From App to Funding

THE CREDIT APPLICATION

• Begin filling out your credit application.
• When you hit the submit button it comes directly to the Patriot Credit Department.
• We process applications in a first come first serve basis. The average time frame is 1-2 hours. Good credit is quick, slow credit takes longer.
• You will receive a conditional approval by email. The top right hand corner tells you the program it got approved under.

Credit Application

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THE PREMIERE APPROVAL

This program is for the better credit and comes with:

• Higher Loan Amounts to $100,000
• Longer Loan Terms to 240 months
• Lower Dealer Fees
• Electronic Loan Documents
• Electronic Completion Documents
• Only Occasional Proof of Income
• Pre and Upon Completion Verification Calls
• 180 Day Loan Approvals
• ACH Stipulation Required
• POHO Stipulation Required
• Mobile and Manufactured Homes are Welcome as Long as They Own Property
• All Stipulations must be Cleared to Receive Electronic or Paper Docs

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THE CLEARING OF THE STIPS

• Copy of your work contract and all addendums.
• If your stipulation is need POHO, this is the proof of home ownership. We need a copy of the recorded warranty deed.
• If your stipulation is need POI, this is proof of income. For W-2 employees we need their latest paycheck stub less than 30 days. Must show customer name, employer, and pay period. No phone snap shots permitted. For Retired 1 month bank statement within 30 days, all pages with customer name.

Document Upload

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THE LOAN DOCS PROCESS

The Equalizer has e-docs. All three also have paper loan docs. Once all stips are cleared we can proceed with the loan document request. Please email arinaldi@hiloans.info your request. We will need the sales price, the down payment and the amount financed (make sure this matches your work contract), we will need the borrowers email addresses (we no longer can send joint loan docs to a single email), if requesting paper docs please tell us here.

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THE OK TO BUILD PROCESS

Once your loan file is complete (this means all stips cleared, loan docs signed and approved, pre-verification complete), you will receive an OK TO BUILD. This means if installed today it could go into funding, you can order the materials and schedule risk free.

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THE FUNDING PROCESS

The Equalizer and The Evolver have edoc completions as well. When a job is complete email arinaldi@hiloans.info and request the completion. We will send it to the customer normally within 15 minutes. Please note your OK TO BUILD email also has a completion attached to it for your convenience. You can get that signed and email it to arinaldi@hiloans.info if Bumps n Bruises you will have a verification that needs to be completed prior to funding. Once completed the loan will be placed into funding for the ACH.

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WORDS OF WISDOM

• While you are with the customer get their proof of income.
• Prepare your customer for electronic loan documents.
• Verify and re-verify the customer’s email address.
• OK TO BUILDS can come quick (3-4 days) or come slow depending on how excited the customer is to get their new products.
• Ask your customer credit questions before you quote your price. There are dealer fees on my loan, this takes away from your commissions and your profit. If the customer feels there are issues with their credit sell over par to cover a 10-15% fee. Once you quote a price your state law will not allow you to raise the price to cover fees. These fees are not paid by the customer, they are paid by contractor. Every loan gets priced based on its own risk of being paid back.
• Down payment, always remember getting a down payment instantly makes your sale more profitable. The down payment is not impacted by dealer fee, so get as much as you can. Work it out to get a certain amount today and a certain amount before install.