GMAC-RFC has denied claims it has taken its business development managers off the road and says it is sending its BDMs out to meet brokers in order to help with pipeline cases.
A number of brokers have contacted Money Marketing expressing their fears that the lender was stepping back from the market.
But the lender says its BDMs are out in the market reassuring clients that the lender is still committed to the market despite its recent tightening of lending criteria.
GMAC announced this week that it will no longer accept unlimited adverse business and has reduced its maximum loan to value to 90 per cent from 95 per cent. It also increased its rates by 0.75 per cent on its sub-prime range and 0.5 per cent in its mainstream, self-cert and buy to let products.
A GMAC spokeswoman says: “We have not pulled our BDMs off the road. In fact we’re making sure that they are going out to meet customers and giving them help with pipeline cases. It’s more important for us at this time to be going out there and meeting people.”
She says its telesalesforce is still proactively phoning brokers despite reports in the market that they have been told not to sell products.
“This is one of those phases in the market and its only a temporary thing. We are committed to the market and we want brokers to know that.”