Less than two months after the launch of its system GMAC has reported that around 70 per cent of unpackaged applications are now received online.
However, its system has been criticised by other online decision system providers.
Matt Grayson, at BM solutions, said: “GMAC’S system is not available 24 hours a day, so how can it claim that it is a true online decision system? Also, after an offer is accepted, the brokers still has to send off a paper application, which serves to delay the process.”
Mehrdad Yousefi, head of intermediary mortgages at A&L, said: “If an automated system is not available to brokers at all times of the day, what’s the point? The only reason it might not be is because the cases have to be referred to an underwriter.”
Both BM solutions’ and Alliance & Leicester’s (A&L) online systems are available 24 hours a day.
Peter Simpson, head of product development at GMAC-RFC, said: “There has been no demand to make our system available 24 hours a day. How many brokers will need to use it at 2am in the morning?
“After an offer is made we do need hard copies of the application as signatures are required as well as additional information.”
Simpson added that GMAC was looking to automate the whole application process. “We would use database valuations. But this will not be happening for another year or two,” he said
Yousefi said he expected around 12 lenders to have online decision offerings by the end of the year.
