GMAC-RFC said there had been much demand from intermediaries to introduce cascading underwriting to improve its online site.
The development enables the broker to pick the best deal for their client as the cascading system credit searches the case and picks out the best rate according to the customer’s circumstances and requirements.
Jeff Knight, head of marketing services at GMAC-RFC, explained: “At the moment when the broker goes online, if the product they have picked out for the client is declined, they have to reapply for a different deal that may suit the customer. The cascading makes it automated – it will pinpoint the best product for the client. It saves time and makes life easier for the intermediary.”
Mike Fitzgerald, sales director of Brentchase Financial Services, said: “Cascading is a brilliant idea. With many lenders when you go onto their systems there is a bit of guesswork involved in what product best fits the client.
“But the cascading picks out the best rate which also makes it very compliant as there is less margin for error in choosing the best deal for the customer.”
“BM Solutions has had this facility for a while but GMAC-
RFC has more products so the cascading underwriting will be very beneficial,” Fitzgerald added.
Matt Grayson, head of public relations at BM Solutions, commented: “We launched our cascading systems two years ago. If you consider the rate of change in technology, GMAC-RFC is about two internet years behind the pace of change. We now hope other lenders follow suit and launch these cascading options.”
