The binding decision is subject to the client’s details being validated and the subsequent valuation of the property. If the loan is refused the system can inform the broker whether the client is eligible for a different product or is outside the lender’s criteria.
The online mortgage system is also able to book valuations automatically.
Jeff Knight, head of marketing services at GMAC-RFC, said: “We did not want a major launch for the system instead we had a managed approach to implementation. This meant the system was tested over a period of time, by a number of intermediaries.”
Knight said that the system had been running for about 18 months.
Alan Cleary, head of sales at BM Solutions, commented: “It is good to see GMAC-RFC following our lead. Hopefully when their system is completely developed it will be able to run 24 hours a day.”
Andrew Seymour, chairman of Optoma Broker Solutions, commented: “It is a really well-thought through system. It is the way all lenders should be heading.”
Knight said he was confident that the system would be able to provide intermediaries with FSA-compliant KFI’s by the start of ‘Mortgage Day’.
