GMAC-RFC, a mortgage subsidiary of US car giant General Motors' financing company, has beefed up its UK distribution with the acquisition of Private Label.
Private Label will now be backed by a global finance company with assets of around US$110bn as it embarks on a growth strategy that includes boosting its services to IFAs.
Private Label chairman Stephen Knight says: "Private Label's ambition is to become the largest originator of mortgage loans in the UK, using the American definition of originator, namely a company that specialises in generating loans for the balance sheets of others."
Knight says the company will now take over loans 'post completion' to add to the current 'at offer' service.
As part of the growth strategy the company wants to speed up the delivery of mortgage offers and completions to IFAs.