Counteracting claims that fast tracking has aided applicants to submit fraudulent information, the Trigold filter, used in conjunction with GMAC-RFC’s own credit checking systems, will ensure robust financial checks are carried out on intended borrowers without slowing application to offer times down for advisors. This also helps distinguish fast track from self certification products.
Commenting on the technology, 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 adopts a robust verification process based on a sample of applicants. Telephone checks are adopted as a matter of course to verify proof of employment or self employment. The use of this new technology simply adds to our servicing capabilities delivering enhanced efficiency and speed.”
The Trigold Fast Track process includes:
- Ability for brokers and packagers to distinguish what products are acceptable on fast track criteria
- Fast track through GMAC-RFC means no documentary evidence of income will be required
- GMAC-RFC will select a sample of applications for income verification however GMAC-RFC reserve the right to request references at any time to validate application data.
- Applicants that are not selected for income verification will be subject to a telephone call to either employer if employed or accountant or (acceptable equivalent) if self employed
- Telephone verification will confirm that the applicant has been self employed for the minimum period required.
- System is easily combined with Enhanced Non Conforming (ENC) filter to enable simplified and fast track sourcing for non conforming cases
- For all loans over £500,000, full income and mortgage referencing will be requested in every instance.
