Question 1

When do Borrower(s) need to provide their ACH/checking info?

Accepted Answer

The Borrower will be prompted to add their ACH information immediately after they complete the Digital Terms Agreement (DTA). They can elect to not enter the ACH information at this time, and will be enrolled into auto email reminders (every 4 days) until they add this information or opt out of autopay completely.

Question 2

Is Plaid required?

Accepted Answer

No, homeowners also have the option to enter their banking information manually, or opt out completely by calling Concert Support at (855) 925-4890. See screen image below:
https://static.wixstatic.com/media/69dcb9_26ca8b94103d4519bfe3957466d039c7~mv2.png

Question 3

How does the Borrower enter their banking info for ACH?

Accepted Answer

Once the DTA has been completed, they will brought to this screen where they can select their preferred entry method, or opt out of ACH. 
https://static.wixstatic.com/media/69dcb9_181d0b99b89f44e197c342181b178fab~mv2.png

Question 4

What do Borrower(s) need to know about repayment via ACH?

Accepted Answer

There is a 0.5% APR discount for the Borrower when they sign up for ACH.

Best practice is to explain that we require ACH authorization from a valid checking account at the time of Contract Signing so payments can be automated on the due dates. The Borrower will be prompted to add their ACH information after they complete the DTA.

There is not a cutoff date for signing up for ACH, however if they attempt to add their ACH after substantial completion, they won’t be able to compete enrollment through the Concert Portal and will be provided instructions on how to enroll.

Please note that the discount will only be applied to their APR after they sign up for ACH.

Question 5

Is there a prepayment penalty if Borrower(s) pay loans off early?

Accepted Answer

There is no pre-payment penalty.

Question 6

Can co-applicants provide their ACH information?

Accepted Answer

Yes.

Question 7

When does the loan appear on the homeowner's credit report?

Accepted Answer

Confirmation of Substantial Completion (SC) in the portal will mark the loan as active; reports for active loans are sent to the credit bureaus at the end of each calendar month.

Question 8

Do non-solar items in the loan need to be itemized on the HIC?

Accepted Answer

Ideally, yes (some states require it). Following best practices, the HIC will itemize each non-solar portion of the loan and its associated cost.

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Compliance Document Compliance Training Video Truth-In-Lending Act Privacy Policy

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Compliance Training Video
Truth-In-Lending Act
Privacy Policy