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GMAC enters top 10 lenders

GMAC-RFC has entered the top 10 for gross mortgage lending after the Council of Mortgage Lenders revised its list of the biggest lenders.

Last week, Money Marketing reported that GMAC was 11th but it is now placed in joint 10th place with Bradford & Bingley after the CML sent out a revised set of figures.

B&B and GMAC achieved gross mortgage lending of 6.3bn for the year to April 30. For GMAC, this was a 31 per cent increase on the previous year in a market that grew by only 5 per cent.

The list shows that GMAC has a 2.2 per cent market share. In 2000, it was ranked 60th in the CML table.

Executive chairman Stephen Knight says: “At the halfway point in 2005, we are on track to record double-digit growth in a market that is likely to contract by about 20 per cent.”

CML senior statistician James Tatch says: “Since we released the data last month, a small number of lenders subsequently indicated they would be submitting revised figures. It is unfortunate that the revisions occurred and we will be taking steps in future to make the process watertight to prevent revisions wherever possible.”

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