Solar Financing
You get financing for a solar system and energy-efficient improvements/upgrades and the homeowner pays back the loan over an assigned term of years (15-20 years) through their property taxes.
What is the Property Assessed Clean Energy (PACE) Program?
What does A.R.P stand for?
Acknowledge, Respond, Pivot
Can you close on a manufactured home in a flood zone?
No
Residual income is calculated by...
What is (Monthly Income) - (Monthly Expenses)?
What is the minimum size of a manufactured home?
Not less than 400 sq. ft. of floor area
What does the acronym P.A.C.E mean?
what is Property Assessed Clean Energy (PACE) Program?
A customer is upset b/c you already asked for their information. How do you acknowledge his complaint?
I understand that this process is sometimes repetitive.
How long is an appraisal valid?
120 days
Monthly residual income qualification is based on these two things.
What are the family size and geographic locations of the borrower?
What website do you use to order the HUD Label and data plate/compliance certificate?
IBTS website
Solar energy agreements where the homeowner purchases the energy generated by the system.
What are Power Purchase Agreements (PPA’s)?
A customer is upset b/c you already asked for their information. How do you respond to his complaint?
It is important to gather this information in order to keep your loan moving forward
People who occupy the subject property, but are not the spouse of the borrower, and are also not borrowers.
What are “Other non-borrowers”?
True or false. Electric and water are included in the calculation of the monthly expenses.
What is False?
When a foundation certification is needed, does it need to be current?
No
This type of solar financing helps eliminate most, or all upfront costs, maintenance, and operations costs associated with operating a solar energy system.
Solar Lease
A customer is upset b/c you already asked for their information. How do you pivot to his complaint?
Do you have this information available right now or can I help you obtain it?
This type of reverse mortgage states that a borrower can never owe more than their home is worth at the maturity of their reverse mortgage loan.
What is a Non-Recourse reverse mortgage?
If a borrower does not meet the applicable standards, the lender may consider Compensating Factors. Name two of them.
• Eligible non-borrowing spouse income:
• Overtime, Seasonal, Part-time, or Bonus Income:
• Expected SSI or Pension Income:
• Imputed Income from HECM:
Does a manufactured home need to be built and remain on a permanent chassis?
What is YES?
What documentation is needed when you have a Solar loan or lease on the property?
24-month payment history
The Solar Agreement
What are the date and year when a HUD label is needed to be attached to a manufactured home to make it eligible for an RM?
June 15, 1976
UCC-1 filing
What screen in RV do we put REO property charges to be included in residual income?
Case screen and expenses screen
What are the date and year when a HUD label is needed to be attached to a manufactured home to make it eligible for an RM?
June 15, 1976