Mosaic has long been a leader in solar lending, and is one of the largest and highest rated solar loan providers in the industry. So, in this article, we will walk through: the loan products Mosaic offers, benefits & approval requirements, and how to select, apply for, and obtain loan approval with your customer using the Clean.Tech app.
First, regarding loan offerings through the app, Clean.Tech offers fixed interest Mosaic loans designed to deliver low competitive payment options for homeowners with terms of 20 to 25 years, and rates as low as .99%.
Next, when it comes to benefits and approval requirements, after sales reps and their customers select Mosaic in the app, they can expect an exceedingly user-friendly online Mosaic portal experience. Here, sales reps can easily perform the customer credit check, and customers can easily apply for their loan. Then, the portal is set up to allow Mosaic representatives to seamlessly work with you and your homeowner to review, approve, and sign loan documents.
Click here to view a ‘one-pager’ with additional information with key information and quick facts about Mosaic loan offerings.
Several notable requirements and benefits of Mosaic loan products, include:
- Customer review and approvals for FICO scores of 620 and higher
- A minimum debt-to-income (DTI) ratio of 55%
- A Loan structure where monthly payments will adjust after 18 month reamortization
- And, no prepayment penalties
To select Mosaic loans in the Clean.Tech app, and matriculate them through the app and Mosaic’s portal to attain loan approval and the ability to move your customer’s project into Clean.Tech’s Fulfillment Team to initiate solar installation activities, follow these steps:
- In the app, as you design your project, tap the blue home & person icon to view financing information.
- Tap ‘Financing’ to select Mosaic as your funding partner.
3. Select ‘Mosaic’ from the drop down menu.
4. Select the loan product you want from the drop down menu.
5. Tap ‘Calculate’.
6. Go back to the main screen of the proposal.
7. Tap the blue ‘Review agreement, sign up’ button in the lower right hand corner of the screen to enter customer information and forward the proposal to your customer. Or, if customer information has already been entered, send your customer their solar proposal using the file icon in the upper right hand corner of the screen.
8. Verify homeowner name, contact, and email information is accurate.
9. Tap ‘Looks good, proceed to proposal’ to send the CleanTech proposal to the homeowner for review, and signature when your proposal is complete.
10. If it is your first time using Mosaic, request an invitation to the Clean.Tech/Mosaic portal by emailing email@example.com, or send us a message through chat support. We need your: full name, an email address (not already affiliated with a Mosaic login), team name, and phone number.
We will create your user account, and Mosaic will automate an email invitation for you to create a login password. Once you have access to that platform, you will be able to begin the application process and obtain an approval for your customer in as little as 15 minutes!
Note: Be sure to enter the exact dollar amount from the Clean.Tech solar proposal and contract in your loan application, as failure to do so will likely result in the slowing down of the loan approval process and need for the homeowner to sign new documents.
If any additional documentation is required to attain loan approval, Mosaic will email your homeowner to directly upload any requested documents. Common documents requested, can include photo ID and verification of income (VOI).
11. Upon approval of the loan application, Mosaic will email loan documents to the homeowner for signature.
12. When your homeowner signs their loan documents and Clean.Tech receives all Required Documents from you, (Including uploaded utility bills & site photos, and completion of the Customer Contact Info section, at the bottom of the proposal document), Clean.Tech will upload your solar agreement to the Mosaic portal and countersign the loan documents to trigger formal project funding approval, a.k.a. Notice to Proceed (NTP).
13. Once NTP has been granted, we assign your project to the Clean.Tech Fulfillment Team and initiate solar project activities, including: planset engineering, any site audit activities, and preparation for permit submittal and installation.
14. 100% of your commission payment is issued to your Sales Team once the final inspection has been passed and Mosaic forwards project funding to Clean.Tech.
If needed, after selecting Mosaic in the Clean.Tech app and applying for your customers loan in the Mosaic portal, be sure to visit Mosaic’s Help Resource Center from the Mosaic portal or contact them directly at 855-746-5551. And of course reach out to our Clean.Tech Team through chat support for any clarification around this process, so as to expedite the loan selection and approval process to get your customer’s project through funding approval and into Clean.Tech’s installation activities.