| Prospective Buyer is prequalified by a Loan Officer who is familiar with these specialty products. The Loan Officer informs the client of the opportunities available under this structure. | The prospective buyer may have been connected to the Loan Officer in a number of ways including a referral from a Realtor, Contractor, or Rater.
The Loan Officer assists them in determining their best financing structure and limitations. The Loan Officer then provides this information to the client’s Realtor. |
| The Realtor assists the client in locating a suitable property and getting an offer accepted | The Realtor will be conscious of the buyer’s desire to take advantage of the opportunities to retrofit the energy efficiency of the home they are purchasing. They will consider this when showing properties. |
| When the offer is accepted, the Loan Officer will make a determination regarding the best course of action based on the expected extent of the Energy Upgrade package | If the expectation is that an Energy Efficient Mortgage (EEM) will be the Energy Financing mechanism, they will refer the buyer to a Facilitator to take care of everything pertaining to the energy package. The Facilitator will ensure that the Contractor being used is approved by the applicable utility provider to qualify them for the rebates. They will also coordinate the necessary HERS II Rating (required for the EEM), and assist with the paperwork. The Contractor will perform the required “Measure In” assessment at this point and provide the bid.
This process should be followed even if an EEM is involved in conjunction with a 203K. |
| If the Energy Package will utilize either a Full 203K or a Streamline 203K, the Loan Officer will coordinate with the Contractor to secure all necessary bids and required paperwork. | |
| After Escrow has closed | The Contractor will complete the work, and perform the required “Measure Out” assessment. They will inform the buyer regarding the qualifying rebate level. |
| After all work is completed | The Home Owner (the work was not performed until after escrow has closed. The Buyer is the Owner at this point) files for their rebate, and the Contractor is paid under the applicable process based on the financing structure. |
Sacramento 1st DBA Comstock Mortgage – Lic : 01390474
Kevin Nunn – NMLS 305826 / DRE 01158674
