This is GMAC-RFC’s first forward purchase agreement with a UK mortgage lender partner.
GMAC-RFC will purchase mortgage assets that originated under Amber’s bespoke product/non-conforming range. The contract will allow GMAC-RFC to acquire up to £400 million worth of Amber’s mortgage assets every year.
GMAC-RFC and Amber Homeloans have a well established relationship as Amber has acquired five mortgage portfolios (totalling £570 million) from GMAC-RFC since 2000.
Craig Beresford, Head of Asset Sales at GMAC-RFC says: “We are very pleased to be building on our long standing relationship with Amber Homeloans. This contract reinforces GMAC-RFC’s position as a leading trader of assets and is an agreement we may seek to replicate with other lenders.”
Amber Homeloans’ Managing Director, Gordon Jolly commented: “We are delighted to sign this mutually beneficial agreement with GMAC-RFC. We have an excellent relationship with GMAC-RFC based on the trading of assets and this agreement means they will be able to acquire our high quality products on a regular basis.”
