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HML job losses loom after GMAC-RFC account loss

HML staff working on the GMAC-RFC account could be at risk of redundancy after the company decided to take the administration of its mortgage assets in-house.

GMAC-RFC will bring the servicing of its £3.6bn mortgage book, which is currently serviced by HML, in house from April 13 next year, as revealed in this week’s Money Marketing.

HML director of marketing Julian Wells says the firm has invited volunteer redundancies, but it is not yet known exactly how many people will leave.

He says: “There is going to be an impact people wise. We have asked for volunteers for redundancy, internally. We are hoping we don’t have to make any compulsory redundancies.”

However, HML staff are protected by TUPE regulations, which protects employees’ terms and conditions of employment when a business is transferred from one owner to another.

In April this year, private equity firm Fortress Investment Group bought GMAC’s European mortgage operations in a deal which effectively signalled GMAC’s exit from the European mortgage market. GMAC-RFC is run as a separate company to Fortress.

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