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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.”

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