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BancMac FAQs
BancMac - Your Community Bank Mortgage Partner
Banc Mac FAQ

What do I need to submit a loan to BancMac?
Simply fax a completed loan application (Form 1003) and Borrower's Authorization to BancMac along with any supporting documentation initially obtained of income and assets.

How long does it take to get an underwriting decision?
Generally all loans are reviewed and underwritten in 24-48 hours, depending on the thoroughness of the loan application.

When do I collect the fees that BancMac charges?
The fees assessed by BancMac are standard and typical with industry practice for secondary market loans (flood, credit, tax service, etc.). These fees are often passed-through to the borrower as a cost of the loan transaction and are reflected on the HUD-1. If you would like to offer a 'no cost mortgage' transaction to your customer, the fees may also be netted from the loan purchase price that BancMac pays you as the originating institution (also referred to as above-par pricing or premium pricing). Call for more details on our 'no cost mortgage' option!

Will BancMac order the flood certification, tax service, and private mortgage insurance (PMI), if required?
Yes, BancMac will order the flood cert, tax service, and PMI on all loans.

Are there any fees due to BancMac if a loan is denied, cancelled, or withdrawn?
No, if denied. However, if cancelled or withdrawn you should contact Banc Mac for costs incurred during processing.

How soon must I have my closed loan package to BancMac following the actual closing?
The sooner we receive your loan package, the sooner the loan will get funded and your institution gets the money! The closed loan package must be in our office 72 hours prior to the rate lock expiration.

Can I price a loan to my borrower differently than what is shown on the BancMac rate sheet?
Yes. You can choose any rate on the rate sheet that gives your institution the profit that you need. The BancMac rate sheet pricing reflects what we will pay you, your institution, for the loan...based-upon the characteristics of the loan. We'll show you how to make money with secondary market loans - and show you how to adjust the BancMac 'wholesale' price to a 'retail' price in order to make the profit you desire.