Co-applicants are allowed on the LightReach financing for Home Efficiency Plans (HEP).
Co-applicants include a spouse, domestic partner, family member, or close associate of the primary applicant
Disclaimer: Co-applicants are equally responsible for the Home Efficiency Plan obligations. Misuse of the co-applicant feature, intentional or otherwise, may result in restricted access of the Certified Installer.
A | Co-Applicant email... | Must be a distinct/separate email from the primary |
B | To get approval with a Co-Applicant... |
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C | To achieve NTP with a Co-Applicant... | In general, same existing NTP requirements apply:
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Underwriting Details:
LightReach underwriters may request additional documentation to confirm the co-applicants identity. In these situations, contact LightReach underwriting with at least one of the following. Providing multiple documents may be required in the circumstance, and is encouraged whenever possible.
Copy of both applicant's drivers licenses showing the same address.
Voided check or bank statement showing both applicants, on the same address.
Recent mortgage statement showing both applicants, on the same address.
For the avoidance of doubt, 'recent' documents are generally defined as those issued within the last 90 days.
1 | Still a soft check? | Yes, all credit checks are soft. |
2 | I'm a sales rep. Can I be a co-applicant? | No.
Intentional misuse of the co-applicant feature will result in immediate access termination. |
3 | My customer's co-applicant is deceased. Can I use them? | No. |
4 | Does credit score impact who is a primary vs secondary? | Big picture: Co-applicants (both parties equally responsible for the obligation) are distinct from having a co-signer (in which the primary is first responsible, and responsibility falls to the secondary if the primary fails to pay).
With this in mind, we use the terms 'primary' and 'secondary' largely for organizational purposes. |
5 | My customer signed the contract, why isn't it showing up as signed? | Contracts must be signed by both applicants. DocuSign packages automatically route from Signer #1 to Signer #2. In most cases, the customers have simply not yet executed Signature #2. |
6 | What if home is in a trust or LLC? | Standard LightReach underwriting guidelines apply (At least one applicant). Customer must provide trust or LLC documents confirming they are a trustee/controlling member/owner. |
7 | What happens if the primary is delinquent? | Big picture: Co-applicants (both parties equally responsible for the obligation) are distinct from having a co-signer (in which the primary is first responsible, and responsibility falls to the secondary if the primary fails to pay).
With this in mind, we use the terms 'primary' and 'secondary' largely for organizational purposes.
If there is a delinquency on the account at large, both applicants are subject to the potential consequences and actions of delinquency, just as a single-applicant Efficiency Plan would (including but not limited to late fees, impact to credit scores, etc.). |
8 | More than 1 co-applicant? | Applications are limited to 2 applicants.
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9 | My homeowner has a lower income. Should we add a co-applicant?
| Income and DTI are not factored in our credit criteria.
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10 | Can I remove a co-applicant or change it after I have run? | Co-applicants cannot be removed once a credit application has been ran.
A new account must be created to run credit with a new co-applicant. |
11 | Can I get a higher approval amount w/ co-applicant? | No, approval amounts are not influenced by a co-applicant.
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13 | What if one applicant has a bankruptcy? | So long as one applicant achieves full credit/underwriting criteria, the application can move forward. Example:
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