Melissa
2023.10.28
Mosaic's loan transfer criteria insight
We are in the middle of a loan transfer process. Our buyers have been denied multiple times through the Mosaic automatic loan approval system. After speaking with many, very friendly and helpful, representatives from the loan assumption/transfer department and the underwriting department, I was given some qualification criteria I would like to share to perhaps help others with this difficult process.
Here's what I was told:
credit history is extremely important to qualify for a loan transfer. Things such as:
no excessive debt (good DTI ration), no bankruptcy in the last 3-7 yrs, a good amount of activity in the credit history to show, no derogatory credit such as delayed payments within the last 1-2yrs or defaults. A good FICO score.
Also, if you are a brand new customer applying for a Mosaic loan, you are approved based on a soft credit criteria (much lower standards) and any problems like denials can be taken up with the underwriting team who can, at your request, do a manual "credit decision override" CDO. However, if you are an existing customer and have problems with your loan transfer, that is done through the "loan assumptions/transfer" department. The new buyer would request an application link, fill it out online, their system will automatically issue an approval or denial response letter within about 10 seconds.
Regarding this system, your credit information is pulled from the credit Bureau (Experian or Equifax) and matched with Mosaic's qualifications criteria. If they check these predetermined criteria boxes you will get an approval, if not, then a denial email with the reason for denial will be immediately sent to you. It is very picky, I would say. Representatives are not in liberty to tell you what exactly they are, if they know at all. I was told multiple times by them that they were not at liberty to tell me what the FICO score to qualify for a transfer is per company policy.
All that being said, on a positive note, my experience with Mosaic's customer representatives was very positive. They were always very willing to help to the best of their abilities and would contact other departments for answers when they didn't know. I was very satisfied with them once I started to understand how their system works and which people I should talk to. I feel like if their system was a bit more clear they may not have as many complaints because then people would realize the criteria they have to meet. That being said, I do also think Mosaic is way too strict when it comes to their solar loan transfer criteria compared to other solar loan companies. My realtor has been in business for over 15 yrs and dealt with many solar loan transfers and said she has never had as hard of a time with a transfer as with Mosaic. My solar company also said they had to drop from using Mosaic as a loan service because they were very hard to deal with and were getting alot of complaints from customers dealing with them.