The "whole loan" sale, acquired by West Bromwich Mortgage Company, is the third in three years between the two organisations.
Stephen Hynes, Capital Markets Director at GMAC-RFC says:
"We are delighted that West Bromwich Mortgage Company has partnered with us for a third portfolio acquisition. With portfolio sales becoming increasingly popular in the UK mortgage industry, we are looking to establish similar relationships with other clients".
The transaction reinforces GMAC-RFC’s position as the leading "creator and trader" of mortgage assets, and represents its 23rd portfolio sale to date.
Commenting on GMAC-RFC’s "creator and trade" technique, Stephen Hynes adds:
"It’s a "win-win" situation for all parties involved; the intermediary; the customer, and the acquiring lender. We launch highly competitive mortgage products when the intermediaries and customers want them. We then sell on the resultant assets in mixed loan pools to the acquiring lenders, when they need them. These acquirers obtain additional valuable assets without any strain on their existing distribution channels or in-house processing. The customers benefit because the key terms of the loans remain unchanged and GMAC-RFC’s key terms are highly customer-friendly".
Both companies have established a very productive working relationship and share the same forward-thinking approach to providing excellent customer service.
The West Bromwich Mortgage Company is a wholly-owned subsidiary of the West Bromwich Building Society, whose Chief Executive, Andrew Messenger, welcomed this latest acquisition. He says:
"The purchase represents the Company’s 16th purchase in the last eight years and constitutes another significant step in the West Brom Group’s reputation for acquiring quality mortgage portfolios. The Society is going from strength to strength, returning record results year upon year, reflected in growth well ahead of our natural market share. The West Bromwich Mortgage Company has made an important contribution to this impressive progress."
