FMO will offer the deal until 31 January 2007 on GMAC-RFC Partners, SPML, Rooftop, GE (First National), Mortgages PLC and Kensington Mortgages' products. FMO are also offering Preferred and TMB valuations at half the normal valuation fee scale.
Debbie Lloyd, head of operations at FMO, said: "We are able to offer free valuations with six of our lender partners because over the past six months we have achieved tremendous improvements in efficiency using a combination of new technology and lender’s in-house underwriters, resulting in an average turnaround time of 19 working days from receipt of a ‘decision-in-principle’ (DIP) enquiry to formal mortgage offer, and an average of eight working days from receipt of a mortgage application to offer. With the implementation of GMAC’s POS+ system we are now able to produce GMAC ‘mortgage offers’ in less than 30 minutes from receipt of a DIP enquiry on about 65 per cent of GMAC cases, with the remaining 35 per cent being offered within 48 hours.
"FMO already have over 250 mortgage brokers and IFAs registered with the POSD system and they will now be able to use their existing usernames and passwords to access POS+ enabling them to issue offers on GMAC-RFC’s partner product range in less than 30 minutes. We believe this will significantly increase our business levels with GMAC-RFC."
