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GMAC wants more non-conform business as it says it has no problems with inflows

GMAC-RFC says it is pricing products aggressively to boost non-conforming business and claims it has no problems with the inflows it is attracting.

Head of marketing Jeff Knight says GMAC is enjoying record new business volumes this year but its service is up to date and it is actively pursuing new business.

As reported in Money Marketing, The Mortgage Business has temporarily closed to new business while Platform and BM Sol-utions have increased arr-angement fees to stem the flow of applications.

Knight says several years ago, GMAC invested in rem-ote processing, allowing a significant part of its volume to be processed offsite in more than 20 locations.

In addition, parallel investment in point of sale decisioning gave inc-reased efficiencies, allowing brokers dealing direct to get an instant binding decision subject only to valuation.

Knight says: “I am sure that many intermediaries are frustrated by recent announcements made by lenders who are trying to stem new business or even stop it completely. Fortunately, not every lender is in the same boat.”

Mortgageforce managing director Rob Clifford says: “We are experiencing no service difficulties with Mortgages plc or GMAC-RFC but some frustrating delays with other lenders both in prime and sub-prime. Despite the occasional complexity of sub-prime, these two lenders deliver consistent good service.”


Holland takes over as commissioner to watch the FSA

Sir Anthony Holland has been appointed as independent complaints commissioner for the FSA, taking over from Rosemary Radcliffe who has held the job since the scheme began in September 2001. Holland has been chairman of the Northern Ireland Parades Commission and was principal ombudsman for the Personal Investment Authority. The complaints commissioner is responsible for […]

£6.5m target for property partnership deal

Property developer Fiducia Group and stockbroker Goy Harris Cartwright are offering a fund which will invest in commercial or mixed-use property projects. The firms want to raise £6.5m via high-net-worth investors in “partnership units” of £250,000 or more for the Fiducia pool 2004 fund, which has a seven-year lifespan. Each unit ent-itles investors to become […]

Mid-year bonus cuts by Widows

Scottish Widows has cut bonus rates for with-profits policies in its mid-year review. Bonus rates fall by 0.5 per cent for its flexible investment bonds, Jersey-based with-profits bonds and investments in the flexible options bond income fund made in 2002. The rate for investments in the flexible options bond income fund made in the first […]

UCB Home Loans – FlexiPlus 2 Year Tracker

Type: Flexible tracker mortgage Tracker term: Two years Tracker rate:: Loans up to £199,999 &#45 0.99% above Bank of England base rate, loans of £200,000 and over &#45 0.89% above Bank of England base rate Payable rate Loans up to £199,999 &#455.49%, loans of £200,000 and above &#45 5.48% Minimum loan: £25,001 Maximum loan: Up […]


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