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.”