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GMAC loses two partners

GMAC-RFC, which claims it pioneered correspondent lending in the UK, has lost two of its main correspondent partners, the Mortgage Placement Company and The Mortgage Lender.

MPC has signed an exclusive agreement with GMAC rival, Mortgages plc and TML was purchased by Kensington Mortgages.

GMAC says it is still very involved in correspondent lending with firms like High Street Home Loans and National Guarantee.

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