Mortgage Introducer exclusively revealed last November that GMAC-RFC had admitted its online KFIs would not be ready until ‘sometime later’ that month.
GMAC said it had undertaken vigorous testing of its online KFIs but did not want to make them available until it was completely ready. Clients could still get online binding decisions but the KFIs had to be provided manually.
Commenting on the online KFI launch, Jeff Knight, head of marketing services at GMAC-RFC, said: “Our online KFI facility is part of our recent online enhancements.
“Coupled with the launch of our new products, clients can expect added-value and service from GMAC.” Knight added that the lender had just completed a record number of online binding decisions, where it has experienced a 44 per cent increase in online decisions this week compared to the previous week.
Last week MI also revealed that GMAC-RFC’s online system now provides illustrations – equivalent to KFIs - for its buy-to-let products.
Kevin Morgan, managing director of Consilium Financial Planning, commented: “This is a bit poor. I can appreciate that GMAC wanted to get its online KFIs completely right but this reason is a bit hollow.
“It’s not like it only had a few months to get ready. I find it difficult to understand why it’s taken so long. But of course, GMAC is not the only lender to be guilty of this.”
