Jeff Knight, Head of Marketing at GMAC-RFC, said: "Broker reaction to the new system has been fantastic. Nearly 70% of all unpackaged applications we receive now have an on-line accept decision prior to being submitted and those applications that have an accept decision in advance receive an offer 22% faster on average."
Even if the decision is not an accept, a key success element to the GMAC-RFC system is that brokers can resubmit up to three more times, applying for an alternative product, without adding further "footprints". This is due to GMAC-RFC's 'mortgages for everyone' philosophy, which means that the broker has increased probability of obtaining a suitable product.
Mortgage broker testimonials:
Andy Vain from Aston Marsh in Herts:
"GMAC-RFC's POS system is not only extremely easy to use, but is quick and efficient and the fact that the case is not only credit scored and rated, but underwritten, gives not only the broker a sense of satisfaction, but also the client.
The binding decision is also a huge plus, as unlike some lenders' online systems, you know that what has been agreed will stand. Even if a client is declined on one product, they can still be accepted on a different product. This is essential in the market place and does not mean you need to shop from one lender to the other looking for an acceptance."
Joan Cox from WP Financial Services (Intermediary packager) said: "I do not have to wait for a decision, it is instant and binding. The system is very easy to use and leading us to look to use GMAC-RFC more. The packaging requirements have reduced, enabling us to get cases to offer stage much quicker. When dealing in the new build market, this is a massive benefit to us"
Trevor Hill from Mortgage Talk in Rotherham said:
"My team and I find this system by far and away the easiest to navigate that we have ever used."
Binding decisions:
Unlike other systems, GMAC-RFC's new on-line decisioning system does not give just decisions in principle, it provides instant and binding decisions. Once the intermediary has an accept decision only a valuation is required; delivering immediacy, certainty and cost savings.
GMAC-RFC's on-line mortgage system offers:
1. A fast on-line decision... the decision is BINDING, not in principle
2. 4 decision attempts within 30 days, leaving only 1 footprint on the client's credit file
3. The ability to track cases on-line from the start of an application to release of funds
4. Time saving by booking funds and instructing valuations on-line
5. A "copy application" option for buy to let cases
Register on-line at www.gmacrfc.co.uk/decisions. For any queries call the helpdesk on 0870 484 4484
