HBOS has praised one of its biggest rivals, GMAC, for its use of technology.
Bank of Scotland Mortgages managing director Charles Haresnape says GMAC is keeping HBOS on its toes with its recent launch of instant offers.
GMAC became the first lender to give an offer at point of sale at the start of September and was quickly followed by Edeus and ING Direct. HBOS brand BM Solutions this week launched its point-of-sale offer as the technology war in the mortgage market hots up.
Haresnape says: “GMAC has done a great job and is keeping us all on our toes. But we will be improving our technology at HBOS and we have committed to a multi-million- pound investment programme to do that.”
Meanwhile, GMAC marketing director Jeff Knight has hit back at comments made by Mortgages PLC head of corporate development Paul Fryers at Money Marketing Live last month. Fryers claimed GMAC has exaggerated estimates for the take-up of its poso over the next five years because of nervousness from investors about buying into securitised books of this type of mortgage business.
Fryers insisted that the target would be closer to 5 per cent in the short term but that it would eventually see significant growth.
Knight says: “What twaddle. Does Fryers really think that GMAC contacts investors and rating agencies before developing Poso? The comments strike me as a desperate attempt to divert attention from the fact that MPLC will not have this technology soon.”