GMAC is liaising with the Council of Mortgage Lenders to revise the trade body’s methods used to calculate its lender league table.
The problem GMAC has highlighted is that majority of lenders in the 30 listed have figures calculated on a calendar year basis but there are seven lenders with different financial year-ends, so they are not compared over the same time period.
The 2005 CML table saw Bristol & West take tenth position from GMAC.
GMAC reveals that the CML has recently added a footnote to its explain the problems. It has also asked the CML to change its methodology in future and says the CML has agreed to approach other lenders about this.
GMAC marketing director Jeff Knight says: “According to the CML, B&W took tenth position from GMAC based on lending during their financial year which ran from April 1 2005 to March 31 2006. This has created an anomaly because GMAC’s lending was assessed over a different period – from January 1 2005 to December 31 2005.”