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Chelsea chooses GMAC-RFC for sub-prime offerings

The Chelsea Building Society is now have sub-prime mortgage offerings for
customers falling outside its lending criteria. It is using &#39non-conforming&#39 products
from GMAC-RFC.
The firm says the decision to introduce customers to GMAC-RFC was taken after
lengthy research of the non-conforming lending market, following a number of
approaches from different lenders.
It says the agreement with GMAC-RFC will augment, not replace, the Chelsea&#39s
existing non-conforming products.
Initially the arrangement will only be available to direct customers via the Society&#39s
Telesales.
GMAC general manager (sales) Marilyn Corke says: “We&#39re confident with the
service and menu style products that GMAC-RFC has on offer and the depth of
experience they have in dealing with building society customers.”

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