Loan Servicing Manual

Section 3 Document Requirements

Procedure Name: 3.4 Document Requirements

Policy (check one using   Compliance Committee Approved Policy (enter name):
symbol in Insert tab,  Other approved Policy (enter name):
Symbols): X No Policy
Date: 04-Jul-2019
Author: Prince Ghosh / Stacey Randell

1. Dealers fax or email funding documentation once the application is approved and
installation is completed.
 Email: funding@snapfinancial.com; financement@snapfinancial.com (Quebec
dealers);
 Fax: 416.487.8131 (fax is converted into a PDF and automatically emailed to
funding@snapfinancial.com)

2. In order for a transaction to be processed and funded, the following documents must be
supplied by the dealer:

1. Completed Equal Payment Agreement (EPA) / Contract of Sale by Instalment - QC

The EPA used in completing the application must be the version of the agreement
prevalent as on the date of application. If an incorrect version is used we must ensure
that the dealer is notified that we would not be able to accept the older versions of the
agreement for future applications.

a) There are primarily 4 types of agreements:

1. Ontario (ON): Vers > ROC 3.E.200817
The disclosure page in enclosed with the docusign version of the agreement.
This disclosure page must be signed by the customers as per law in order to
avail financing for any HVAC product. If the disclosure document isn’t provided
by the dealer we can still proceed to process the deal.
2. Alberta (AB): Vers > Alberta 16.E.200930
There are some additional clauses as per law for AB agreements. These
changes have been incorporated in our agreements to comply with the
requirements.
Rest of Canada (ROC): Vers > ROC 3.E. 200817
This agreement is exactly the same as the agreement for ON except for the
disclosure page. The disclosure page is exclusive to ON deals.
3. Quebec (QC Variable) Variable Rate: Vers (EN, FR) > QC Standard
12.E.200925, 12.F.200925.
This is typical to a variable rate loan agreement wherein the interest rate can
change based on the prime rate.

All agreements are identified by their version codes. It is usually found at the
bottom left of the agreement. The version codes follow a specific pattern:

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 Region.DocCode.Language.YYMMDD
b) Agreement Requirements
o All of the required Anti Money Laundering (AML) fields must be completed,
namely Government Issued Photo ID Type, Government Issued Photo ID #, ID
Issuing Authority, Photo ID Expiry Date (not required for Military ID, as they do
not expire)
o Applicant(s) who are approved should be the only persons signing the
agreement unless there is a copy of the Power of Attorney.
o Any Agreements that are DocuSigned from the SNAPCentral workflow will
include a DocuSign Summary Certificate of Completion. This is required to be
included in the document package at time of funding.
o If the customer e-signs or DocuSigns from another source other than
the SNAPCentral app, the DocuSign Certificate of Completion is not
required and we can proceed with funding.
o All agreement disclosures should be legible.
o QC: Dealers are required to sign

2. Pre-Authorized Payment Information (PAP)

o Customers must provide us with the banking information in order for us to
setup automatic monthly payments.
o Options for PAP:
There are specific requirements for the void cheque/PAP form to be
acceptable which is shared in a later section titled “Banking Information”.
 Void cheque:
 Must be from a chequing or savings account.
 Line of credit accounts are not accepted
 Pre-authorized Payment Form:
 Credit Card payments: Dealer captures the credit card
information along with the expiry date and processes a
transaction as a part of the validation process.

3. Signed Dealer Sales Contract / Invoice

a. The invoice must be on the letter head of the dealer or at least the dealer
name must be printed on the invoice.
b. Invoice must include all relevant details, i.e., customer’s information,
installation address, amount, description of the product.
c. The invoice must be signed. For all provinces except QC and AB, we can accept
an invoice that is signed by an individual other than the applicant whenever
the invoice amount is equal to or less than the loan agreement. If the invoice
amount is greater than the agreement, the invoice must be signed by the
customer. It ensures that the customer has agreed to the price on the invoice.
If the invoice isn’t signed, a signed Acknowledgement of Acceptance (AOA)

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must be provided where the same rules apply.

d. The name of the customer and the address. Many of the invoices come with
two sections for the address, one says “Bill To:” and the other “Shipping
Address:”. The shipping address refers to the installation address. This must
match the installation address updated in LOS.
e. The name on the invoice doesn’t necessarily have to be the name of the
applicant. The verification of the name is not required as long as the
installation address matches.
f. Edits to the spelling of the customer’s name and address are not required to be
initialed but must be correct and match the information on LOS and
agreement.
g. Invoice must include all the information on a single page, customer
information, amount and signature). If it’s a detailed invoice and it moves into
the 2nd page, there must be a way to link to both these pages, i.e. invoice
numbers must match.
h. The Original Equipment Manufacturer (OEM) should be recorded where
possible. This is mandatory for any OEM sponsored promotions.

4. Certificate of Completion or Acknowledgement of Acceptance (AOA)

a. This document is mandatory if the invoice isn’t signed.
b. For all provinces except QC and AB, we can accept an AOA that is signed by an
individual other than the applicant whenever the invoice amount is equal to or
less than the loan agreement. If the invoice amount is great than the
agreement, the AOA must be signed by the customer. The AOA IS mandatory
for ALL of Quebec deals.

5. Approval Condition Documents must be met (if any)

6. Optional Document:
a. Certificate of Indian Status (Native) – If this card is submitted then taxes
are not applicable.

7. The documents must be arranged in the order shared below when finalized:
a. EPA / Contract of Sale by Instalment
b. Void Cheque (or PAP Form)
c. Invoice
d. Certificate of Completion / Acknowledgement of Acceptance (If provided based
on requirements above)
e. Emails from the dealer
f. Supporting Documentation (If any and if applicable)

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VERSION HISTORY - Description of Reason for Change Author Revision Date

E-Signed transactions (not originated from DocuSign account). Confirmed by Stacey Randell Aug 21, 2019
David Robinson at Versabank confirmed this is acceptable on Aug 8, 2019.
Sec 1a) Updated version codes of agreements that went into production. Stacey Randell Oct 9, 2020
Sec 2.3 & 2.4: New policy implemented for invoice and AOA signatures Stacey Randell Jan 31, 2021
Added Optional Document – Certificate of Indian Status Prince Ghosh Jul 7, 2021

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