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GMAC claims first with instant mortgage offer

GMAC-RFC claims to be the first UK mortgage lender to provide an instant offer.

The lender has launched its system, called POSO, to the broker and packager market and the first beneficiaries of it were John Charcol and Praxis, whose clients received binding mortgage offers within minutes of applying at 8.40am this morning.

John Charcol senior technical director Ray Boulger says: The clients were able to take away the offer with them there and then. They were delighted to have an instant formal mortgage offer and the removal of any chasing or processing on our part will have a major impact on our business model.

GMAC marketing director Jeff Knight says: This technology is not only responding to the immediacy of contemporary consumer demand, but is also reducing costs for our business partners while freeing up sales time for them.

To be successful in todays fast moving mortgage market you need to be able to envision the future and the technological developments that will get you there first.

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Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

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