The Trigold technology, in conjunction with GMAC-RFC’s credit checking systems, has been aimed at counteracting claims that fast-track applications aid borrowers to submit fraudulent information. The filter ensures adequate credit checks are carried out without slowing down application-to-offer times for advisers. The system will also help distinguish fast-track from self-cert.
The process will allow intermediaries to differentiate what products are acceptable on fast-track criteria. Fast-track through GMAC-RFC requires no documentary evidence of income. The lender will select a sample of applications for income verification, though it will retain the right to request references at any time to validate application data. Applicants not selected for income verification will be subject to a phone call to either their employer or accountant if self-employed.
Julie Gaskin, corporate relations manager at GMAC-RFC, commented: “Fast-track technology provides lenders with greater efficiency and service to our intermediary and partner clients by facilitating offers to prospective clients without the need for documentary evidence of income. GMAC-RFC welcomes all technological advancements that will add better efficiencies for the industry. It will be interesting to see if other sourcing systems look to follow suit.”
Rod Murdison, proprietor of Murdison & Browning, said: “There is a distinction between self-cert and fast-track on paper, but the reality is there is not that big a difference. Cases won’t automatically fall under the self-cert headline, so if you can put it through as fast-track, it’s good for the broker.”
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