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General Motors finance subsidiary buys Private Label

GMAC-RFC, a mortgage subsidiary of US car giant General Motors&#39 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: &#34Private Label&#39s 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.&#34


Knight says the company will now take over loans &#39post completion&#39 to add to the current &#39at offer&#39 service.


As part of the growth strategy the company wants to speed up the delivery of mortgage offers and completions to IFAs.

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