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Frequently Asked Questions
Q. I tried to input my Transaction Summary and nothing happened. Why?
A. You must click on the SUBMIT button at the bottom of the form. You may have to wait a few seconds for the page to send the information, but you will receive a pop up confirmation window notifying you that the information has been sent.
Q. The interest rate and payment on the disclosures sent by AC USA is different than the minimum payment illustrated to my client. Why?
A. By law, we must disclose the fully indexed, 30 year, principle and interest payment (option #3). This is why you will see that payment on our disclosures.
Q. The interest rate on the final docs is higher or different than the one shown on the disclosures. I thought your disclosures were accurate. What is going on?
A. This is an adjustable rate mortgage program. The index changes on a monthly basis. Therefore, it may be 2.5% when we disclose, but may increase to 2.78% by the time final docs are drawn, depending on the date that the index changes. This is why the rate may be different on the final paperwork than it is on the original disclosures. This is also why you should focus on selling the payment and retirement benefits versus selling a rate.
Q. I never received the disclosure and needs list email or any correspondence from AC USA. Why?
A. The disclosures are sent to the email that you input as YOUR contact email on the transaction summary. If this email address is invalid OR mis-typed, OR it is the client’s email, then you will not receive our correspondence. Please be careful to double check for accuracy on the transaction summary
Q. The client got the disclosures and needs list email, but I never received it. What is going on?
A. The disclosures are sent to the email that you input as YOUR contact email on the transaction summary. If this email address is invalid OR mis-typed, OR it is the client’s email, then you will not receive our correspondence. Please be careful to double check for accuracy on the transaction summary.
Q. I sent in an application over a week ago and never heard anything back from AC USA. What is going on?
A. AC USA will not work on or post the application to the processing system until we receive the transaction summary. If you have sent in a transaction summary and have still not received anything after three business days, please contact your account executive at 866-341-2855 or email to info@advancedcapitalusa.com
Q. The disclosures that the investor sends out are always different than the ones that you send and I review with the client. What is going on?
A. The disclosures sent by the investor are sent out to keep them in compliance with Federal lending law. They are GENERAL disclosures sent out to keep them in compliance only. Our disclosures are always the most accurate. As long as your client is aware of this ahead of time and knows what to expect, this should not be an issue.
Q. How do I know when the indexes change?
A. Check the “option loan” tab on the website regularly, as the current indices and margins are always posted there.
Q. How do I know what margin to use in different instances?
A. Check the “option loan” tab on the website regularly, as the current indices and margins are always posted there.
Q. Can I print the disclosures on letter sized paper?
A. As long as your client can read and understand them, that is the most important thing. However, please do not print “double sided.”
Q. When I look up my client’s status online, it shows n/a. What does this mean?
A. It means that we have either not received your transaction summary yet or we have not processed the application yet. If is has been more than three working days and you still see the n/a status, please contact customer service at 866-341-2855 or email to info@advancedcapitalusa.com
Q. When I look at the online status screen for my client, I see items and a date. Does this mean that the item has been satisfied or received?
A. Please look at the status screen carefully, as one date indicates the date that something was ordered or requested and the other date indicates when that item was received or satisfied.
Q. What do I do if my client doesn’t have an email address?
A. You can create a false email address. Please make sure that that false address will not go anywhere, as there will be a welcome letter sent to that address.
Q. I forgot my login email and password. What do I do?
A. Unfortunately, we cannot retrieve that information. You would have to request status via email or via customer service at 866-341-2855. You would also need to contact us when ready to send in a directfax.
Q. I cannot get the directfax system to work for me. Who can help?
A. Customer Service @ 866-341-2855.
Q. Do you have marketing materials?
A. We have brochures that explain the different indices that are available upon request. Can only be requested through info@advancedcapitalusa.com
Q. Why is the customer service line busy?
A. We are in the process of adding additional lines to insure that your calls are answered. Call activity is usually high, so please bear with us. You can always email a request to be called to info@advancedcapitalusa.com in the even that you are placed on hold or having difficulties reaching customer service.
Q. Why do I call in to the main office and nobody but Joe can help me?
A. We have switched our internal handling of status calls, etc. All calls should now be directed to 866-341-2855, customer service. Joe has been training our new customer service agents to better serve you.
Q. What if my client wants to do a loan that falls outside of the program (i.e. purchase with zero down, different program, etc)?
A. In this case, you would need to email the scenario to info@advancedcapitalusa.com . If you already have the application, you can still post it to the site with a transaction summary. Please note that it is our policy to provide the customer with a loan comparison before issuing disclosures in a “fall out” situation. Also note that compensation changes when doing a “fall out” loan.
Q. I have a client who has already made an offer on a house and wants me to do the loan. Can I help them?
A. Only if we have at least 45 days to close from the time we have loan approval. It is our policy to only do purchase transactions where we can pre-approve the customer BEFORE any offers are made or accepted.
Q. You said that the option loan was not FICO driven. Why did they turn down my loan for credit scores?
A. World Savings is score driven only when you are requesting a 90% combined loan to value, as a line of credit is involved. Also, if we go outside of World’s program, all other investors are score driven.
Q. Why can’t I get back into my client’s file to make changes?
A. The system does not really allow you to make changes once you have clicked on “final submit”, so it is imperative that you double check all information before submitting the case. If you still need to make changes, please outline those changes in an email to info@advancedcapitalusa.com
Q. How can I show my client what all of the payment options look like?
A. We have a new excel form that can help you with this. It can be found by clicking on the Option Loan tab on the website.
Q. My client just wants to know if they qualify, what do I tell them?
A. The only way to give them an honest answer is to help them complete the application, post it to the site, and submit your transaction summary outlining what they would like to do. Anything short of that is guessing, no matter who does it.
Q. Can we do commercial loans?
A. Only on a case by case basis. Submit the scenario to info@advancedcapitalusa.com .
Q. Do we have first time buyer programs?
A. Yes, but we will only participate if we can pre-approve the client before they go shopping. The compensation structure is also different on any loan that is not an owner occupied, option loan refinance or purchase.
Q. Can you do 100% financing with an option loan?
A. No. The maximum CLTV (combined loan to value) is 95%, and that is only available as a full doc file with credit scores higher than 695.
Q. Why has AC USA not responded to my email?
A. Email is the quickest way to communicate with us, so please double check the address you are sending to or re-send to info@advancedcapitalusa.com
Q. Where can I go to get more training on the program?
A. We are currently developing a series of flash educational movies that will allow you to review all aspects of the program whenever you want. We anticipate we will be able to release this training series by October 2005. For the time being, your manager or a colleague who has had success with the program can give you the best insight.
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