| Can I use a father? Mother? Brother? Etc.? |
No. Co-Borrower can be a spouse or legal partner only (no exceptions). |
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Still a soft check? |
Yes, all credit checks are soft. |
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I'm a sales rep. Can I be a co-borrower? |
Only if the full approval & underwriting criteria are met. (you must be a spouse or legal partner to the primary signer).
Intentional misuse of the co-applicant feature will result in immediate access termination. |
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My customer's co-Borrower is deceased. Can I use them? |
No |
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My customer's co-applicant is estranged/does not live there anymore? |
Only if the full approval & underwriting criteria are met. |
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Does credit score impact who is a primary vs secondary? |
In general, co-borrowers (both equally responsible for the obligation) are different from co-signers (where the primary is primarily responsible, and the secondary is liable only if the primary fails to pay). For organizational purposes, we use the terms 'primary' and 'secondary.' However, there is no significant difference or hierarchy between the two, as both share equal responsibility for the Energy Plan. As such, Skylight Lending will never prioritize one applicant over the other. |
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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. |
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What if home is in a trust or LLC? |
Standard underwriting guidelines apply. (At least one borrower) Customer must provide trust or LLC documents confirming they are a trustee/controlling member/owner. |
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What happens if the primary is delinquent? |
In essence, co-borrowers(both equally responsible for the obligation) differ from co-signers (where the primary applicant is first responsible, and the secondary becomes liable only if the primary fails to pay). The terms 'primary' and 'secondary' are used primarily for organizational purposes. However, there is no significant distinction or hierarchy between the two, as both share equal responsibility for the Energy Plan. If there is a delinquency on the account, both applicants are equally subject to the potential consequences, just as with a single-applicant Energy Plan. This may include, but is not limited to, late fees, credit score impacts, and other related actions. |
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My homeowner has a lower income. Should we add a co-applicant? |
Only income, not DTI, is factored in our credit criteria |
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Can I remove a co-applicant or change it after I have run? |
Yes, via running a new application.
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Can I get a higher approval amount w/ co-applicant? |
No, approval amounts are not influenced by a co-borrower. |
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What if one applicant has a bankruptcy?
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A bankruptcy within last 7 years will decline any application, whether impacting one applicant or both. |