From the beginning of March every GMAC-RFC application will require a decision from its online system, POSD. The lender currently has over 96 per cent of direct applications submitted via the system and over the next three months it will contact intermediaries who submit non-POSD applications to advise them of the change in process.
It said it will work with intermediaries to explain the benefits of the system. Brokers who do not use the online system can still apply for GMAC-RFC’s products via the lender’s Remote Processing Partners.
Jeff Knight, director of marketing at GMAC-RFC, said: “We have experienced a fantastic reaction to our online system. From 1 March 2006 we will only accept POSD applications as we want all brokers to experience the benefits technology brings. We will be working with those brokers who are still sending applications manually to ensure they have plenty of notice and receive training on the system where necessary.”
Andy Frankish, managing director of Mortgage Talk, said: “Technology is quicker, more efficient and speeds up processing. I fully expect more lenders to head in the same direction.”
Ron Porter, senior adviser at Acorn Mortgage Services, commented: “Lenders’ online systems vary from good to bad but since its inception the GMAC-RFC POSD site has been a godsend. The site is quick, effective and user-friendly but most of all it is a major benefit to clients to be able to get a positive decision from an intelligent site.”
