalez
Last updated: Sept 24, 2024
4 min read

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 (How To add a Co-Applicant)

Requirements:

Description

Note

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

 

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

 

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)

Step

Action

Reference

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

 

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

 

 

 

 

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