Speaking at the Mortgage Introducer Lunch Club, Stephen Knight, outgoing executive chairman at GMAC-RFC, said Halifax was intending to start offering POSO from the beginning of January 2008 and such a move would have a major impact on the way customers viewed the mortgage process.
He said that with such a large and mainstream lender as Halifax offering POSO, customers would begin to see 25-minute offers as the norm and start to demand the same from the rest of the industry.
He said: “Customers are demanding immediacy, certainty and speed. When Halifax introduces POSO, it will not wait around in doubt and for a long time. Technology has inexorable progress and once consumers see Halifax customers and other customers having their offers in 25 minutes and it’s the norm, they will want their offer in the same time. To resist that norm, seems to me, to be technophobic.”
However, Paul Fincham, senior media relations officer at Halifax, denied the report and said: “There are no firm plans to do anything with POSO. Obviously, we look at any and every development across the market, not just for Halifax but the whole group, and that’s certainly true for developments in the intermediary market. But we have no immediate plans to launch POSO at this moment.”
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