Mosaic

I want to lead with providing the fact that I have had a career in the energy and oil sector for over 20 years. Solar is a wonderful alternative and energy source. I had an analysis of the system completed which included this feedback from a solar energy expert: This solar system is a 12.64kW system estimated to produce 19,834 kWh and that's the important number. Electricity and energy rates are increasing in cost, so the value of the solar power system for this house is appreciating in value. Here is my story and review: We were in the middle of a loan transfer process. Our buyer has been denied multiple times through the Mosaic automatic loan approval system. After speaking with many representatives several times, a week for over a month, we were not provided with any concrete, legitimate details regarding qualification criteria. The buyer had 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 and a great FICO score. It is communicated if you are a brand-new customer applying for a Mosaic loan, you are approved based on a soft credit pull (much lower standards). In reviewing personal credit reports historically this is not completely inaccurate due to the fact a hard inquiry is on my credit report from Mosaic from initial financing and project. Brand-new customers that incur any problems like denials and system glitches (yes, I said system glitches) 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. This is the qualification criteria that they are not at liberty to share. (direct quote from the manager attempting to assist) If the automated system can check these predetermined algorithm criteria boxes, you will get an approval, if not, then a denial email with the reason for denial will be immediately sent to you. The online approval process algorithm is flawed. Again, representatives are not at the liberty of telling you what exactly the qualification criteria 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. Mosaic representatives were willing to try to help to the best of their abilities and would contact other departments for answers when they didn't know. A manager told us on more than 1 occasion “I do not know why the buyer is being denied. This should be approved.” Then, they commit to a return phone call that never happens 5 separate times specifically. Contacting other departments was completely internal, we were not given the opportunity to speak to any other department. Keep in mind this time frame is upwards of 45 days in this specific situation. Once we started to understand how their system works and which people to talk to, the process or lack of process became even more convoluted. We were told there was a system glitch on more than one occasion and the representatives literally asked us to be the test subject, reapply again, see if you are approved or denied, wait 30 days, and apply again, which led to an additional system glitch. At this point, still spending a minimum of an hour on the phone with Mosaic multiple times a week for over a month was always some sort of excuse. My response “Your flawed system does not warrant us being your user acceptance testers.” It would be extremely beneficial if consumers were able to be informed and know the criteria they must meet. I truly believe Mosaic was entertaining and playing an interest rate game. Solar today is financed at over 8%. My interest rate for the transfer/loan assumption was 1.5%. What crooked business in today’s current times and economy would want to honor 1.5%? My realtor has been in business for over 15 years and dealt with several solar loan transfers with home sales and said they have never been through the nightmare we were currently experiencing. Absolute nightmare! Mosaic has the power and leverage to hold up the sale of a home with these disgusting business practices and they will do it! Mosaic doesn’t have anything to lose. However, as consumers and a home seller and home buyer have a lot to lose. Mosaic’s processes, negligence, poor business practices and complete incompetence cost us thousands of dollars due to all the delays. I will post this anywhere and everywhere I possibly can! Homeowners and buyers need to know! Again, an absolute nightmare! Do your research!

My issue is with Mosaic Bank and their Partnership with Viridi Construction are scammers. Mosaic paid in full all the money on 7/26/22, before the installation completed to Viridi construction do to a Construction of my house . Viridi never have the intention to do no construction at all. I have been dealing with both to cancel my loan.The installer Viridi construction finally gave me a Mutual Termination of Contract Settlement agreement on 7/20/23. This Settlement was sent electronically, email to Mosaic they received. I got a message from Mosaic, said We are currently investigating all Viridi Construction loans and will be coming to a resolution by the end of this month. A month pass and Mosaic did not call me or email me. I called every other day, Mosaic customer service, put me on hold to check on the status, customer service always said they still on investigation. On 10/26/23, finally after 3 months calling and waiting Mosaic Does not want to closed my loan. This is unethical and negligent on Mosaic. Know I am been force to payback the loan. Mosaic never try to help to close this loan they only have you waiting for you to think they are investigating the case, but thing is been done.

We were told this investment would negate most of our utility costs (electrical). What a sham this turned out to be! I'm really sorry we agreed to this now. I hope this is read by anyone considering an investment in solar. Knowing what I know now, I would recommend any other company in the area. Thanks for nothing, you A-holes.

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. I hope this helps a little and makes its way to you folks struggling with this process as well. Good luck to you!

Dishonesty! Put me in a very bad financial situation by raising monthly payments and their demanding “target balance payment” was over 13,000 in addition to the increase in the monthly payment. Going to an attorney to see what my rights are. I want out of the contract. I refuse to pay and I will not pay. Terrible company

I knew there were issues with our installing company early on when they didn’t pull building permits. I told mosaic to not fund the project. But they didn’t listen to us and actually called us liars. They funded the project anyway and we were left with an installer who went bankrupt! No warranty now and a system that doesn’t do what’s promised! They are a horrible company. They need to be held accountable. They post a response here and spew the same absolute nonsense that they have for over a year. “Oh we are sorry” please call us