Nigel Pamment, senior mortgage consultant at Inspirational Financial Management Ltd, contacted Mortgage Introducer questioning GMAC-RFC’s use of the supplementary declaration form. He praised the service provided by GMAC-RFC and the packager he uses, The Mortgage Trading Company, but explained he was puzzled as to why it was the only lender that sends out the supplementary declarations to the borrower with the copy of the offer, insisting that they return them.
He said: “Surely it is easy enough to check if you have them before the offer goes out. It is bad enough nowadays with the extra work we have to do without then having to have a further meeting with the client to fill in forms that the lender already has and one of the forms is the money laundering form that is filled in first. I thought that you needed these anyway before an offer is produced. Or is it the form, re: the insurance, they are really interested in as to try and maybe get in the back door for ASU and buildings and contents? This may sound cynical but it is the harsh world we live in where a sale is a sale.”
Jeff Knight, director of marketing at GMAC-RFC, explained the only reason it used the supplementary forms with certain generic applications was simply due to a lack of information on the original forms. He said: “The reason is that the generic application form being used does not have all the information we require, hence why a supplementary form is being used, for example with the PMPA generic form. If it wasn’t needed there would be no issues whatsoever.
