Common Terms
POI
Submitted in what format?
What is Proof of Income?
PDF format!
This is the minimum amount of days expected to stay ahead of your expiring financing.
What is 30 days?
This is the daily deadline for Redlines
What is 8:00 AM? (your time)
Currently, this is the Standard APR that sales reps have been asked to quote.
What is 9.99% APR?
My customer stated that they do NOT have an email address, what should I do?
Help the customer created an email address BUT make sure that the customer creates their own password.
DTI
How is it calculated?
What is Debt to Income?
Monthly Debt / Monthly Income
What time is the daily funding deadline and the EOM funding deadline?
What is...
2PM PST - DAILY
4PM PST - EOM
"Stated Income – Mortgage Payment – New Payment = ____________
Fill in the missing word ... hint: we require at least $2,000 of it!
What is Disposable Income?
This lenders loan docs can only be signed hard copy (aka wet signed).
Who is Synchrony?
How do I use a payment factor to accurately calculate what my customers monthly payment amount will be?
What is multiply the loan amount by the payment factor to calculate the monthly payment amount?
COB
How can you calculate what day this will land on?
What is Close of Books?
What is the 5th business day after the last day of the month?
Who gets paid if a project is kicked back to Need to Collect?
What is No One?
What is the process if the Opportunity is not automatically created by OCC in Salesforce?
What is the marketing team must create the Lead, the OM must result it, and notify the Finance team with the job #
The only lender in our portfolio that never allows you to buydown the APR.
Who is Service Finance?
I quoted my customer a 6 month deferral plan - can you LIST all lenders that offer this plan?
Who is Service Finance, First Security, Salal, PowerPay, Pure, Aqua and GoodLeap?
This document is used to clear stipulations with the lenders since it shows proof of ownership and property legal description
What is a Warranty Deed?
The purpose of Need 2nd Product status and what is its primary purpose?
What is Pay the primary installer.
The below are all examples of:
What is acceptable forms of current and valid US Government ID's?
The only lender that will accept an application for a customer with an ITIN
Who is GoodLeap?
I quoted my customer a 12 month deferral plan - can you LIST all lenders that offer this plan?
Who is First Security, Salal, PowerPay, Pure, GoodLeap?
This type of lender requires that at least one applicant owns the land the property is on
What is a secured lender?
A loan is expiring, the install is cutting it close, and you're hoping to get an extension on the existing approval. Who do you contact and what info should your provide them?
What is Funding, explanation, and estimated timeframe?
When Finance receives credit applications with these two "employer" names, we will NEVER process the application through secured lenders.
What is "UNEMPLOYED" and "SELF EMPLOYED"?
We have this many lenders in our portfolio? Please name them all!
We have 8 lenders! Service, First Security, Salal, Pure, GoodLeap, Aqua, PowerPay, Synchrony
I sold a Siding, Gutters and Windows project but the customer only wants one loan. The customer put down a $10,000 deposit. The sold price of the Siding and Gutters combined is $40,000 and the Windows is $8,000. What should I do?
What is write up the Windows as a cash sale with $8000 deposit, apply the remaining $2000 deposit to the Siding and Gutters?