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GMAC says it is working to clear mortgage backlog

Specialist mortgage lender GMAC-RFC has admitted it is having problems in servicing brokers, with a two-week backlog of applications in recent weeks.

Brokers have complained to GMAC over delays in completing client applications and the company says it has not been able to cope with the “phenomenal volume” of demand.

The firm says it has tried to keep intermediaries informed of the situation.

Some of its competitors have been facing similar problems because of the booming housing market.

GMAC denies reports that it sent emails asking brokers to hold off on placing business but says it has asked them to call outside peak hours to make phone traffic more manageable.

It says that about three weeks ago it was facing processing delays of two weeks, which it has reduced to four days and it is hopeful that it will have a maximum backlog of 72 hours by this week.

It has recruited 60 people to its operations team and is asking staff to work overtime to clear the backlog.

Head of corporate communications Gina Collman says: “Like most lenders, we are receiving phenomenal amounts of business but we have tried to keep our intermediaries informed. Our main thrust is getting service levels back to where they were last year when we won service awards.”


Axa Isle of Man peers above the hedge

Axa Isle of Man has teamed up with Liberty Ermitage to offer an offshore unit-linked bond that invests in a fund of hedge funds.The defensive bond invests in the Liberty Ermitage asset selection fund, which is a global multi-manager portfolio of 22 hedge funds. The fund can be geared by up to 10 per cent […]

Manchester Building Society – Bronze Bond

Monday, May 27, 2002 Type: High interest account Minimum-maximum investment: £2,500-£150,000 Interest rate: 5.05% gross a year Term: Until June 30, 2003 Offer period: Until further notice Withdrawal penalties: 90 days&#39 loss of interest on amount withdrawn Tel: 08709 900810

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Norwich & Peterborough Building Society is joining the Trigold mortgage sourcing platform letting intermediaries find out about products and complete the application process online. N&P says its electronic integration with Trigold will make decision-making faster, reduce administration costs and speed up the delivery of products to the market. N&P&#39s decision to join the Trigold platform […]

Axa Isle of Man – Defensive Bond

Wednesday, May 29, 2002Type: Unit-linked bondAim: Income and growth by investing in the Liberty Ermitage assetselection fundMinimum investment: Lump sum £25,000Place of registration: Isle of ManInvestment split: 100% in the Liberty Ermitage asset selectionfundIsa link: NoCharges: Initial 0.43% a quarter for first four years, annual£25,000-£49,999 0.25%, £50,000-£99,999 0.2%, £100,000-£249,9990.17%, £250,000-£499,999 0.15%, £500,000 and above 0.14%, […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]


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