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GMAC is first off blocks with Pos offer

GMAC has stolen a march on its rivals by becoming the first lender to give a point of sale offer.

The lender launched its new system, Poso, on Monday, and several brokers, including John Charcol, say the service will speed up the mortgage application pro- cess significantly.

GMAC beat rival Edeus, which had hoped to be the first company to issue an instant offer at its launch party either by bringing the customer along or showing video footage of the offer coming through in London next week.

GMAC chairman Stephen Knight says customers getting an instant decision will not pay a premium and the system will gradually be rolled out to brokers over he next 10 weeks.

Knight says: “It will be worth double the procu- ration fee for brokers as they will save thousands of pounds on chasing around and they can spend that time selling.”

John Charcol senior technical director Ray Boulger says: “This will have a major impact on our business model.”

Edeus managing director for sales Alan Cleary says the company has yet to pinpoint an exact launch date but it will be between September 14-18.

Cleary said before the GMAC announcement: “It will be the minority that will get an instant offer because as a pioneer you have to test the market. There will be a price for an instant decision.”

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