What is this stipulation?

• The EML stip is intended to prevent fraudulent accounts by flagging accounts with loan agreements signed with a potentially fraudulent email address.

​How does this stipulation get resolved?

• To clear this stipulation, Sunlight must complete an identity verification phone call with the customer in private and without any assistance. The sales representative may not be present in a three-way conference call.
• If a borrower needs to address this stipulation, they will need to respond to certain questions regarding their credit report and verify that the email address used to sign the loan agreement belongs to them and they have access to that email. A Sunlight representative will ask the borrower to verify three accounts or “trades” from their credit report as well as the credit limit, the remaining balance, or minimum monthly payment on those accounts.
• The identity verification must be completed by both the primary and co-applicant. 
• If the borrower is unable to complete the identity verification, please refer them to Experian at (888) 397-3742 and ask that they call Sunlight when they are ready with the necessary information.

Acceptable Account Information:

• Mortgage Accounts: Mortgages.
• Revolving Accounts: Credit cards and department store cards.
• Installment Accounts: Auto loans, personal loans, or student loans.
• Credit Limit/Amount Financed
• Balance
• Minimum Monthly Payment

Potential Scenarios

• If the email address does not belong to the customer:
  • A Sunlight representative will obtain the customer’s personal email address, update the account, and have the loan agreement resigned OR confirm whether the email is shared (ex. spouses’ email address) and if they have full access to it.
• The customer does not have a personal email:
  • A wet sign loan agreement must be sent out by mail to the customer’s address and the customer must physically sign the loan agreement.
• If the email was created for the sole purpose of signing the loan agreement, especially if a sales representative assisted with the creation:
  • A wet sign loan agreement must be sent out by mail to the customer’s address and the customer must physically sign the loan agreement.