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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.”

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