The application process has 5 steps:
1. Pre-Qualification
2. Installer Costs
3. Hard Credit Pull
4. Underwriting
5. Pick a Term and Sign Loan Documents.
Pre-Qualification: The application process begins with an Atmos Certified Installer sharing a custom application link with the customer. Custom application links are provided to each Atmos Certified Installer through the Loan Management Portal. Once the customer completes a pre-qualification, the customer is presented with an indicative interest rate available from Atmos based on a soft credit inquiry. There is no adverse impact on a customer’s credit score. Customers that do not meet minimum credit criteria are provided with a reason for being denied credit.
Installer Costs: Once the customer has completed a pre-qualification, the installation company is prompted to input project cost/information.
Hard Credit Pull: After the installation company submits project cost information, the customer is prompted to review and confirm their Atmos Solar Loan. Once confirmed, Atmos performs a hard credit inquiry and locks the customer’s rate (based on the customer’s FICO score) for 30 days.
Underwriting: The Atmos underwriting department requests any required documents not already provided and completes their review. This review is often done same-day, but may take longer if additional documentation is required of homeowners or if there are extraordinary circumstances. If homeowners do not meet minimum credit criteria, they may add a co-borrower, subject to certain restrictions.
Pick a term and sign loan documents. Upon approval, the customer selects a loan term (7, 15, or 25 years) and is immediately prompted to sign loan documents. Document completion triggers NTP (“Notice to Proceed”) for installation companies.