Frequently Asked Questions

Questions about government loans, manufactured home lending, or conventional mortgages? Residential Acceptance Corporation (RAC) is here for you. Reach out to us, or request that we reach out to you! However you prefer to communicate, our knowledgeable mortgage specialists are available to assist you. We look forward to hearing from you!

Can I submit a loan to RAC before submitting a Broker Application?

Yes, absolutely! RAC can provide a pre-qual (even TBD) for you, even if you haven’t yet joined our RAC Broker Network. However, we must have a signed Broker Agreement before we go to the closing table.

What if I do not see my AMC on your list?

RAC offers a list of preferred AMCs to assist you in choosing an AMC. Not seeing the one for you? No problem, you can use your own HUD Approved AMC!

What is a pre-qual?

You  can provide us with a 1003 and Credit report, by sending an email to Prequals@racmtg.com, or using our Send a Pre-Qual page! We can have you a preapproval within 24 hours!!

TBD Loan?

A TBD is “To Be Determined”. Providing the borrower the opportunity to be pre-approved before they find their home and price range.  RAC will underwrite it for you and get as far as we can with what you provide. TIPS/CHECKLIST

How do I close my loan in 7-Days?

Submitting a full file sets you on the path for closing quickly, especially a 7-day close. Documents typically necessary  are listed in a full on each loan programs’ respective submission  sheet:

Is RAC an approved lender in my state?

If we’re not , contact our Marketing Team!

RAC is currently licensed in 21 states, and actively growing!

Currently we are licensed in: AL – AR – CO – FL – GA – IA – IN – KY – LA – MI – MN – MS – NC – NE – OH – OK – OR – TN – TX – UT – WY

Do you charge an application fee?

No – RAC does not charge an application fee. Joining the RAC Broker Network is simple and free! Join Here

How do you prevent against circumvention?

RAC does not contact our brokers’ clients. We regularly work to ensure that our brokers’ clients are not contacted via our sales and marketing activities (calls, emails, etc.). In the event one of your clients reaches out to RAC directly, we will re-direct them back to you/your firm and notify you immediately.

What do you need from my clients?

We ask for the least amount of documentation as possible and provide you with a custom checklist that details the minimum amount of information you’ll need to provide to us. In addition, we’ll generally require an authorization from the customer that they have permission for us to work with the broker on their loan.

Do you interface with my clients or through me?

We understand that the borrower is your customer and ensure that there is minimal communication between RAC and the end-client. The two touch points that do occur are the authorization and the final loan documents at closing.

How do I get paid in the transaction?

You get paid at closing, with escrow net funding your fee. We calculate fees as part of the closing package and net them out of the final amount released to the borrower. You receive those funds when the transaction completes and escrow closes. There are some exceptions for hold backs, for example: When the rehab has been completed, by a licensed construction company, and the project has been signed off.

Do I need to be a licensed mortgage broker?

Some states do require licenses to broker loans. We will verify your licensing for required states as part of your signup process as a broker.