Verification Calls Required for Borrowers 65 Years or Older
GoodLeap now conducts a quick 3-5 minute project verification call for borrowers aged 65 and older for all solar loans.
Successful completion of the call is required to to obtain Notice-to-Proceed (NTP).
GoodLeap will attempt to call the borrower once per day for four days until complete.
Customers will start receiving calls once they sign loan documents. Calls will not be re-conducted if there is a change order and new documents are sent.
If GoodLeap is unable to reach the borrower, it becomes the sales representative's responsibility to have the customer call GoodLeap at (855) 212-4485.
For more details check out the GoodLeap Help page.
We want to ensure customers understand that Palmetto and its partners are placing the customer’s best interests at the forefront of their solar experience. We are helping to enforce financier lending rules to ensure that we can protect you from the risks of unfair practices that have severely damaged other brands in the industry.
Enforcing these lending rules will
Automatically support lender compliant pricing
Avoid manual refinancing or financing related cancellations
Details
Lender price caps will provide guidance at the field level to allow reps to achieve pricing compliance with the lender.
Palmetto understands that dealer fees and adder costs are rising, so the base price + commission ceiling does not include dealer fees and adders
Lender caps apply to Loan PV PPW (with Add-ons if applicable), loan principal cap, and add-on % of total loan principal.
Keep in mind that a $4.90 base price + commission is ~ $7.50 per watt financed with a 25 Year 3.99% APR, which is higher than the $6.50 Goodleap PV-only cap
This applies to all states
For questions on Palmetto Price Caps you can find more information here(need to link once the page is live)
PV Only (Financier Cap) | $6.50/W |
PV + Approved Add-Ons (Financier Cap) | $11.50/W |
Approved Add Ons | Max 45% of the Loan value for items needed to make the home solar-ready
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Additional Items | Basic, low cost items are also acceptable to include in loans, but cannot exceed PV Only PPW cap:
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Dealer Fees | To view dealer fees, keyword search "Dealer" in the Alchemy Support Center |
Credit Requirement | 650 FICO. Loanpal takes the highest score of all 3 bureaus |
Credit Check Impact | Soft at point of initial credit check (hard only after install). This means there is no impact to a customer's credit to simply see if they initially qualify. |
DTI: | With 650-699 FICO: 55% Max With 700+ FICO: Not factored |
LTV | Not Factored |
Approval Amounts | With 650-699 FICO: $50K With 700+ FICO: $100-135K |
Bankruptcy/Foreclosure Lookback: | 4 Years |
Late Mortgage Lookback: | With 650-699 FICO: No late mortgage payments in the last 90 days (deferred payments exempt) With 700+ FICO: Allowable only 1 late mortgage payment in the last 90 days (deferred payments exempt) |
True Coborrowers: | Permitted: Primary borrower must be on the title, but a co-borrower can be leveraged to gain loan approval if they pass credit requirements. Co-borrower does not need to be on title or be related to the homeowner. |
Approved Property Types | Owner-occupied residences, second/vacation homes, up to 4 unit residences (including townhomes) if the roof is fully owned. |
Reamortization | Single ream at month 18-- homeowners must apply at least their ITC down on the loan by this time to maintain their initial 18-month payment amount. |
Customer First Payment | Approx 90 Days after installation* (*Effective 8/15/22) |
(844) 910-0111 / [email protected]
Monday – Thursday 7am - 9pm
Friday7am – 8pm
Saturday 8am – 5pm
SundayClosed