View more on these topics

GMAC-RFC taking loanbook admin in house

GMAC-RFC will transfer the administration of its mortgage assets from third-party servicer HML to an in-house servicing team in the second quarter of next year, as revealed in this week’s Money Marketing.

HML currently services the firm’s UK mortgage book, worth around £3.6bn, but it will be brought in house from April 13, 2011.

The GMAC-RFC book makes up about 8 per cent of the £44bn HML has under administration in total.

The firms are in talks about the possibility of GMAC-RFC using HML’s systems to service its loanbook but a deal has not been finalised.

In April this year, private equity firm Fortress Investment Group bought GMAC’s European mortgage operations in a deal which effectively signalled GMAC’s exit from the European mortgage market. GMAC-RFC is run as a separate company to Fortress.

A GMAC-RFC spokesman says the firm is looking to restructure its relationship with HML.

He says: “In light of our changed business requirements, now that we are no longer originating and only have legacy capital market activities, we are working with HML to restructure the relationship. But we are subject to reaching a final agreement and expect to continue working with them.”

HML director of marketing Julian Wells says: “As expected when Fortress bought the GMAC assets, they will transfer on April 13 next year. We are also talking to them about using HML systems for their mortgage administration.”


Treasury launches early access call for evidence

The Treasury has issued a call for evidence on options for early access to pension funds. Earlier this month, Money Marketing revealed Treasury officials were preparing to look at early access before the end of the year. Four potential models are outlined by the Treasury including a loan model, a permanent withdrawal model, early access […]


Government delays universal state pension paper

The Government’s green paper outlining proposals for a universal, flat-rate state pension has been delayed. In October, the Government announced plans to introduce a universal pension and said a green paper would be unveiled this year. However, the Department for Work and Pensions will now not commit to a publication date. A DWP spokeswoman says […]

Life offices will miss drawdown deadline

The Government has unveiled its radical annuitisation reforms, although product providers say they are unlikely to be ready when the new rules are introduced next April. Last week, the Treasury said it will not delay its plans to scrap compulsory annuitisation at age 75 and confirmed the new retirement rules will apply from April 2011. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm