Consumer complaint received 2022-11-02
Company: Solar Mosaic LLC
State: AZ
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
I followed instructions from Mosaic, our solar power panel lender, to begin the loan assumption process as we are selling our home, please see the email below with instructions from Mosaic ( per comment instructions, names and contact information have been redacted and targeted parties will be labelled in brackets ) : >Hi, > >Thank you for contacting Mosaic. 
> >We understand youre selling your home and might be interested in transferring your Mosaic home solar loan to the buyer. It is more convenient for all parties involved for the loan to be paid off prior to or during the home sale. To help you decide on the best path forward, heres some info : > >PAY OFF YOUR LOAN >The simpler option, preferred by buyers and sellers > >There are many advantages to paying off your loan and including the system cost in >your home sale price : >> Increased home value. From installation day, your system added value to your home.

>> Faster sale. Studies show solar increases the speed of sale.

>> Simpler sale. Avoid a complicated loan transfer process.

>> Convenience. Instead of a mortgage and a solar loan, the buyer will have one >payment, tax-deductible interest, and cheaper clean energy.

> >TRANSFER YOUR LOAN >If you choose not to pay off your loan, you may be able to transfer the loan if 1 ) your >homebuyer credit-qualifies via Mosaic 's credit application process and 2 ) your current >loan balance is greater than {$5000.00}. Heres a quick overview of how the online process >works.

> >1. You provide written authorization for Mosaic to share loan information with your >prospective buyer. Please include the buyers name and contact information. For your >convenience, please use the sample text provided below and reply directly to this email >with the requested details : : > >>I, [ your name ], am interested in transferring my Mosaic home solar loan to [ name ], > [ phone ], [ email ] and I grant Mosaic permission to share my loan agreement and discuss >the details of my loan with the prospective transferee and their representatives. My >escrow officer 's name is [ name, if known ] and they can be contacted at [ email ]. My >closing date is [ date of closing, if known ].

Notice, in the first paragraph under " TRANSFER YOUR LOAN, '' the instructions state " you may be able to transfer the loan if 1 ) your homebuyer credit-qualifies via Mosaic 's credit application process ... '' Our home is being purchased by two people ; the mortgage on the home the solar panel system is installed on, as well as the deed and all other documents will be filed under these two individuals. 

In response, we sent the following information to the lender on XX/XX/2022 : >from : [ myself ] >to : Mosaic Customer Service XXXX, [ my realtor ], [ my wife ] >date : XX/XX/2022, XXXX XXXX >subject : Re : Selling your solar home : loan payoff or loan transfer? 
> >I, [ myself ], am interested in transferring my Mosaic home solar loan to [ buyer 1 ] and > [ buyer 2 ], [ buyer 1 contact info ] and [ buyer 2 contact info ] and I grant Mosaic permission >to share my loan agreement and discuss the details of my loan with the prospective >transferee and their representatives. My escrow officer 's name is [ escrow officer ] and >they can be contacted at [ escrow officer email ]. My closing date is XX/XX/2022. 

Mosaic sent the credit check request to buyer 2 ( no date provided to us by Mosaic ), which was declined.

Mosaic sent the credit check to buyer 1 ( no date provided to us by Mosaic ), which was also declined. 
Our buyers contacted Mosaic to request a a joint application XX/XX/2022. 
We were informed today, XX/XX/2022 ( 8 days before the close of escrow ) that Mosaic is not permitting the joint buyers of our home to submit a joint application to assume the solar loan. This action is preventing the sale of our home as the sale is contingent on the assumption of the solar loan.

Company response to consumer: Closed with explanation